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Part B Commentary, 4 ESMA and Competent Authorities, Art.23: Powers of competent authorities

Edited By: Marco Ventoruzzo

From: Market Abuse Regulation: Commentary and Annotated Guide (2nd Edition)

Edited By: Marco Ventoruzzo, Sebastian Mock

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 19 April 2024

Subject(s):
Market abuse — Regulated activities — Regulated persons — European Securities and Markets Authority (ESMA)

This chapter discusses Article 23, which lays down the powers of competent authorities. On the one hand, the Article enumerates the minimum supervisory and investigatory powers that the authority of each Member State must have. It also obliges the Member States to ensure that the authorities concerned have all necessary powers to fulfil their duties. On the other hand, Article 23 determines the way in which the domestic authority shall exercise its functions and powers. Furthermore, Article 23(4) provides that restrictions on disclosure of information imposed by contract or by law shall not apply to a person making this information available to the competent authority.

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