1. MEMBER STATES SHALL ENSURE THAT THERE ARE NO LEGAL IMPEDIMENTS PREVENTING ANY CREDIT OR FINANCIAL INSTITUTION FROM SUPPLYING TO A CREDIT INSTITUTION WHICH HAS A PARTICIPATION IN IT INFORMATION WHICH IS NECESSARY FOR SUPERVISION ON A CONSOLIDATED BASIS TO BE EFFECTED IN ACCORDANCE WITH THIS DIRECTIVE.
2. MEMBER STATES SHALL PERMIT THE EXCHANGE BETWEEN THEIR COMPETENT AUTHORITIES OF THE INFORMATION NECESSARY FOR SUPERVISION ON A CONSOLIDATED BASIS TO BE EFFECTED IN ACCORDANCE WITH THIS DIRECTIVE, IT BEING UNDERSTOOD THAT, IN THE CASE OF FINANCIAL INSTITUTIONS, THE COLLECTION OR POSSESSION OF INFORMATION SHALL NOT IN ANY WAY IMPLY THAT A SUPERVISORY FUNCTION IS BEING EXERCISED OVER THOSE FINANCIAL INSTITUTIONS BY THE COMPETENT AUTHORITIES.
3. ANY EXCHANGE OF INFORMATION BETWEEN COMPETENT AUTHORITIES WHICH IS PROVIDED FOR IN THIS DIRECTIVE SHALL BE SUBJECT TO THE OBLIGATION OF PROFESSIONAL SECRECY AS SET OUT IN ARTICLE 12 OF DIRECTIVE 77/780/EEC; ANY SUCH INFORMATION SHALL BE USED EXCLUSIVELY FOR THE PURPOSES OF THE SUPERVISION ON A CONSOLIDATED BASIS LAID DOWN IN THIS DIRECTIVE.
4. IF, IN APPLYING THIS DIRECTIVE TO A CREDIT INSTITUTION, THE COMPETENT AUTHORITIES OF ONE MEMBER STATE WISH IN SPECIFIC CASES TO VERIFY THE INFORMATION CONCERNING A CREDIT OR FINANCIAL INSTITUTION IN ANOTHER MEMBER STATE, THEY MUST ASK THE COMPETENT AUTHORITIES OF THAT OTHER MEMBER STATE FOR THIS VERIFICATION TO BE CARRIED OUT. THE AUTHORITIES WHICH HAVE RECEIVED THE REQUEST MUST, WITHIN THE FRAMEWORK OF THEIR COMPETENCE, ACT UPON IT EITHER BY CARRYING OUT THE VERIFICATION THEMSELVES, OR BY ALLOWING THE AUTHORITIES WHO MADE THE REQUEST TO CARRY IT OUT, OR BY ALLOWING AN AUDITOR OR EXPERT TO CARRY IT OUT.