1.   In order to carry out its duties under this Regulation, ESMA may conduct necessary investigations of persons referred to in Article 54(1). To that end, the officials and other persons authorised by ESMA shall be empowered to:

(a)	examine any records, data, procedures and any other material relevant to the execution of its tasks irrespective of the medium on which they are stored;

(b)	take or obtain certified copies of or extracts from such records, data, procedures and other material;

(c)	summon and ask any person referred to in Article 54(1) or their representatives or staff for oral or written explanations on facts or documents relating to the subject matter and purpose of the inspection and to record the answers;

(d)	interview any other natural or legal person who consents to be interviewed for the purposes of collecting information relating to the subject matter of an investigation;

(e)	request records of telephone and data traffic.

2.   The officials of and other persons authorised by ESMA for the purposes of the investigations referred to in paragraph 1 of this Article shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the investigation. That authorisation shall also indicate the periodic penalty payments provided for in Article 61 where the production of the required records, data, procedures or any other material, or the answers to questions asked of the persons referred to in Article 54(1), are not provided or are incomplete, and the fines provided for in Article 60 where the answers to questions asked of the persons referred to in Article 54(1) prove to be incorrect or misleading.

3.   The persons referred to in Article 54(1) shall submit to investigations initiated on the basis of a decision of ESMA. The decision shall specify the subject matter and purpose of the investigation, the periodic penalty payments provided for in Article 61, the legal remedies available under Regulation (EU) No 1095/2010 and the right to have the decision reviewed by the Court of Justice.

4.   Within a reasonable time before the investigation, ESMA shall inform the competent authority referred to in Article 44 of the Member State where the investigation is to be carried out of the investigation and of the identity of the authorised persons. Officials of the competent authority concerned shall, upon the request of ESMA, assist those authorised persons in carrying out their duties. Officials of the competent authority concerned may also attend the investigations upon request.

5.   If a request for records of telephone or data traffic referred to in paragraph 1, point (e), requires a competent authority to obtain the authorisation of a judicial authority in accordance with national law, ESMA shall apply for such authorisation. ESMA may also apply for such authorisation as a precautionary measure.

6.   Where an authorisation as referred to in paragraph 5 is applied for, the national judicial authority shall verify that the decision of ESMA is authentic and that the coercive measures envisaged are neither arbitrary nor excessive having regard to the subject matter of the investigations. In its verification of the proportionality of coercive measures, the national judicial authority may ask ESMA for detailed explanations, in particular relating to the grounds ESMA has for suspecting that an infringement of this Regulation has taken place and the seriousness of the suspected infringement and the nature of the involvement of the person subject to the coercive measures. However, the national judicial authority shall not review the necessity of the investigation or demand that it be provided with the information on ESMA’s file. The lawfulness of ESMA’s decision shall be subject to review only by the Court of Justice following the procedure set out in Regulation (EU) No 1095/2010.