(12)Under the laws and regulations of South Africa, the IRBA may be subject to the requirement to share the information referred to in Article 47(1) of Directive 2006/43/EC with an ‘appropriate regulator’ but has discretionary powers to decide whether such onward sharing would be in the protection of the public and the public interest. When signing bilateral working agreements with the IRBA, the competent authorities of Member States could demand the IRBA to request their prior consent if the IRBA is compelled to transfer to an ‘appropriate regulator’ any non-public information received in the course of the cooperation. Furthermore, they should consider a requirement that the IRBA may share such information only with those entities identified in the agreements, stating that these entities should maintain such information as confidential and privileged. Moreover, the processing of personal data may only be performed for the specified purpose mentioned in this Decision, as stated in recital 3 and Article 1, and in accordance with the conditions mentioned in particular under recital 8 of this Decision.