in force 2020-01-01 INSERTED+1,434 −0§
Amended by Regulation (EU) 2019/2099 32019R2099
applies from: unknown (an inserted provision states its own application date only in prose)
Article 25k is a newly inserted provision setting out ESMA's power to impose periodic penalty payments on Tier 2 CCPs or persons referred to in Article 25f(1) to compel compliance with certain decisions, such as ending an infringement, supplying complete information, or submitting to an investigation or on-site inspection.
The provision specifies that such payments must be effective and proportionate, imposed per day of delay, set at 3% of average daily turnover (or 2% of average daily income for natural persons) from a date stated in the decision, and limited to a maximum of six months before ESMA reviews the measure.
Cited: Art. 25k, v2
text before / after
inserted text (02012R0648-20200101)
Article 25k Periodic penalty payments 1. ESMA shall, by decision, impose periodic penalty payments in order to compel: (a) a Tier 2 CCP to put an end to an infringement in accordance with a decision taken pursuant to point (a) of Article 25q(1); (b) a person referred to in Article 25f(1) to supply complete information which has been requested by a decision pursuant to Article 25f; (c) a Tier 2 CCP: (i) 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 pursuant to Article 25g; or (ii) to submit to an on-site inspection ordered by a decision taken pursuant to Article 25h. 2. A periodic penalty payment shall be effective and proportionate. The periodic penalty payment shall be imposed for each day of delay. 3. Notwithstanding paragraph 2, the amount of the periodic penalty payments 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 shall be imposed for a maximum period of six months following the notification of ESMA's decision. Following the end of that period, ESMA shall review the measure.