1. The competent authority of one Member State may request assistance from the competent authority of another Member State with regard to on-site inspections or investigations. The requesting competent authority shall inform ESMA of any request referred to in the first subparagraph. In case of an investigation or an inspection with cross-border effects, ESMA may and if requested shall coordinate the investigation or inspection.
2. Where a competent authority receives a request from a competent authority of another Member State to carry out an on-site inspection or an investigation, it may:
carry out the on-site inspection or investigation itself;
allow the competent authority which submitted the request to participate in an on-site inspection or investigation;
allow the competent authority which submitted the request to carry out the on-site inspection or investigation itself;
appoint auditors or experts to carry out the on-site inspection or investigation;
share specific tasks relating to supervisory activities with the other competent authorities.
3. ESMA may request the competent authorities to carry out specific investigatory tasks and on-site inspections where information is reasonably required by ESMA to enable it to exercise a power expressly conferred on it by this Regulation.