1. A competent authority of one Member State may request the cooperation of the competent authority of another Member State in a supervisory activity or for an on-the-spot verification or in an investigation. In the case of investment firms that are remote members or participants of a regulated market the competent authority of the regulated market may choose to address them directly, in which case it shall inform the competent authority of the home Member State of the remote member or participant accordingly.
Where a competent authority receives a request with respect to an on-the-spot verification or an investigation, it shall, within the framework of its powers:
(a) carry out the verifications or investigations itself;
(b) allow the requesting authority to carry out the verification or investigation;
(c) allow auditors or experts to carry out the verification or investigation.
2. With the objective of converging supervisory practices, ESMA may participate in the activities of the co…