ESMA may investigate persons referred to in Article 61(1). Authorised officials may examine records, data, procedures and other material regardless of medium; take certified copies or extracts; summon and record oral or written explanations from those persons or their representatives; interview consenting third parties; and request telephone and data traffic records. Written authorisation must state the subject and purpose and specify periodic penalty payments (Article 66) for non‑production or incomplete material and fines (Article 65, point (b) of Section IV of Annex I) for incorrect or misleading answers.

Persons in Article 61(1) must submit to investigations under an ESMA decision that specifies subject, purpose, periodic penalty payments and legal remedies under Regulation (EU) No 1095/2010, including the right to have the decision reviewed by the Court of Justice. ESMA shall inform the competent national authority in good time; that authority shall assist or may attend on request. Where judicial authorisation is required for traffic records ESMA shall apply; the national judicial authority shall verify authenticity and proportionality of coercive measures but shall not review the necessity of the investigation or require ESMA's file. Only the Court of Justice may review lawfulness under Regulation (EU) No 1095/2010.