Recital 1

(1)To give full effect to the right to be heard, as guaranteed in Article 63(5) of Regulation (EU) 2023/2631, a person that is subject to an investigation by ESMA because that person may have committed one of the infringements listed in Article 60(1) of that Regulation should have the right to make written comments within a reasonable time limit of at least four weeks before the investigating officersubmits his or her findings to ESMA. That person should be allowed to be assisted by a counsel of his or her choice.