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

MiFIR Article 38o — Delegation of tasks by ESMA to competent authorities. Regulation (EU) No 600/2014, Chapter VIa — ESMA powers and competences.

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:

   1. the scope of the task to be delegated;
   2. the timetable for the performance of the task; and
   3. 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.