1. Member States shall require that investment firms and credit institutions provide the competent authorities of their home Member States with all the information necessary for the assessment of their compliance with the rules adopted in accordance with this Directive. Member States shall also ensure that institutions' internal control mechanisms and administrative and accounting procedures permit the verification of their compliance with such rules at all times.
2. Investment firms shall be obliged to report to the competent authorities in the manner specified by the latter at least once every month in the case of firms covered by Article 3(3), at least once every three months in the case of firms covered by Article 3(1) and at least once every six months in the case of firms covered by Article 3(2).
3. Notwithstanding paragraph 2, investment firms covered by Article 3(1) and (3) shall be required to provide the information on a consolidated or subconsolidated basis only once ev