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AI Summary of Article 38l Hearing of the persons concerned

Before taking any decision pursuant to Articles 38g, 38h and 38i, ESMA shall give the persons subject to the proceedings the opportunity to be heard on its findings and shall base its decisions only on findings on which those persons have had an opportunity to comment. The obligation to hear the persons does not apply where urgent action is needed to prevent significant and imminent damage to the financial system; in such cases ESMA may adopt an interim decision and must give the persons concerned the opportunity to be heard as soon as possible after taking the decision.

The rights of the defence of persons subject to investigations shall be fully respected in the proceedings. They are entitled to have access to ESMA's file, subject to the legitimate interest of other persons in protecting their business secrets, but the right of access does not extend to confidential information or ESMA's internal preparatory documents.

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Version status: Inserted | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2022 - onwards

Article 38l Hearing of the persons concerned

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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1. Before taking any decision pursuant to Articles 38g, 38h and 38i, ESMA shall give the persons subject to the proceedings the opportunity to be heard on its findings. ESMA shall base its decisions only on findings on which the persons subject to the proceedings have had an opportunity to comment.

The first subparagraph shall not apply if urgent action is needed in order to prevent significant and imminent damage to the financial system. In such a case ESMA may adopt an interim decision and shall give the persons concerned the opportunity to be heard as soon as possible after taking its decision.

2. The rights of the defence of the persons subject to investigations shall be fully respected in the proceedings. They shall be entitled to have access to ESMA's file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to the file shall not extend to confidential information or ESMA's internal preparatory documents.

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