CHAPTER VI
S e c t i o n 1
Competent authorities
Article 36
1. Member States shall
designate the authorities which are competent to carry out the
duties provided for in this Directive. They shall inform the
Commission thereof, indicating any division of duties.
2. The competent
authorities shall be public authorities or bodies officially
recognized by national law or by public authorities as part of the
supervisory system in operation in the Member State concerned.
3. The competent
authorities shall be granted all the powers necessary for the
performance of their tasks, and in particular that of overseeing the
constitution of trading books.
Section 2
Supervision
Article 37
1. Chapter 4 of Title V of
Directive 2006/48/EC shall apply mutatis mutandis to the supervision
of investment firms in accordance with the following:
(a) references to Article 6
of Directive 2006/48/EC shall be construed as references to Article
5 of Directive 2004/39/EC;
(b) references to Article
22 and 123 of Directive 2006/48/EC shall be construed s references
to Article 34 of this Directive; and
(c) references to Articles
44 to 52 of Directive 2006/48/EC shall be construed as references to
Articles 54 and 58 of Directive 2004/39/EC.
Where an EU parent
financial holding company has as subsidiary both a credit
institution and an investment firm, Title V, Chapter 4 of Directive
2006/48/EC shall apply to the supervision of institutions as if
references to credit institutions were to institutions.
2. Article 129(2) of
Directive 2006/48/EC shall also apply to the recognition of internal
models of institutions under Annex V to this Directive where the
application is submitted by an EU parent credit institution and its
subsidiaries or an EU parent investment firm and its subsidiaries,
or jointly by the subsidiaries of an EU parent financial holding
company.
The period for the
recognition referred to in the first subparagraph shall be six
months.
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.
