ESMA is empowered to conduct on‑site inspections at the business premises and land of legal persons referred to in Article 23b(1), including unannounced inspections where necessary. Officials and authorised persons may enter premises, exercise the powers set out in Article 23c(1), and seal premises, books or records for the period and to the extent necessary. They must produce a written authorisation specifying the subject matter, purpose of the inspection and the periodic penalty payments under Article 36b, and ESMA shall give the competent national authority timely notice. Inspections are ordered by decision which specifies subject, purpose, start date, penalty payments, available legal remedies under Regulation (EU) No 1095/2010 and the right to have the decision reviewed by the Court of Justice of the European Union; ESMA consults the competent national authority before taking such decisions.

Competent national authorities must, on request, actively assist ESMA officials and may be required to carry out investigatory tasks or inspections on ESMA’s behalf, enjoying the same powers; national officials may attend inspections. If a person opposes an ESMA inspection, the competent national authority shall provide necessary assistance, including seeking police or equivalent enforcement assistance. Where national law requires judicial authorisation for coercive measures, that authorisation shall be applied for; the national judicial authority shall verify authenticity of ESMA’s decision and that coercive measures are not arbitrary or excessive and may request explanations from ESMA, but shall not review the necessity for the inspection or access ESMA’s file. Lawfulness of ESMA’s decision is subject to review only by the Court of Justice under Regulation (EU) No 1095/2010.