(1)Information held by or on behalf of a person referred to in section 37(3) may be disclosed to a regulator on whom powers are conferred under or by virtue of this Part where—
(a)the person has an enforcement function in relation to an offence, and
(b)the information is disclosed for the purpose of the exercise by the regulator of any powers conferred on it under or by virtue of this Part in relation to that offence.
(2)It is immaterial for the purposes of subsection (1) whether the information was obtained before or after the coming into force of this section.
(3)A disclosure under this section is not to be taken to breach any restriction on the disclosure of information (however imposed).
(4)Nothing in this section authorises the making of a disclosure in contravention of—
(a)the Data Protection Act 1998 (c. 29), or
(b)Part 1 of the Regulation of Investigatory Powers Act 2000 (c. 23).
(5)This section does not affect a power to disclose which exists apart from this section.