AI Summary of Article 101
This directive mandates that competent authorities across Member States collaborate effectively with one another and with ESMA and the ESRB to fulfil their obligations and exercise their powers. Authorities are required to share vital information promptly, facilitating cross-border supervisory actions, including on-the-spot investigations.
Member States can refuse cooperation only under specific conditions that might impair sovereignty or if judicial proceedings are already in progress. ESMA is empowered to intervene in situations of non-compliance or delayed actions regarding information requests or investigations, ensuring regulatory coherence across jurisdictions.
Article 101
1. The competent authorities of the Member States shall cooperate with each other and with ESMA and the ESRB whenever necessary for the purpose of carrying out their duties under this Directive or of exercising their powers under this Directive or under national law.
Member States shall take the necessary administrative and organisational measures to facilitate the cooperation provided for in this paragraph.
Competent authorities shall use their powers for the purpose of cooperation, even in cases where the conduct under investigation does not constitute an infringement of any regulation in force in their Member State.
2. The competent authorities of the Member States shall immediately provide each other with the information required for the purposes of carrying out their duties under this Directive.
2a. The competent authorities shall cooperate with ESMA for the purposes of this Directive, in accordance with Regulation (EU) No 1095/2010.
The competent authorities shall without delay provide ESMA with all information necessary to carry out its duties, in accordance with Article 35 of Regulation (EU) No 1095/2010.