Territorial scope
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Each Member State must designate the administrative authority or authorities competent, if necessary in collaboration with other authorities, to ensure that the provisions adopted as a result of the directive are applied. The directive does not oblige Member States to establish a single ‘statutory’ body, such as the Securities and Exchange Commission in the US, to administer and enforce insider dealing law. Instead, a number of bodies may be employed in collaboration. But, the competent authorities have to be given all supervisory and investigatory powers necessary for the exercise of their functions again, where appropriate, in collaboration with other authorities.103 Also, each Member State must provide that all persons employed or formerly employed by the competent authorities are to be bound by professional secrecy. Information covered by professional secrecy is not to be divulged to any person or authority except by virtue of provisions laid down by law.104