35It also follows from those considerations that the general prohibition on the disclosure of confidential information laid down in Article 54(1) of that directive applies to information held by the competent authorities (i) which is not public and (ii) the disclosure of which is likely to affect adversely the interests of the natural or legal person who 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 Directive 2004/39.
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