(1) A disclosure is made in accordance with this Part of this Schedule if -
(a) it is made to a person or body exercising relevant functions under legislation in a country or territory outside the British Islands, and
(b) it is made for the purpose of enabling or assisting that person or body to exercise those functions.
(2) "Relevant functions" for this purpose are functions of a public nature that appear to the Panel to be similar to its own functions or those of the Financial Conduct Authority or the Prudential Regulation Authority or similar to the regulatory functions of the Bank of England.
2. In determining whether to disclose information to a person or body in accordance with this Part of this Schedule, the Panel must have regard to the following considerations -
(a) whether the use that the person or body is likely to make of the information is sufficiently important to justify making the disclosure;
(b) whether the person or body has adequate arrangements to p
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