TITLE V

PRUDENTIAL SUPERVISION
CHAPTER 2

Professional secrecy and exchange of information

Conditions for the exchange of information
Article 58
1
For exchanges of information under Articles 55, transmission of information under Article 56 and disclosure of information under Article 57, Member States shall require that at least the following conditions are met:
a
the information shall be exchanged, transmitted or disclosed for the purpose of carrying out oversight or supervision;
b
the information received shall be subject to the obligation of professional secrecy laid down in Article 52;
c
where the information originates from another Member State, it shall not be disclosed without the express agreement of the competent authority from which it originates and, where appropriate, solely for the purposes for which that authority gave its agreement.
2
Article 53 shall not preclude Member States from authorising, with the aim of strengthening the stability, and integrity, of the financial system, the exchange of information between the competent authorities and the authorities or bodies responsible for the detection and investigation of breaches of company law applicable to sponsoring undertakings.
Member States which apply the first subparagraph shall require that at least the following conditions are met:
a
the information must be intended for the purpose of detection, and investigation and scrutiny as referred to in point (a) of Article 57(2);
b
information received must be subject to the obligation of professional secrecy laid down in Article 52;
c
where the information originates from another Member State, it shall not be disclosed without the express agreement of the competent authority from which it originates and, where appropriate, solely for the purposes for which that authority gave its agreement.
3
Where, in a Member State, the authorities or bodies referred to in the first subparagraph of paragraph 2 perform their task of detection or investigation with the aid of persons appointed, in view of their specific competence, for that purpose and not employed in the public sector, the possibility of exchanging information provided for in Article 57(2) shall apply.