Version in force , Modified +660 −22§
Amended by Regulation (EU) 2019/834 32019R0834 on EUR-Lex (external, EUR-Lex)
Explanation, written by a model and checked against the cited text
Paragraph 1 now refers to decisions under Article 73(1) and periodic penalty payments under Article 66, replacing the earlier reference to fines and periodic penalty payments under Articles 65 and 66, and it rephrases the persons subject to proceedings as persons who are subject to the proceedings.
A new second subparagraph is added to paragraph 1 stating that the hearing requirement does not apply to decisions referred to in points (a), (c) and (d) of Article 73(1) where urgent action is needed to prevent significant and imminent damage to the financial system or to the integrity, transparency, efficiency and orderly functioning of financial markets, including the stability or correctness of data reported to a trade repository, and that in such cases ESMA may adopt an interim decision and give the persons concerned the opportunity to be heard as soon as possible afterward.
Paragraph 2 remains unchanged in both versions.
Cited: Art. 67, v2 (external, EUR-Lex) · Art. 67, v1 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 1 January 2019 02012R0648-20190101 → this version, in force 17 June 2019 02012R0648-20190617
Article 67
Hearing of the persons concerned
1. Before taking any decision under Article 73(1) and on a fine or periodic penalty payment under Articles 65 and Article 66, ESMA shall give the persons who are subject to the proceedings the opportunity to be heard on its findings. ESMA shall base its decisions only on findings on which the persons who are subject to the proceedings have had an opportunity to comment.
The first subparagraph of this paragraph shall not apply to the decisions referred to in points (a), (c) and (d) of Article 73(1) if urgent action is needed in order to prevent significant and imminent damage to the financial system or to prevent significant and imminent damage to the integrity, transparency, efficiency and orderly functioning of financial markets, including to the stability or the correctness of data reported to a trade repository. 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.