(1) The Supervisory Authority or a recognised accountancy body may refuse to comply with a request referred to in Regulation 119(1) if, in its opinion -
(a) there are reasonable grounds for believing that supplying the information concerned might adversely affect -
(i) public order,
(ii) the security of the State,
(iii) the defence of the State, or
(iv) the international relations of the State,
(b) proceedings in any court in the State have already been initiated in respect of the same actions and against the same statutory auditor or audit firm, the subject of the request, or
(c) a final determination has already been made by the Supervisory Authority or recognised accountancy body in respect of the same actions and the same statutory auditor or audit firm, the subject of the request.
(2) A recognised accountancy body shall not exercise the power under paragraph (1) to refuse to comply with a request save after consultation with the Supervisory Authority.
(3) The Supervisory Auth