31The effective monitoring of the activities of investment firms, through supervision within a Member State and the exchanging of information by the competent authorities of several Member States, as briefly described in the preceding paragraphs, requires that both the firms monitored and the competent authorities can be sure that the confidential information provided will, in principle, remain confidential (see by analogy, judgment in Hillenius, 110/84, EU:C:1985:495, paragraph 27).
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