Amendment: ESMA investigation files, right to be heard & fines

This regulation updates the procedures used by the European Securities and Markets Authority (ESMA) when conducting investigations. It clarifies what information must be submitted during an inquiry and improves the legal process for how decisions are reached and how penalties are applied.

This affects financial market participants and supervised entities. It specifically strengthens the 'right to be heard' for those facing interim decisions and streamlines the process for issuing fines and periodic penalty payments.