(1) The Commission may co-operate and enter into a memorandum of understanding with a competent authority for the purpose of exchanging of information and may, subject to subsections (2), (3) and (4), exchange information necessary to enable the competent authority or the Commission to exercise its functions.
(2) A memorandum of understanding pursuant to subsection (1) shall —
(a) set out the scope, procedure and other details for exchange of information;
(b) provide for reciprocal treatment;
(c) not provide for disclosure beyond that which is provided for under this Act; and
(d) not relieve the Commission of any of its functions or duties under this Act.
(3) The Commission may decline to exercise its power to exchange information under subsection (1) unless the competent authority undertakes to make such contribution towards the costs of the exchange of information as the Commission considers appropriate.
(4) Nothing in this section authorizes a disclosure by the Commission unless —
(a) the Commission is satisfied that the competent authority is subject to adequate legal restrictions on further disclosures which shall include the provision of an undertaking of confidentiality or the Commission has been given an undertaking for the competent authority not to disclose the information provided without the consent of the Commission;
(b) the Commission is satisfied that the assistance requested by the competent authority is required for the purposes of the competent authority's functions including the conduct of civil or administrative investigations or proceedings to enforce laws administered by that competent authority.