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Version status: Applicable, Entered into force | Document consolidation status: Updated to reflect all known changes
Version date: 19 August 2014 - onwards
Version 2 of 2

Article 88 Professional secrecy and exchange of information

DRAFT Paragraph replaced Article 94 Amendment to Regulation (EU) No 806/2014 of the Proposal for a Directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2009/138/EC, (EU) 2017/1132 and Regulations (EU) No 1094/2010 and (EU) No 648/2012 (COM(2021) 582 final / 2021/0296 (COD)) (Insurance Recovery and Resolution Directive IRRD) (updated 18 June 2024 with Information Note - Proposals under the ordinary legislative procedure expected to undergo the Corrigendum Procedure in the European Parliament (part I))

1. Members of the Board, the Vice-Chair, the members of the Board referred to in Article 43(1)(b), the staff of the Board and staff exchanged with or seconded by participating Member States carrying out resolution duties shall be subject to the requirements of professional secrecy pursuant to Article 339 TFEU and the relevant provisions in Union legislation, even after their duties have ceased. They shall in particular be prohibited from disclosing confidential information received during the course of their professional activities or from a competent authority or resolution authority in connection with their functions under this Regulation, to any person or authority, unless it is in the exercise of their functions under this Regulation or in summary or collective form such that entities referred to in Article 2 cannot be identified or with the express and prior consent of the authority or the entity which provided the information.

Information subject to the requirements of professional secrecy shall not be disclosed to another public or private entity except where such disclosure is due for the purpose of legal proceedings.

Those requirements shall also apply to potential purchasers contacted in order to prepare for the resolution of an entity pursuant to Article 13(3).