(10)The adequacy of requirements that the competent authority of a third country or territory is subject to is assessed in light of the regulatory cooperation requirements set out in Article 36 of Directive 2006/43/EC or essentially equivalent functional results. In particular, adequacy should be assessed having regard to the competences exercised by the competent authority of the third country or territory concerned, the applicable safeguards against breaches of professional secrecy and confidentiality rules, and the conditions laid down in the laws and regulations of the third country or territory concerned under which those competent authorities may cooperate with the competent authorities of Member States.