AI Summary of Article 38a Exercise of ESMA's powers
ESMA and any official or other person authorised by ESMA, when exercising the powers conferred by Articles 38b to 38e, shall not require the disclosure of information or documents which are subject to legal privilege.
The prohibition applies to the use of those specific powers to compel production or disclosure, thereby excluding legally privileged material from mandatory disclosure under Articles 38b to 38e.
Version status: Inserted | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2022 - onwards
Article 38a Exercise of ESMA's powers
DRAFT To be deleted Article 3 Amendments to Regulation (EU) No 600/2014 of the Proposal for a Regulation of the European parliament and of the Council amending Regulations (EU) No 1095/2010, No 648/2012, No 600/2014, No 909/2014, 2015/2365, 2019/1156, 2021/23, 2022/858, 2023/1114, No 1060/2009, 2016/1011, 2017/2402, 2023/2631 and 2024/3005 as regards the further development of capital market integration and supervision within the Union (COM(2025) 943 final / 2025/0383 (COD))
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The powers conferred on ESMA or any official of or other person authorised by ESMA by Articles 38b to 38e shall not be used to require the disclosure of information or documents which are subject to legal privilege.