The Secretary of State may transfer audit working papers and investigation reports to an approved third country competent authority if the following conditions are met (but see also section 1253DD).
The first condition is that the authority has made a request to the Secretary of State for the transfer of the audit working papers and investigation reports.
The second condition is that the audit working papers and investigation reports relate to audits of companies that—
have issued securities in the third country in which the authority is established, or
form part of a group issuing statutory consolidated accounts in that third country.
The third condition is that the authority has entered into arrangements with the Secretary of State in accordance with section 1253E.