emendrix

Art. 25l

European Market Infrastructure Regulation · 32012R0648 · every event for this act · on EUR-Lex

Hearing of the persons concerned

1 change recorded across 1 event, newest first.

in force 2020-01-01 INSERTED+1,083 −0

Amended by Regulation (EU) 2019/2099 32019R2099

applies from: unknown (an inserted provision states its own application date only in prose)

A new Article 25l has been inserted, requiring ESMA to give persons subject to proceedings under Articles 25j and 25k an opportunity to be heard on its findings before deciding on a fine or periodic penalty payment, with an exception allowing an interim decision followed by a later hearing where urgent action is needed to prevent significant and imminent damage to the financial system.

The new provision also states that the rights of defence of the persons subject to the proceedings are to be fully respected, including a right of access to ESMA's file that excludes confidential information and ESMA's internal preparatory documents and is subject to other persons' legitimate interest in protecting their business secrets.

Cited: Art. 25l, v2

text before / after

inserted text (02012R0648-20200101)

Article 25l
Hearing of the persons concerned
1. Before taking any decision on a fine or periodic penalty payment under Articles 25j and 25k, ESMA shall give the persons subject to the proceedings the opportunity to be heard on its findings. ESMA shall base its decisions only on findings on which the persons subject to the proceedings have had an opportunity to comment.
The first subparagraph of this paragraph shall not apply where urgent action is needed in order to prevent significant and imminent damage to the financial system. In such a case ESMA may adopt an interim decision and shall give the persons concerned the opportunity to be heard as soon as possible after taking its decision.
2. The rights of the defence of the persons subject to the proceedings shall be fully respected in the proceedings. They shall be entitled to have access to ESMA's file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to the file shall not extend to confidential information or ESMA's internal preparatory documents.