(1) Subject to section 1569, audit working papers or other documents held by a statutory auditor or audit firm and inspection or investigation reports relating to the audits concerned may be transferred to a third country competent authority only if the Supervisory Authority, on a request being made of it in that behalf by the first-mentioned authority, determines that the following conditions are complied with (and authorises such transfer accordingly), namely -
(a) those audit working papers or other documents relate to the audit of an undertaking which -
(i) has issued securities in the third country concerned, or
(ii) forms part of a group that issues group financial statements in the third country concerned,
(b) the third-country competent authority meets requirements which have been declared adequate in accordance with Article 47(3) of the Audit Directive,
(c) there are working arrangements on the basis of reciprocity agreed between the Supervisory Authority and the third-country
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