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Text as of 23 Nov 2025 · Consolidated version of 23 November 2025 · Same wording as today’s text.Today’s text

Article 38a — Exercise of ESMA’s powers

Financial servicesLevel 1RegulationMiFIRIn forceOfficial source

The powers conferred on ESMA or any official of or other person authorised by ESMA by Articles 38b to 38e shall not be used to require the disclosure of information or documents which are subject to legal privilege.