(1) ESMA must obtain authorisation from the High Court before any official of, or person authorised by, ESMA carries out an Article 63 inspection.
(2) Where ESMA requires the FCA to carry out an Article 63 inspection on its behalf, the FCA must obtain authorisation from the High Court before carrying out that inspection.
(3) The High Court may grant authorisation for the purposes of paragraph (1) or (2) if satisfied, on an application made to the High Court in accordance with rules of court by ESMA or the FCA, that -
(a) ESMA has initiated an Article 63 inspection; and
(b) the Article 63 inspection would be neither arbitrary nor excessive having regard to the subject matter of the inspection.
(4) The High Court must conduct the assessment referred to in paragraph (3) in accordance with Article 63(9) of the EMIR regulation, and may exercise the powers conferred by that paragraph for the purposes of making its assessment.
(5) The High Court may issue a warrant if satisfied on inform