(23)The Financial Supervisory Commission of Taiwan has competence in public oversight, external quality assurance and investigations of auditors and audit firms. It implements adequate safeguards prohibiting and sanctioning disclosure by its current or former employees of confidential information to any third person or authority. Under the laws and regulations of Taiwan, it may transfer to the competent authorities of the Member States documents equivalent to those referred to in Article 47(1) of Directive 2006/43/EC. On that basis, the Financial Supervisory Commission of Taiwan meets requirements which should be declared adequate for the purposes of Article 47(1)(c) of Directive 2006/43/EC.