AI Summary of Article 69 Supervisory powers
This Directive mandates that competent authorities possess comprehensive supervisory and investigatory powers to enforce compliance with Regulation (EU) No 600/2014. Such powers encompass access to relevant documents, conducting on-site inspections, and requiring the provision of information from individuals or organisations.
Furthermore, authorities are empowered to impose significant measures, including freezing assets, suspending trading activities, and demanding the cessation of non-compliant practices. Member States must ensure timely notification to the Commission and ESMA regarding compliance, amendments, and any measures taken to remedy financial losses resulting from infractions.
Article 69 Supervisory powers
1. Competent authorities shall be given all supervisory powers, including investigatory powers and powers to impose remedies, necessary to fulfil their duties under this Directive and under Regulation (EU) No 600/2014.
2. The powers referred to in paragraph 1 shall include, at least, the following powers to:
(a) have access to any document or other data in any form which the competent authority considers could be relevant for the performance of its duties and receive or take a copy of it;
(b) require or demand the provision of information from any person and if necessary to summon and question a person with a view to obtaining information;
(c) carry out on-site inspections or investigations;
(d) require existing recordings of telephone conversations or electronic communications or other data traffic records held by an investment firm, a credit institution, or any other entity regulated by this Directive or by Regulation (EU) No 600/2014;
(e) require the freezing or the sequestration of assets, or both;
(f) require the temporary prohibition of professional activity;