37. (1) The Minister may, in the absence of an adequacy decision under Article 45, following consultation with such other Minister of the Government as he or she considers appropriate and the Commission, make regulations restricting the transfer of categories of personal data to a third country or an international organisation for important reasons of public policy.

(2) Regulations under subsection (1) shall specify the important reasons of public policy for restricting the transfer concerned and may be expressed to apply by reference to one or more of the following—

(a) a category or categories of personal data,

(b) a third country or classes of third country, or

(c) an international organisation.

(3) In making regulations under subsection (1), the Minister shall have regard to the public interest and the need for protection of individuals with regard to the processing of their personal data and, without prejudice to the generality of the foregoing, shall in particular have regard to—

(a) the nature, scope, context and purposes of the processing,

(b) the desirability of facilitating international transfers of data,

(c) risks arising for the rights and freedoms of individuals, and

(d) the likelihood and the severity of such risks for individuals concerned.