in force 2022-01-01 INSERTED+1,621 −0§
Amended by Regulation (EU) 2019/2175 32019R2175
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.
This is a newly inserted article setting out rules on disclosing, characterising, enforcing and allocating fines and periodic penalty payments imposed under Articles 48f and 48g.
It covers ESMA's public disclosure of such fines and penalty payments, the administrative nature of these measures, ESMA's duty to explain a decision not to impose them, their enforceability under the procedural rules of the Member State or third country where enforcement occurs, and the allocation of collected amounts to the general budget of the European Union.
Cited: Art. 48h, v2
text before / after
inserted text (02016R1011-20220101)
Article 48h Disclosure, nature, enforcement and allocation of fines and periodic penalty payments 1. ESMA shall disclose to the public every fine and every periodic penalty payment that has been imposed pursuant to Articles 48f and 48g, 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 (EU) 2018/1725 of the European Parliament and of the CouncilRegulation (EU) 2018/1725 of the European Parliament and of the Council of 23 October 2018 on the protection of natural persons with regard to the processing of personal data by the Union institutions, bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No 45/2001 and Decision No 1247/2002/EC (OJ L 295, 21.11.2018, p. 39).. 2. Fines and periodic penalty payments imposed pursuant to Articles 48f and 48g shall be of an administrative nature. 3. Where ESMA decides not to impose any fines or penalty payments, it shall inform the European Parliament, the Council, the Commission and the competent authorities of the Member State concerned thereof and shall set out the reasons for its decision. 4. Fines and periodic penalty payments imposed pursuant to Articles 48f and 48g shall be enforceable. Enforcement shall be governed by the rules of procedure in force in the Member State or third country in which it is carried out. 5. The amounts of the fines and the periodic penalty payments shall be allocated to the general budget of the European Union.