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Provision history · MiFIR

Art. 38o · Delegation of tasks by ESMA to competent authorities

Markets in Financial Instruments Regulation · 32014R0600 · every version of this act · on EUR-Lex

1 change recorded across 1 version, newest first.

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Version in force Inserted +1,274 −0

Amended by Regulation (EU) 2019/2175 32019R2175 on EUR-Lex · Regulation (EU) 2022/858 32022R0858 on EUR-Lex

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Explanation, written by a model and checked against the cited text

This is a newly inserted article setting out that ESMA may delegate specific supervisory tasks to a Member State's competent authority, including tasks such as requests for information, investigations and on-site inspections, subject to consultation, review, revocation, reimbursement and retained-responsibility provisions.

Cited: Art. 38o, v2

v1 is the previous version, v2 this one.

Text from EUR-Lex

Inserted in this version 02014R0600-20220101

Article 38o
Delegation of tasks by ESMA to competent authorities
1. Where necessary for the proper performance of a supervisory task, ESMA may delegate specific supervisory tasks to the competent authority of a Member State in accordance with the guidelines issued by ESMA pursuant to Article 16 of Regulation (EU) No 1095/2010. Such specific supervisory tasks may, in particular, include the power to carry out requests for information in accordance with Article 38b and to conduct investigations and on-site inspections in accordance with Article 38c and Article 38d.
2. Prior to delegation of a task, ESMA shall consult the relevant competent authority about:
(a) the scope of the task to be delegated;
(b) the timetable for the performance of the task; and
(c) the transmission of necessary information by and to ESMA.
3. In accordance with the delegated act adopted pursuant to Article 38n(3), ESMA shall reimburse a competent authority for costs incurred as a result of carrying out delegated tasks.
4. ESMA shall review the decision referred to in paragraph 1 at appropriate intervals. A delegation may be revoked at any time.
5. A delegation of tasks shall not affect the responsibility of ESMA nor limit ESMA’s ability to conduct and oversee the delegated activity.