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AI Summary of Article 38o Delegation of tasks by ESMA to competent authorities

ESMA may delegate specific supervisory tasks to the competent authority of a Member State where necessary for the proper performance of a supervisory task, in accordance with guidelines issued pursuant to Article 16 of Regulation (EU) No 1095/2010. Delegated tasks may, in particular, include the power to carry out requests for information under Article 38b and to conduct investigations and on‑site inspections under Articles 38c and 38d.

Prior to delegation ESMA shall consult the relevant competent authority on the scope of the task, the timetable for its performance and the transmission of necessary information. ESMA shall reimburse competent authorities for costs incurred under the delegated act pursuant to Article 38n(3), shall review delegations at appropriate intervals and may revoke them at any time; delegation does not affect ESMA’s responsibility or limit its ability to conduct and oversee the delegated activity.

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

Article 38o Delegation of tasks by ESMA to competent authorities

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. Where necessary for the proper performance of a supervisory task, ESMA may delegate specific supervisory tasks to the competent authority of a Member State in accordance with the guidelines issued by ESMA pursuant to Article 16 of Regulation (EU) No 1095/2010. Such specific supervisory tasks may, in particular, include the power to carry out requests for information in accordance with Article 38b and to conduct investigations and on-site inspections in accordance with Article 38c and Article 38d.

2. Prior to delegation of a task, ESMA shall consult the relevant competent authority about:

(a) the scope of the task to be delegated;

(b) the timetable for the performance of the task; and

(c) the transmission of necessary information by and to ESMA.

3. In accordance with the delegated act adopted pursuant to Article 38n(3), ESMA shall reimburse a competent authority for costs incurred as a result of carrying out delegated tasks.

4. ESMA shall review the decision referred to in paragraph 1 at appropriate intervals. A delegation may be revoked at any time.

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