1.   Upon completion of an investigation into facts that may constitute one or more infringements listed in Article 60(1) of Regulation (EU) 2023/2631 and before submitting their file to ESMA, (‘statement of findings’), the investigating officer shall inform the person subject to investigation in writing about their findings and shall provide that person with the opportunity to make written submissions pursuant to paragraph 3 of this Article.

2.   The draft statement of findings shall set out the facts liable to constitute one or more of the infringements listed in Article 60(1) of Regulation (EU) 2023/2631 and shall contain an assessment of the nature and seriousness of those facts, based on the criteria laid down in Article 59(3) of that Regulation.

3.   The draft statement of findings shall set a reasonable time limit of at least four weeks for the person subject to investigation to make their written submissions. The investigating officer shall not be obliged to take into account written submissions received after that time limit has expired.

4.   In their written submissions, persons subject to an investigation may set out all the facts which are relevant to their defence, and shall, where possible, attach documents as proof of those facts. Persons subject to investigation may propose that the investigating officer hears other persons who may corroborate the facts set out in their submissions. The persons subject to investigation may be assisted by a counsel of their choice in the preparation of their written submissions.

5.   The investigating officer may invite persons subject to an investigation to which a draft statement of findings as referred to in paragraph 1 has been addressed to attend an oral hearing. The persons subject to an investigation may be assisted by a counsel of their choice. Oral hearings shall not be public.

6.   The investigating officer shall send the finalised statement of findings to the person subject to investigation.