(1) Subject to paragraphs (2), (3A), (3C), (4) and (5), any of the regulators or a regulator worker is permitted to disclose information to which this Part applies to a person specified in the first column in Schedule 1 for the purpose of enabling or assisting that person to discharge any of the functions listed beside him in the second column in that Schedule.

(1A) A regulator or a person who is employed by a regulator may disclose confidential information if it is necessary to do so in order to publish the outcome of a stress test conducted in respect of a credit institution or investment firm.

(2) Paragraph (1) does not permit disclosure to a person specified in the first column in Part 3 of Schedule 1 unless the conditions in paragraphs (2ZA), (2B) or (2C) are met.

(2ZA) The condition in this paragraph is that the disclosure is provided for by a cooperation agreement of the kind referred to in -

(a) article 88 of the markets in financial instruments directive;