Abstract
This chapter considers the exchange of information with the European Securities and Markets Authority (ESMA). With a view to increasing transparency and enhancing ESMA’s oversight of the national sanctioning practices, Article 33 contains annual and immediate reporting obligations for national competent authorities with regard to sanctions, measures, and investigations imposed in accordance with Articles 30 to 32. First, the national competent authorities must annually provide ESMA with aggregated information regarding administrative and (if applicable) criminal investigations, sanctions, penalties, and other measures. Secondly, national competent authorities must notify ESMA whenever they publish administrative or criminal sanctions or other administrative measures. Finally, Article 33 mandates ESMA to draft implementing technical standards (ITS) to determine the procedures and forms for the exchange of information regarding administrative and criminal investigations, sanctions, penalties, and other measures.
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