302 COMPETITION LAW IN TOURISM necessary information from the competent authorities of the Member States and from an undertaking or association of undertakings. A copy of the request to an undertaking or association of undertakings shall also be sent to the competent authorities of the Member States in whose territory their head office is situated. The Executing Agency shall, in its request, clearly identify the legal basis and purpose of the request and the penalties for the supply of incorrect information or no supply of information within a fixed time limit. 11. PENALTIES The Executing Agency may decide, depending on the gravity and the duration of the infringement, to impose penalties on an undertaking or association of undertakings where they intentionally or negligently infringe any provision of the regulations, supply incorrect or misleading information in connection with an application, supply incorrect information in response to a request made, or do not supply information within the time limit fixed by a decision. The Executing Agency shall, from time-to-time, review such penalties. In the case of a second or subsequent infringement, the Executing Agency may impose a stiff penalty. Any party whose rights, interests or legitimate expectations have been affected by a decision of the Executing Agency may have recourse to Part One of the Dispute Settlement Regulation. If any dispute arises between State Parties relating to the interpretation or application of the regulations, the State Parties concerned shall have recourse to Part Two of the Dispute Resolution Regulation. 12. PROFESSIONAL SECRECY Information acquired as a result of the application of the regulations shall be used only for the purpose of the relevant request or investigation. The Executing Agency and the competent authorities of the State Parties, their officials and other servants shall not disclose information of a kind covered by the obligation of professional secrecy and which has been acquired by them as a result of the application of the Regulations.
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