diff --git a/test/es-module/test-esm-import-meta-resolve.mjs b/test/es-module/test-esm-import-meta-resolve.mjs
index 1fac362172ae34..dc45610b460280 100644
--- a/test/es-module/test-esm-import-meta-resolve.mjs
+++ b/test/es-module/test-esm-import-meta-resolve.mjs
@@ -3,8 +3,7 @@ import { mustCall } from '../common/index.mjs';
 import assert from 'assert';
 
 const dirname = import.meta.url.slice(0, import.meta.url.lastIndexOf('/') + 1);
-const fixtures = dirname.slice(0, dirname.lastIndexOf('/', dirname.length - 2) +
-    1) + 'fixtures/';
+const fixtures = dirname.slice(0, dirname.lastIndexOf('/', dirname.length - 2) + 1) + 'fixtures/';
 
 (async () => {
   assert.strictEqual(await import.meta.resolve('./test-esm-import-meta.mjs'),
diff --git a/test/es-module/test-esm-initialization.mjs b/test/es-module/test-esm-initialization.mjs
index 2bfd16135a0189..aa946a50152d40 100644
--- a/test/es-module/test-esm-initialization.mjs
+++ b/test/es-module/test-esm-initialization.mjs
@@ -5,7 +5,7 @@ import { execPath } from 'node:process';
 import { describe, it } from 'node:test';
 
 
-describe('ESM: ensure initialisation happens only once', { concurrency: true }, () => {
+describe('ESM: ensure initialization happens only once', { concurrency: true }, () => {
   it(async () => {
     const { code, stderr, stdout } = await spawnPromisified(execPath, [
       '--loader',
diff --git a/test/es-module/test-esm-loader-chaining.mjs b/test/es-module/test-esm-loader-chaining.mjs
index b04dbe4ddd6c1a..c8244bc5012377 100644
--- a/test/es-module/test-esm-loader-chaining.mjs
+++ b/test/es-module/test-esm-loader-chaining.mjs
@@ -10,7 +10,7 @@ const setupArgs = [
   '--input-type=module',
   '--eval',
 ];
-const commonInput = 'import fs from "node:fs"; console.log(fs)';
+const commonInput = 'import os from "node:os"; console.log(os)';
 const commonArgs = [
   ...setupArgs,
   commonInput,
@@ -115,11 +115,11 @@ describe('ESM: loader chaining', { concurrency: true }, () => {
     );
 
     assert.match(stdout, /^resolve arg count: 3$/m);
-    assert.match(stdout, /specifier: 'node:fs'/);
+    assert.match(stdout, /specifier: 'node:os'/);
     assert.match(stdout, /next: \[AsyncFunction: nextResolve\]/);
 
     assert.match(stdout, /^load arg count: 3$/m);
-    assert.match(stdout, /url: 'node:fs'/);
+    assert.match(stdout, /url: 'node:os'/);
     assert.match(stdout, /next: \[AsyncFunction: nextLoad\]/);
   });
 
diff --git a/test/es-module/test-esm-loader-event-loop.mjs b/test/es-module/test-esm-loader-event-loop.mjs
new file mode 100644
index 00000000000000..d94e55148d85d7
--- /dev/null
+++ b/test/es-module/test-esm-loader-event-loop.mjs
@@ -0,0 +1,12 @@
+// Flags: --experimental-loader ./test/fixtures/es-module-loaders/hooks-custom.mjs
+import { mustCall } from '../common/index.mjs';
+
+const done = mustCall();
+
+
+// Test that the process doesn't exit because of a caught exception thrown as part of dynamic import().
+for (let i = 0; i < 10; i++) {
+  await import('nonexistent/file.mjs').catch(() => {});
+}
+
+done();
diff --git a/test/es-module/test-esm-loader-spawn-promisified.mjs b/test/es-module/test-esm-loader-spawn-promisified.mjs
new file mode 100644
index 00000000000000..3a107ea64816b2
--- /dev/null
+++ b/test/es-module/test-esm-loader-spawn-promisified.mjs
@@ -0,0 +1,288 @@
+import { spawnPromisified } from '../common/index.mjs';
+import * as fixtures from '../common/fixtures.mjs';
+import assert from 'node:assert';
+import { execPath } from 'node:process';
+import { describe, it } from 'node:test';
+
+describe('Loader hooks throwing errors', { concurrency: true }, () => {
+  it('throws on nonexistent modules', async () => {
+    const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
+      '--no-warnings',
+      '--experimental-loader',
+      fixtures.fileURL('/es-module-loaders/hooks-custom.mjs'),
+      '--input-type=module',
+      '--eval',
+      'import "nonexistent/file.mjs"',
+    ]);
+
+    assert.match(stderr, /ERR_MODULE_NOT_FOUND/);
+    assert.strictEqual(stdout, '');
+    assert.strictEqual(code, 1);
+    assert.strictEqual(signal, null);
+  });
+
+  it('throws on unknown extensions', async () => {
+    const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
+      '--no-warnings',
+      '--experimental-loader',
+      fixtures.fileURL('/es-module-loaders/hooks-custom.mjs'),
+      '--input-type=module',
+      '--eval',
+      `import '${fixtures.fileURL('/es-modules/file.unknown')}'`,
+    ]);
+
+    assert.match(stderr, /ERR_UNKNOWN_FILE_EXTENSION/);
+    assert.strictEqual(stdout, '');
+    assert.strictEqual(code, 1);
+    assert.strictEqual(signal, null);
+  });
+
+  it('throws on invalid return values', async () => {
+    const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
+      '--no-warnings',
+      '--experimental-loader',
+      fixtures.fileURL('/es-module-loaders/hooks-custom.mjs'),
+      '--input-type=module',
+      '--eval',
+      'import "esmHook/badReturnVal.mjs"',
+    ]);
+
+    assert.match(stderr, /ERR_INVALID_RETURN_VALUE/);
+    assert.strictEqual(stdout, '');
+    assert.strictEqual(code, 1);
+    assert.strictEqual(signal, null);
+  });
+
+  it('throws on boolean false', async () => {
+    const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
+      '--no-warnings',
+      '--experimental-loader',
+      fixtures.fileURL('/es-module-loaders/hooks-custom.mjs'),
+      '--input-type=module',
+      '--eval',
+      'import "esmHook/format.false"',
+    ]);
+
+    assert.match(stderr, /ERR_INVALID_RETURN_PROPERTY_VALUE/);
+    assert.strictEqual(stdout, '');
+    assert.strictEqual(code, 1);
+    assert.strictEqual(signal, null);
+  });
+  it('throws on boolean true', async () => {
+    const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
+      '--no-warnings',
+      '--experimental-loader',
+      fixtures.fileURL('/es-module-loaders/hooks-custom.mjs'),
+      '--input-type=module',
+      '--eval',
+      'import "esmHook/format.true"',
+    ]);
+
+    assert.match(stderr, /ERR_INVALID_RETURN_PROPERTY_VALUE/);
+    assert.strictEqual(stdout, '');
+    assert.strictEqual(code, 1);
+    assert.strictEqual(signal, null);
+  });
+
+  it('throws on invalid returned object', async () => {
+    const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
+      '--no-warnings',
+      '--experimental-loader',
+      fixtures.fileURL('/es-module-loaders/hooks-custom.mjs'),
+      '--input-type=module',
+      '--eval',
+      'import "esmHook/badReturnFormatVal.mjs"',
+    ]);
+
+    assert.match(stderr, /ERR_INVALID_RETURN_PROPERTY_VALUE/);
+    assert.strictEqual(stdout, '');
+    assert.strictEqual(code, 1);
+    assert.strictEqual(signal, null);
+  });
+
+  it('throws on unsupported format', async () => {
+    const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
+      '--no-warnings',
+      '--experimental-loader',
+      fixtures.fileURL('/es-module-loaders/hooks-custom.mjs'),
+      '--input-type=module',
+      '--eval',
+      'import "esmHook/unsupportedReturnFormatVal.mjs"',
+    ]);
+
+    assert.match(stderr, /ERR_UNKNOWN_MODULE_FORMAT/);
+    assert.strictEqual(stdout, '');
+    assert.strictEqual(code, 1);
+    assert.strictEqual(signal, null);
+  });
+
+  it('throws on invalid format property type', async () => {
+    const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
+      '--no-warnings',
+      '--experimental-loader',
+      fixtures.fileURL('/es-module-loaders/hooks-custom.mjs'),
+      '--input-type=module',
+      '--eval',
+      'import "esmHook/badReturnSourceVal.mjs"',
+    ]);
+
+    assert.match(stderr, /ERR_INVALID_RETURN_PROPERTY_VALUE/);
+    assert.strictEqual(stdout, '');
+    assert.strictEqual(code, 1);
+    assert.strictEqual(signal, null);
+  });
+
+  it('rejects dynamic imports for all of the error cases checked above', async () => {
+    const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
+      '--no-warnings',
+      '--experimental-loader',
+      fixtures.fileURL('/es-module-loaders/hooks-custom.mjs'),
+      '--input-type=module',
+      '--eval',
+      `import assert from 'node:assert';
+      await Promise.allSettled([
+        import('nonexistent/file.mjs'),
+        import('${fixtures.fileURL('/es-modules/file.unknown')}'),
+        import('esmHook/badReturnVal.mjs'),
+        import('esmHook/format.false'),
+        import('esmHook/format.true'),
+        import('esmHook/badReturnFormatVal.mjs'),
+        import('esmHook/unsupportedReturnFormatVal.mjs'),
+        import('esmHook/badReturnSourceVal.mjs'),
+      ]).then((results) => {
+        assert.strictEqual(results.every((result) => result.status === 'rejected'), true);
+      })`,
+    ]);
+
+    assert.strictEqual(stderr, '');
+    assert.strictEqual(stdout, '');
+    assert.strictEqual(code, 0);
+    assert.strictEqual(signal, null);
+  });
+});
+
+describe('Loader hooks parsing modules', { concurrency: true }, () => {
+  it('can parse .js files as ESM', async () => {
+    const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
+      '--no-warnings',
+      '--experimental-loader',
+      fixtures.fileURL('/es-module-loaders/hooks-custom.mjs'),
+      '--input-type=module',
+      '--eval',
+      `import assert from 'node:assert';
+      await import('${fixtures.fileURL('/es-module-loaders/js-as-esm.js')}')
+      .then((parsedModule) => {
+        assert.strictEqual(typeof parsedModule, 'object');
+        assert.strictEqual(parsedModule.namedExport, 'named-export');
+      })`,
+    ]);
+
+    assert.strictEqual(stderr, '');
+    assert.strictEqual(stdout, '');
+    assert.strictEqual(code, 0);
+    assert.strictEqual(signal, null);
+  });
+
+  it('can define .ext files as ESM', async () => {
+    const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
+      '--no-warnings',
+      '--experimental-loader',
+      fixtures.fileURL('/es-module-loaders/hooks-custom.mjs'),
+      '--input-type=module',
+      '--eval',
+      `import assert from 'node:assert';
+      await import('${fixtures.fileURL('/es-modules/file.ext')}')
+      .then((parsedModule) => {
+        assert.strictEqual(typeof parsedModule, 'object');
+        const { default: defaultExport } = parsedModule;
+        assert.strictEqual(typeof defaultExport, 'function');
+        assert.strictEqual(defaultExport.name, 'iAmReal');
+        assert.strictEqual(defaultExport(), true);
+      })`,
+    ]);
+
+    assert.strictEqual(stderr, '');
+    assert.strictEqual(stdout, '');
+    assert.strictEqual(code, 0);
+    assert.strictEqual(signal, null);
+  });
+
+  it('can predetermine the format in the custom loader resolve hook', async () => {
+    const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
+      '--no-warnings',
+      '--experimental-loader',
+      fixtures.fileURL('/es-module-loaders/hooks-custom.mjs'),
+      '--input-type=module',
+      '--eval',
+      `import assert from 'node:assert';
+      await import('esmHook/preknownFormat.pre')
+      .then((parsedModule) => {
+        assert.strictEqual(typeof parsedModule, 'object');
+        assert.strictEqual(parsedModule.default, 'hello world');
+      })`,
+    ]);
+
+    assert.strictEqual(stderr, '');
+    assert.strictEqual(stdout, '');
+    assert.strictEqual(code, 0);
+    assert.strictEqual(signal, null);
+  });
+
+  it('can provide source for a nonexistent file', async () => {
+    const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
+      '--no-warnings',
+      '--experimental-loader',
+      fixtures.fileURL('/es-module-loaders/hooks-custom.mjs'),
+      '--input-type=module',
+      '--eval',
+      `import assert from 'node:assert';
+      await import('esmHook/virtual.mjs')
+      .then((parsedModule) => {
+        assert.strictEqual(typeof parsedModule, 'object');
+        assert.strictEqual(typeof parsedModule.default, 'undefined');
+        assert.strictEqual(parsedModule.message, 'WOOHOO!');
+      })`,
+    ]);
+
+    assert.strictEqual(stderr, '');
+    assert.strictEqual(stdout, '');
+    assert.strictEqual(code, 0);
+    assert.strictEqual(signal, null);
+  });
+
+  it('ensures that loaders have a separate context from userland', async () => {
+    const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
+      '--no-warnings',
+      '--experimental-loader',
+      fixtures.fileURL('/es-module-loaders/hooks-custom.mjs'),
+      '--input-type=module',
+      '--eval',
+      `import assert from 'node:assert';
+      await import('${fixtures.fileURL('/es-modules/stateful.mjs')}')
+      .then(({ default: count }) => {
+        assert.strictEqual(count(), 1);
+      });`,
+    ]);
+
+    assert.strictEqual(stderr, '');
+    assert.strictEqual(stdout, '');
+    assert.strictEqual(code, 0);
+    assert.strictEqual(signal, null);
+  });
+
+  it('ensures that user loaders are not bound to the internal loader', async () => {
+    const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
+      '--no-warnings',
+      '--experimental-loader',
+      fixtures.fileURL('/es-module-loaders/loader-this-value-inside-hook-functions.mjs'),
+      '--input-type=module',
+      '--eval',
+      ';', // Actual test is inside the loader module.
+    ]);
+
+    assert.strictEqual(stderr, '');
+    assert.strictEqual(stdout, '');
+    assert.strictEqual(code, 0);
+    assert.strictEqual(signal, null);
+  });
+});
diff --git a/test/parallel/test-loaders-hidden-from-users.js b/test/es-module/test-loaders-hidden-from-users.js
similarity index 100%
rename from test/parallel/test-loaders-hidden-from-users.js
rename to test/es-module/test-loaders-hidden-from-users.js
diff --git a/test/parallel/test-loaders-unknown-builtin-module.mjs b/test/es-module/test-loaders-unknown-builtin-module.mjs
similarity index 100%
rename from test/parallel/test-loaders-unknown-builtin-module.mjs
rename to test/es-module/test-loaders-unknown-builtin-module.mjs
diff --git a/test/fixtures/es-module-loaders/hooks-custom.mjs b/test/fixtures/es-module-loaders/hooks-custom.mjs
index 65dba3535c2d95..ea2ffaf7e97070 100644
--- a/test/fixtures/es-module-loaders/hooks-custom.mjs
+++ b/test/fixtures/es-module-loaders/hooks-custom.mjs
@@ -6,6 +6,31 @@ import count from '../es-modules/stateful.mjs';
 // used to assert node-land and user-land have different contexts
 count();
 
+export function resolve(specifier, { importAssertions }, next) {
+  let format = '';
+
+  if (specifier === 'esmHook/format.false') {
+    format = false;
+  }
+  if (specifier === 'esmHook/format.true') {
+    format = true;
+  }
+  if (specifier === 'esmHook/preknownFormat.pre') {
+    format = 'module';
+  }
+
+  if (specifier.startsWith('esmHook')) {
+    return {
+      format,
+      shortCircuit: true,
+      url: pathToFileURL(specifier).href,
+      importAssertions,
+    };
+  }
+
+  return next(specifier);
+}
+
 /**
  * @param {string} url A fully resolved file url.
  * @param {object} context Additional info.
@@ -15,63 +40,62 @@ count();
  */
 export function load(url, context, next) {
   // Load all .js files as ESM, regardless of package scope
-  if (url.endsWith('.js')) return next(url, {
-    ...context,
-    format: 'module',
-  });
+  if (url.endsWith('.js')) {
+    return next(url, {
+      ...context,
+      format: 'module',
+    });
+  }
 
-  if (url.endsWith('.ext')) return next(url, {
-    ...context,
-    format: 'module',
-  });
+  if (url.endsWith('.ext')) {
+    return next(url, {
+      ...context,
+      format: 'module',
+    });
+  }
 
-  if (url.endsWith('esmHook/badReturnVal.mjs')) return 'export function returnShouldBeObject() {}';
+  if (url.endsWith('esmHook/badReturnVal.mjs')) {
+    return 'export function returnShouldBeObject() {}';
+  }
 
-  if (url.endsWith('esmHook/badReturnFormatVal.mjs')) return {
-    format: Array(0),
-    shortCircuit: true,
-    source: '',
+  if (url.endsWith('esmHook/badReturnFormatVal.mjs')) {
+    return {
+      format: Array(0),
+      shortCircuit: true,
+      source: '',
+    };
   }
-  if (url.endsWith('esmHook/unsupportedReturnFormatVal.mjs')) return {
-    format: 'foo', // Not one of the allowable inputs: no translator named 'foo'
-    shortCircuit: true,
-    source: '',
+  if (url.endsWith('esmHook/unsupportedReturnFormatVal.mjs')) {
+    return {
+      format: 'foo', // Not one of the allowable inputs: no translator named 'foo'
+      shortCircuit: true,
+      source: '',
+    };
   }
 
-  if (url.endsWith('esmHook/badReturnSourceVal.mjs')) return {
-    format: 'module',
-    shortCircuit: true,
-    source: Array(0),
+  if (url.endsWith('esmHook/badReturnSourceVal.mjs')) {
+    return {
+      format: 'module',
+      shortCircuit: true,
+      source: Array(0),
+    };
   }
 
-  if (url.endsWith('esmHook/preknownFormat.pre')) return {
-    format: context.format,
-    shortCircuit: true,
-    source: `const msg = 'hello world'; export default msg;`
-  };
+  if (url.endsWith('esmHook/preknownFormat.pre')) {
+    return {
+      format: context.format,
+      shortCircuit: true,
+      source: `const msg = 'hello world'; export default msg;`
+    };
+  }
 
-  if (url.endsWith('esmHook/virtual.mjs')) return {
-    format: 'module',
-    shortCircuit: true,
-    source: `export const message = 'Woohoo!'.toUpperCase();`,
-  };
+  if (url.endsWith('esmHook/virtual.mjs')) {
+    return {
+      format: 'module',
+      shortCircuit: true,
+      source: `export const message = 'Woohoo!'.toUpperCase();`,
+    };
+  }
 
   return next(url);
 }
-
-export function resolve(specifier, { importAssertions }, next) {
-  let format = '';
-
-  if (specifier === 'esmHook/format.false') format = false;
-  if (specifier === 'esmHook/format.true') format = true;
-  if (specifier === 'esmHook/preknownFormat.pre') format = 'module';
-
-  if (specifier.startsWith('esmHook')) return {
-    format,
-    shortCircuit: true,
-    url: pathToFileURL(specifier).href,
-    importAssertions,
-  };
-
-  return next(specifier);
-}
diff --git a/test/parallel/test-loaders-this-value-inside-hook-functions.mjs b/test/parallel/test-loaders-this-value-inside-hook-functions.mjs
deleted file mode 100644
index b74b7d9e1e4c30..00000000000000
--- a/test/parallel/test-loaders-this-value-inside-hook-functions.mjs
+++ /dev/null
@@ -1,4 +0,0 @@
-// Flags: --experimental-loader ./test/fixtures/es-module-loaders/loader-this-value-inside-hook-functions.mjs
-import '../common/index.mjs';
-
-// Actual test is inside the loader module.