Page 474 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 177

(7) The Commission may consent to a disclosure of information to which SCH. 5
sub-paragraph (6) applies if the Commission is satisfied that disclosure is
appropriate having regard to its functions and the regulatory objectives, having
regard to the confidential nature of the information and the purpose for which it
is required.

(8) In deciding whether to consent to a disclosure of information to which
sub-paragraph (6) applies, the Commission shall take the following factors into
account —

(a) the seriousness of the circumstances of the particular case;

(b) the disclosure is (either itself or when taken with other material) likely
to be of substantial value to the body to which it is made;

(c) whether the information could be obtained by other means;

(d) the standards of confidentiality and information security which will
be applied by the recipient;

(e) whether the making of the disclosure is proportionate to what is sought
to be achieved by it; and

(f) whether reciprocal assistance would be given in the country concerned.

(9) The factors set out in sub-paragraph (8) are neither exhaustive nor
definitive.

(10) The Commission may by order modify —

(a) the matters in respect of which the Commission must be satisfied under
sub-paragraph (7);

(b) the factors to be taken into account under sub-paragraph (8).