European Union – Information. Article 54(1) of Directive (EC) 2004/39 had to be interpreted as meaning that all information relating to the supervised entity and communicated by it to the competent authority, and all statements of that authority in its supervision file, including its correspondence with other bodies, did not constitute, unconditionally, confidential information that was covered, consequently, by the obligation to maintain professional secrecy laid down in that provision. Information held by the competent authorities: (i) which was not public; and (ii) the disclosure of which was likely to affect adversely the interests of the natural or legal person who had provided that information or of third parties, or the proper functioning of the system for monitoring the activities of investment firms that the EU legislature established in adopting that directive, was to be so classified. The Court of Justice of the European Union so held in preliminary proceedings concerning the applicant German authority's decision to refuse access to certain documents relating to a company which the respondent had invested in which had subsequently gone into judicial liquidation.