The European Securities and Markets Authority has published a web page on Delegation Agreements.
Article 28 of the ESMA Regulation allows Member State national competent authorities (NCAs) to delegate tasks and responsibilities under the legal acts within ESMA’s remit to another NCA or to ESMA, provided that the following conditions are met:
- the delegate authority gives its consent;
- where responsibilities are delegated, the delegation results in the reallocation of competences between the delegating and the delegate authorities;
- any enforcement, administrative or judicial procedure relating to the delegated responsibilities, if any, is governed by the national law of the delegate authority;
- any potential arrangements set out by Member States concerning the delegation of responsibilities by NCAs are complied with; and
- in case of delegation of tasks and responsibilities between NCAs, ESMA is informed of the proposed delegation agreement at least one month before the agreement is entered into.
View ESMA web page on Delegation Agreements, 16 June 2017