Recital 119

Supervisors should be able to cooperate and exchange confidential information, regardless of their respective nature or status. To that end, they should have an adequate legal basis for exchange of confidential information and for cooperation. Exchange of information and cooperation with other authorities competent for supervising or overseeing obliged entities under other Union legal acts should not be hampered unintentionally by legal uncertainty which could stem from a lack of explicit provisions in this field. Clarification of the legal framework is even more important since prudential supervision has, in a number of cases, been entrusted to non-AML/CFT supervisors, such as the European Central Bank (ECB).