CHAPTER VI
Section 2

Supervision
Article 38
1
The competent authorities of the Member States shall cooperate closely in the performance of the duties provided for in this Directive, particularly where investment services are provided on the basis of the freedom to provide services or through the establishment of branches.
The competent authorities shall on request supply one another with all information likely to facilitate the supervision of the capital adequacy of institutions, in particular the verification of their compliance with the rules laid down in this Directive.
2
Any exchange of information between competent authorities which is provided for in this Directive shall be subject to the following obligations of professional secrecy:
a
for investment firms, those imposed in Article 54 and 58 of Directive 2004/39/EC; and
b
for credit institutions, those imposed in Articles 44 to 52 of Directive 2006/48/EC.