Member States shall ensure resolution authorities have the power to require institutions or entities referred to in Article 1(1), points (b), (c) and (d) of this Directive to take all necessary measures to ensure the confidentiality of inside information, as referred to in Article 7 of Regulation (EU) No 596/2014, during preparation for resolution (when exercising Article 30a(3), (4) and (5)), when carrying out a valuation under Article 36, and when taking resolution action or exercising write‑down or conversion powers under Article 59, until the resolution authority deems confidentiality no longer necessary. The resolution authority shall inform the institution or entity as soon as it deems that compliance is no longer necessary.

During any period when such confidentiality is required, Article 17(1) of Regulation (EU) No 596/2014 shall not apply. The resolution authority must inform the competent authority specified in the delegated acts under Article 17(3) of Regulation (EU) No 596/2014 as soon as possible when confidentiality is imposed or lifted. An institution may disclose the inside information to a third party in the normal course of employment or duties under Article 10(1) of Regulation (EU) No 596/2014 only where the recipient owes and ensures a duty of confidentiality. If confidentiality is nonetheless no longer ensured, including where a sufficiently accurate rumour explicitly relates to that inside information, the institution shall disclose the inside information to the public as soon as possible.