Requirement (MIFID)
Article 63 Exchange of information with third countries
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
1. Member States may conclude cooperation agreements providing
for the exchange of information with the competent authorities of third
countries only if the information disclosed is subject to guarantees of
professional secrecy at least equivalent to those required under
Article 54. Such exchange of information must be intended for the
performance of the tasks of those competent authorities.
Member States may transfer personal data to a third country in accordance
to Chapter IV of Directive 95/46/EC.
Member States may also conclude cooperation agreements providing for
the exchange of information with third country authorities, bodies and
natural or legal persons responsible for:
(i) the supervision of credit institutions, other financial organisations,
insurance undertakings and the supervision of financial markets;
(ii) the liquidation and bankruptcy of investment firms and other similar
procedures;
(iii) carrying out statutory audits of the accounts of investment firms and
other financial institutions, credit institutions and insurance undertakings,
in the performance of their supervisory functions, or which
administer compensation schemes, in the performance of their functions;
(iv) overseeing the bodies involved in the liquidation and bankruptcy of
investment firms and other similar procedures;
(v) overseeing persons charged with carrying out statutory audits of the
accounts of insurance undertakings, credit institutions, investment
firms and other financial institutions,
only if the information disclosed is subject to guarantees of professional
secrecy at least equivalent to those required under Article 54. Such
exchange of information must be intended for the performance of the
tasks of those authorities or bodies or natural or legal persons.
2. Where the information originates in another Member State, it may
not be disclosed without the express agreement of the competent authorities
which have transmitted it and, where appropriate, solely for the
purposes for which those authorities gave their agreement. The same
provision applies to information provided by third country competent
authorities.