1.   Upon completion of an investigation of potential infringements of the requirements referred to in Article 38g(1) of Regulation (EU) No 600/2014 and before submitting the file to ESMA, the investigation officer referred to in Article 38k(1) of that Regulation shall inform the person subject to investigation in writing stating its findings and shall provide that person with the opportunity to make written submissions pursuant to paragraph 3. The statement of findings shall set out the facts liable to constitute one or more of the infringements of the requirements referred to in Article 38g(1) of (EU) No 600/2014, including an assessment of the nature and seriousness of those infringements, taking into account the criteria laid down in Article 38g(2) of that Regulation.

2.   The statement of findings shall set a reasonable time limit for the person subject to investigation to make its written submissions. In investigations other than those referred to in Article 5, this time limit shall be at least four weeks. The investigation officer shall not be obliged to take into account written submissions received after that time limit has expired.

3.   In the written submissions, the person subject to investigation may set out all the facts which are relevant to its defence, and shall, if possible, attach documents as proof of the facts set out. The person subject to investigation may propose that the investigation officer hears other persons who may corroborate the facts set out in the submissions of the person subject to investigation.

4.   The investigation officer may invite a person subject to investigation to which a statement of findings has been addressed to attend an oral hearing. The persons subject to investigation may be assisted by a counsel of their choice. Oral hearings shall not be public.