Companies Act 2014 section 1561

Use to which information may be put

Section 1561 restricts how the Supervisory Authority (IAASA) and recognised accountancy bodies may use information received through cross-border cooperation with counterpart authorities in other EU Member States, while also providing for the sharing of confidential information with certain European institutions.

• Relevant information received through cross-border cooperation may only be used for investigating and detecting failures to comply with the applicable statutory audit provisions
• Such information may also be used for initiating disciplinary procedures or maintaining court proceedings in respect of those compliance failures, but for no other purpose
• The Supervisory Authority may share confidential information with competent authorities in other Member States, central banks, the European Central Bank, the European System of Central Banks, and the European Systemic Risk Board for the performance of their respective functions
• Those European authorities and bodies are equally permitted to communicate information back to the Supervisory Authority where it needs such information to carry out its functions under EU Regulation 537/2014