ESMA may conduct on-site inspections at any business premises of persons referred to in Article 38b(1). Officials and other authorised persons may enter such premises, exercise the powers set out in Article 38b(1) and seal premises, books or records for the period and to the extent necessary. ESMA shall notify the competent national authority in sufficient time but may, after informing that authority, carry out inspections without prior notice; inspections are conducted provided the competent authority confirms it does not object. Officials must produce written authorisation specifying the subject, purpose and the periodic penalty payments under Article 38i.

An ESMA decision ordering an inspection must specify the subject, purpose, commencement date, periodic penalties, the legal remedies under Regulation (EU) No 1095/2010 and the right to review by the Court of Justice. National competent authorities shall actively assist or may attend inspections and, where a person opposes inspection, provide necessary enforcement assistance including police. If national law requires judicial authorisation, that authorisation must be sought; the national judicial authority shall verify authenticity and proportionality, may request explanations from ESMA but shall not review the necessity or demand ESMA’s file, and the lawfulness of ESMA’s decision is for the Court of Justice to review.