ESMA may conduct on‑site inspections on any business premises, land or property of the legal persons in Article 61(1) and, where required for proper conduct and efficiency, without prior announcement. Officials authorised by ESMA may enter premises of persons subject to an ESMA investigation decision, exercise the powers in Article 62(1) and seal premises, books or records for the period and to the extent necessary. Inspections are carried out on production of a written authorisation specifying subject matter, purpose and the periodic penalty payments in Article 66; ESMA shall give notice in good time to the competent national authority.

ESMA decisions ordering inspections must specify subject matter, purpose, start date, periodic penalty payments, available legal remedies under Regulation (EU) No 1095/2010 and the right to have the decision reviewed by the Court of Justice; ESMA consults the competent authority before taking such decisions. National competent authorities shall actively assist ESMA officials and, where requested, may exercise the same powers or carry out tasks on ESMA’s behalf; where inspection is opposed, the national authority must provide assistance, including police. If judicial authorisation under national law is required, ESMA shall apply and the national court shall verify authenticity and proportionality of coercive measures, may request explanations but may not review necessity 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.