in force 2020-01-01 INSERTED+1,213 −0§
Amended by Regulation (EU) 2019/2099 32019R2099
applies from: unknown (an inserted provision states its own application date only in prose)
Article 25m is a newly inserted provision setting out rules on disclosing, characterising, enforcing and allocating fines and periodic penalty payments imposed under Articles 25j and 25k.
It covers ESMA's public disclosure of such fines and penalty payments subject to exceptions for market harm or disproportionate damage, classifies them as administrative in nature, requires ESMA to inform the European Parliament, the Council, the Commission and relevant third-country competent authorities with reasons when it decides not to impose them, states that they are enforceable under the civil procedure rules of the relevant Member State or third country, and provides that the collected amounts go to the general budget of the European Union.
Cited: Art. 25m, v2
text before / after
inserted text (02012R0648-20200101)
Article 25m Disclosure, nature, enforcement and allocation of fines and periodic penalty payments 1. ESMA shall disclose to the public every fine and periodic penalty payment that has been imposed pursuant to Articles 25j and 25k of this Regulation unless such disclosure to the public would seriously jeopardise the financial markets or cause disproportionate damage to the parties involved. Such disclosure shall not contain personal data within the meaning of Regulation (EC) No 45/2001. 2. Fines and periodic penalty payments imposed pursuant to Articles 25j and 25k shall be of an administrative nature. 3. Where ESMA decides to impose no fines or penalty payments, it shall inform the European Parliament, the Council, the Commission, and the relevant third-country competent authorities accordingly and shall set out the reasons for its decision. 4. Fines and periodic penalty payments imposed pursuant to Articles 25j and 25k shall be enforceable. Enforcement shall be governed by the rules of civil procedure in force in the Member State or third-country in which it is carried out. 5. The amounts of the fines and periodic penalty payments shall be allocated to the general budget of the European Union.