Abstract
This chapter discusses the provisions of Article 25, which provides for cooperation between national authorities and the European Securities and Markets Authority (ESMA). Article 25(1) obliges the competent authorities to cooperate with the respective authorities of the other Member States as well as with ESMA. Under special circumstances, there is also an obligation to cooperate with the Commission or with the Agency for the Cooperation of Energy Regulators (ACER). According to Article 25(2), the competent authorities may, under exceptional circumstances, refuse a request to cooperate. Article 25 also regulates the ways in which the different national authorities cooperate with each other or with ESMA, and the consequences of refusing to cooperate. Moreover, Article 25 obliges ESMA to develop draft implementing technical standards in order to ensure uniform conditions of the cooperation.
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