23. (1) The Commission may, with the consent of the Minister, enter into arrangements with a foreign competition or consumer body whereby each party to the arrangements may—

(a) furnish to the other party information in its possession if the information is required by that other party for the purpose of performance by it of any of its functions, and

(b) provide such other assistance to the other party as will facilitate the performance by that other party of any of its functions.

(2) The Commission shall not furnish any information to a foreign competition or consumer body pursuant to such arrangements unless it requires of, and obtains from, that body an undertaking in writing by it that it will comply with terms specified in that requirement, being terms that correspond to the provisions of any enactment concerning the disclosure of that information by the Commission.

(3) The Commission may give an undertaking to a foreign competition or consumer body that it will comply with terms specified in a requirement made of the Commission by the body to give such an undertaking where—

(a) those terms correspond to the provisions of any law in force in the state in which the body is established, being provisions which concern the disclosure by the body of the information referred to in paragraph (b), and

(b) compliance with the requirement is a condition imposed by the body for furnishing information in its possession to the Commission pursuant to the arrangements referred to in subsection (1) .

(4) In this section “foreign competition or consumer body” means a person in whom there are vested functions under the law of another state with respect to the enforcement or the administration of provisions of that state’s law concerning—

(a) competition between undertakings (whether in a particular sector of that state’s economy or throughout that economy generally), or

(b) consumer protection and welfare (whether in a particular sector of that state’s economy or throughout that economy generally).