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Provision history · EMIR

Art. 25l · Hearing of the persons concerned

European Market Infrastructure Regulation · 32012R0648 · every version of this act · on EUR-Lex

1 change recorded across 1 version, newest first.

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Version in force Inserted +1,083 −0

Amended by Regulation (EU) 2019/2099 32019R2099 on EUR-Lex

Applies from: not readable (an inserted provision states its own application date only in prose) why

Explanation, written by a model and checked against the cited text

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

v1 is the previous version, v2 this one.

Text from EUR-Lex

Inserted in this version 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.