in force 2022-01-01 INSERTED+1,274 −0§
Amended by Regulation (EU) 2019/2175 32019R2175 · Regulation (EU) 2022/858 32022R0858
applies from: unknown (an inserted provision states its own application date only in prose)
Sources disagree — the text comparison found this change; the EU's own amendment metadata does not list it. Both are shown; neither is overruled.
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
text before / after
inserted text (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.