**Target:** Proposal for a regulation — Article 70 — paragraph 4

## Text proposed by the Commission

4. The Commission and Member States may exchange, where necessary, confidential information with regulatory authorities of third countries with which they have concluded bilateral or multilateral confidentiality arrangements guaranteeing an adequate level of confidentiality.

## Amendment of the European Parliament

4. The Commission and Member States may exchange, where strictly necessary and in accordance with relevant provisions of international and trade agreements , confidential information with regulatory authorities of third countries with which they have concluded bilateral or multilateral confidentiality arrangements guaranteeing an adequate level of confidentiality.