7. On the basis of the file containing the investigation officer’s findings, and where requested by the persons concerned after having heard those persons in accordance with Article 40, ESMA’s Board of Supervisors shall assess whether one or more persons subject to the investigation have committed the infringements concerned and shall, where it comes to the conclusion that such infringements have been committed, take a supervisory measure as referred to in Article 35 and impose a fine in accordance with Article 36.