SCHEDULE 3Amendments to the Companies Act 2006
PART 5Amendments to Part 42 of the Companies Act 2006
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1
Section 1253E (working arrangements for transfer of papers) is amended as follows.
2
For the words “audit working papers” wherever they appear, substitute “
audit working papers and investigation reports
”
.
3
In subsection (5)—
a
omit the word “and” at the end of paragraph (a);
b
at the end of paragraph (b), insert “
and
”
and after that paragraph, insert—
c
ensure that the protection of the commercial interests of any audited person, including its industrial and intellectual property, is not undermined.
4
After subsection (7) insert—
7A
The arrangements must—
a
provide that the Secretary of State may only disclose confidential information received from the third country competent authority—
i
with the agreement of that authority or for purposes for which that authority has given its agreement,
ii
where disclosure is required by law, or
iii
where disclosure is necessary in connection with legal proceedings, and
b
provide that the third country competent authority may only disclose confidential information received from the Secretary of State—
i
with the Secretary of State's agreement or for purposes for which the Secretary of State has given agreement,
ii
where disclosure is required by law, or
iii
where disclosure is necessary in connection with legal proceedings.