(1) The Bank may exchange with the competent authorities of other Member States any relevant information relating to insurance intermediaries or reinsurance intermediaries registered in the State or in any of the other Member States.
(2) Without limiting paragraph (1), the Bank shall notify the competent authorities of other Member States concerned of particulars of -
(a) any penalty or other sanction that has been imposed on an insurance or reinsurance intermediary under Part 5, or
(b) any sanction that has been imposed on the intermediary by the Bank in accordance with Part IIIB of the Central Bank Act 1942,
but only if notification of those particulars is likely to lead to cancellation of the intermediary's registration in those other States.