Where ESMA finds serious indications of possible infringements listed in Annex I, it shall appoint an independent investigation officer within ESMA who has not been directly or indirectly involved in the supervision or registration of the trade repository concerned and who shall perform duties independently. The investigation officer shall investigate alleged infringements, consider comments from persons under investigation, exercise powers to request information (Article 61) and to conduct investigations and on‑site inspections (Articles 62–63) in compliance with Article 60, have access to all documents and information gathered in ESMA's supervisory activities, and must afford the persons concerned the opportunity to be heard, with rights of defence fully respected.

The officer shall submit a complete file of findings to ESMA and notify the persons under investigation, who are entitled to access the file subject to protection of business secrets and exclusion of confidential information and ESMA internal preparatory documents. On that basis, and where requested after hearings under Article 67, ESMA shall decide whether infringements in Annex I have been committed and shall take supervisory measures (Article 73) and impose fines (Article 65). The officer shall not participate in ESMA deliberations. The Commission shall adopt delegated rules on procedure, fines and limitation periods, and ESMA shall refer matters to national authorities for possible criminal prosecution and refrain from imposing fines where a prior final criminal acquittal or conviction exists.