Requirement (MIFID)
Article 59 Refusal to cooperate
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
A competent authority may refuse to act on a request for cooperation in
carrying out an investigation, on-the-spot verification or supervisory
activity as provided for in Article 57 or to exchange information as
provided for in Article 58 only where:
(a) such an investigation, on-the-spot verification, supervisory activity
or exchange of information might adversely affect the sovereignty,
security or public policy of the State addressed;
(b) judicial proceedings have already been initiated in respect of the
same actions and the same persons before the authorities of the
Member State addressed;
(c) final judgment has already been delivered in the Member State
addressed in respect of the same persons and the same actions.
In the case of such a refusal, the competent authority shall notify the
requesting competent authority accordingly, providing as detailed information
as possible.