in force 2011-06-01 INSERTED+1,575 −0§
Amended by Regulation (EU) No 513/2011 32011R0513
applies from: unknown (an inserted provision states its own application date only in prose)
Sources disagree — the text comparison and the amending act's instructions found this change; the EU's own amendment metadata does not list it. All are shown; none is overruled.
Article 36b is a wholly new provision setting out periodic penalty payments, empowering ESMA's Board of Supervisors to impose such payments by decision to compel compliance with earlier decisions on infringements, information requests, investigations, or on-site inspections.
It further specifies that the payment must be effective and proportionate, imposed daily until compliance, calculated at 3% of average daily turnover (or 2% of average daily income for natural persons) from a date stated in the imposing decision, and limited to a maximum period of six months after notification.
Cited: Art. 36b, v2
text before / after
inserted text (02009R1060-20110601)
Article 36b Periodic penalty payments 1. ESMA's Board of Supervisors shall by decision impose a periodic penalty payment in order to compel: (a) a credit rating agency to put an end to an infringement, in accordance with a decision taken pursuant to point (d) of Article 24(1); (b) a person referred to in Article 23b(1) to supply complete information which has been required by a decision pursuant to Article 23b; (c) a person referred to in Article 23b(1) to submit to an investigation and in particular to produce complete records, data, procedures or any other material required and to complete and correct other information provided in an investigation launched by a decision taken pursuant to Article 23c; (d) a person referred to in Article 23b(1) to submit to an on-site inspection ordered by a decision taken pursuant to Article 23d. 2. A periodic penalty payment shall be effective and proportionate. The periodic penalty payment shall be imposed on a daily basis until the credit rating agency or person concerned complies with the relevant decision referred to in paragraph 1. 3. Notwithstanding paragraph 2, the amount of a periodic penalty payment shall be 3 % of the average daily turnover in the preceding business year or, in the case of natural persons, 2 % of the average daily income in the preceding calendar year. It shall be calculated from the date stipulated in the decision imposing the periodic penalty payment. 4. A periodic penalty payment may be imposed for a period of no more than six months following the notification of ESMA's decision.