AI Summary of Article 98
The competent authorities are endowed with essential supervisory and investigatory powers necessary for fulfilling their mandated functions. These powers can be exercised directly, in collaboration with other authorities, or delegated to third entities, ensuring a robust framework for enforcement and compliance.
Key powers include accessing documents, requiring information from individuals, conducting inspections, and enforcing compliance with the Directive’s provisions. Additionally, authorities can mandate corrective actions, request asset freezes, suspend activities, and refer cases for criminal prosecution to safeguard investor protection and maintain the integrity of financial markets.
Article 98
1. The competent authorities shall be given all supervisory and investigatory powers that are necessary for the exercise of their functions. Such powers shall be exercised:
(a) directly;
(b) in collaboration with other authorities;
(c) under the responsibility of the competent authorities, by delegation to entities to which tasks have been delegated; or
(d) by application to the competent judicial authorities.
2. Under paragraph 1, competent authorities shall have the power, at least, to:
(a) access any document in any form and receive a copy thereof;
(b) require any person to provide information and, if necessary, to summon and question a person with a view to obtaining information;
(c) carry out on-site inspections;
(d) require:
(i) in so far as permitted by national law, existing data traffic records held by a telecommunications operator, where there is a reasonable suspicion of an infringement and where such records may be relevant to an investigation into infringements of this Directive;