{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"from:2022-01-01","held_since":"2022-01-01","gaps":[],"covered":["MiFIR L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifir/articles/38l","url":"https://www.headlesslaw.com/mifir/articles/38l","title":"Article 38l — Hearing of the persons concerned","family":"l1_generated","work_id":"mifir","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-02","applies_from":null,"application":null,"version_label":"Consolidated version of 23 November 2025","check":{"against":"EUR-Lex","on":"2026-10-26"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123","valid_from":"2022-01-01","valid_until":null,"revision":1,"content_id":"149648ee86e69cf7","change_date":null,"nearest_versions":["2022-01-01"],"first_text_date":"2014-05-15","correction_applies":false,"versions":["2022-01-01"],"version_url":"https://www.headlesslaw.com/mifir/articles/38l/versions/2022-01-01","revision_url":"https://www.headlesslaw.com/mifir/articles/38l/versions/2022-01-01/rev/149648ee86e69cf7","versions_url":"https://www.headlesslaw.com/mifir/articles/38l/versions","relations_url":"https://www.headlesslaw.com/mifir/articles/38l/relations","source_line":null,"attribution":null},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifir/articles/38l.md","body_sha256":"aa23851f11a6cbb57e538b62f8fa85fa0a4d0da1955b630f848c6a6ccc3d1a5c"},"units":[{"locator":"mifir/art/38l","kind":"article","status":"in_force","label":null,"heading":"Hearing of the persons concerned","text":"","marks":[],"revision":1,"text_hash":"e3b0c44298fc1c149afbf4c8996fb92427ae41e4649b934ca495991b7852b855","reason":null},{"locator":"mifir/art/38l/para/1","kind":"paragraph","status":"in_force","label":"1.","heading":null,"text":"Before taking any decision pursuant to Articles 38g, 38h and 38i, ESMA shall give the persons subject to the proceedings the opportunity to be heard on its findings. ESMA shall base its decisions only on findings on which the persons subject to the proceedings have had an opportunity to comment.","marks":[],"revision":1,"text_hash":"abb85c99b5f86cfd712130b9165372403218b1c4a146f62a0d720c085923b402","reason":null},{"locator":"mifir/art/38l/para/1/cont/1","kind":"continuation","status":"in_force","label":null,"heading":null,"text":"The first subparagraph shall not apply if urgent action is needed in order to prevent significant and imminent damage to the financial system. In such a case ESMA may adopt an interim decision and shall give the persons concerned the opportunity to be heard as soon as possible after taking its decision.","marks":[],"revision":1,"text_hash":"38f9d724378c95c6c301838eef39c89a471092b243090276d19c5dbe44bd8311","reason":null},{"locator":"mifir/art/38l/para/2","kind":"paragraph","status":"in_force","label":"2.","heading":null,"text":"The rights of the defence of the persons subject to investigations shall be fully respected in the proceedings. They shall be entitled to have access to ESMA’s file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to the file shall not extend to confidential information or ESMA’s internal preparatory documents.","marks":[],"revision":1,"text_hash":"20e144335a538b2f395b2124a314f2334fff03a997cb9138cfb6ec044387d4f0","reason":null}],"markdown":"---\ntitle: \"Article 38l — Hearing of the persons concerned\"\ntype: regulation\nlegal_status: in_force\nsource: \"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123\"\nsource_retrieved: 2026-09-30\nshortTitle: \"Article 38l — Hearing of the persons concerned\"\ninstrument_type: level1_regulation\nauthority: Commission\nbinding: true\nbinding_character: binding\nmica_level2: false\nlegal_basis: \"Regulation (EU) No 600/2014\"\ninstrument: mifir\ncelex: \"32014R0600\"\nregulation: MiFIR\nregulation-full: \"Regulation (EU) No 600/2014\"\narticle: 38l\nstatus: in_force\nobject_id: eu.mifir.legal_text.article.38l\ntext_version: \"Consolidated version of 23 November 2025\"\nsource_url: \"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\n---\n\n*In force · Consolidated version of 23 November 2025 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123)*\n\n1. <a id=\"p-1\"></a>Before taking any decision pursuant to [Articles 38g](38g.md), [38h](38h.md) and [38i](38i.md), ESMA shall give the persons subject to the proceedings the opportunity to be heard on its findings. ESMA shall base its decisions only on findings on which the persons subject to the proceedings have had an opportunity to comment.\n\n    The first subparagraph shall not apply if urgent action is needed in order to prevent significant and imminent damage to the financial system. In such a case ESMA may adopt an interim decision and shall give the persons concerned the opportunity to be heard as soon as possible after taking its decision.\n2. <a id=\"p-2\"></a>The rights of the defence of the persons subject to investigations shall be fully respected in the proceedings. They shall be entitled to have access to ESMA’s file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to the file shall not extend to confidential information or ESMA’s internal preparatory documents.\n\n***\n\n[Title VIa — ESMA powers and competences](../titles/via.md) · [← Article 38k](38k.md) · [Article 38m →](38m.md)\n"}