Recital 1

(1)Article 26(1) of Regulation (EU) No 596/2014 requires the competent authorities of Member States where necessary to conclude cooperation arrangements with supervisory authorities of third countries concerning the exchange of information and the enforcement of obligations arising under that Regulation in third countries. Cooperation arrangements on exchange of information can only be concluded if the information to be disclosed under them is subject to guarantees of professional secrecy at least equivalent to those set out in Article 27 of that Regulation, and such exchanges must be intended for the performance of the tasks of the competent authorities in question.