ESMA may conduct on‑site inspections at business premises of persons referred to in Article 48b(1). Authorised officials may enter premises under an ESMA investigation decision and exercise the powers in Article 48c(1), including sealing premises, books or records for the period and to the extent necessary. ESMA shall give timely notice to the competent authority of the Member State where the inspection is to be conducted, but may, after informing that authority, carry out inspections without prior notice where proper conduct and efficiency require; inspections are conducted provided the relevant authority confirms it does not object. Officials must produce written authorisation specifying subject, purpose and periodic penalty payments under Article 48g.

ESMA’s inspection decision must specify subject matter, purpose, start date, periodic penalties under Article 48g, legal remedies under Regulation (EU) No 1095/2010 and the right to have the decision reviewed by the Court of Justice. Officials of the national competent authority shall, at ESMA’s request, actively assist and may attend; competent authorities may be required to carry out investigatory tasks on ESMA’s behalf with the same powers. If an inspection is opposed the national competent authority shall provide necessary assistance, including police where appropriate. Where national judicial authorisation is required it shall be applied for; the judicial authority will verify the ESMA decision’s authenticity and the proportionality of measures and may request explanations but shall not review the necessity of the investigation or demand ESMA’s file. Lawfulness of ESMA’s decision is subject to review only by the Court of Justice under Article 61 of Regulation (EU) No 1095/2010.