27It is also apparent from the second sentence of recital 63 of Directive 2004/39 that, due to increasing cross-border activity, competent authorities should provide each other with the information that is necessary for the exercise of their functions, so as to ensure the effective enforcement of that directive (judgment of 12 November 2014, Altmann and Others, C‑140/13, EU:C:2014:2362, paragraph 27).
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