(1) The Bank may refuse to act on a request for cooperation in carrying out an investigation, on-the-spot verification or supervisory activity as provided for in Regulation 134 or to exchange information as provided for in Regulation 135 only in one or more of the following circumstances:
(a) such an investigation, on-the-spot verification, supervisory activity or exchange of information might adversely affect the sovereignty, security or public policy of the State;
(b) judicial proceedings have already been initiated in respect of the same actions and the same persons before the authorities of the State;
(c) final judgment has already been delivered in the State in respect of the same persons and the same actions.
(2) In the case of such a refusal, the Bank shall notify the requesting competent authority and ESMA accordingly, providing as detailed information as possible.