1. Member States shall ensure that competent authorities, all persons
who work or who have worked for the competent authorities or entities
to whom tasks are delegated pursuant to Article 48(2), as well as auditors
and experts instructed by the competent authorities, are bound by
the obligation of professional secrecy. No confidential information
which they may receive in the course of their duties may be divulged to
any person or authority whatsoever, save in summary or aggregate form
such that individual investment firms, market operators, regulated
markets or any other person cannot be identified, without prejudice to
cases covered by criminal law or the other provisions of this Directive.
2. Where an investment firm, market operator or regulated market
has been declared bankrupt or is being compulsorily wound up, confidential
information which does not concern third parties may be
divulged in civil or commercial proceedings if necessary for carrying
out the proceeding.
3. Without prejudice to cases covered by criminal law, the competent
authorities, bodies or natural or legal persons other than competent
authorities which receive confidential information pursuant to this Directive
may use it only in the performance of their duties and for the exercise
of their functions, in the case of the competent authorities, within
the scope of this Directive or, in the case of other authorities, bodies or
natural or legal persons, for the purpose for which such information was
provided to them and/or in the context of administrative or judicial
proceedings specifically related to the exercise of those functions.
However, where the competent authority or other authority, body or
person communicating information consents thereto, the authority
receiving the information may use it for other purposes.