Version in force , Inserted +1,415 −0§
Amended by Regulation (EU) 2019/2175 32019R2175 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2022/858 32022R0858 on EUR-Lex (external, EUR-Lex)
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Explanation, written by a model and checked against the cited text
This article is new, setting out ESMA's power to impose periodic penalty payments to compel a person to end an infringement or to comply with information, investigation, or on-site inspection requirements.
It specifies that such payments must be effective and proportionate, charged per day of delay, calculated at 3% of average daily turnover (or 2% of average daily income for natural persons) from a date stated in the decision, and limited to a maximum of six months after notification, after which ESMA is to review the measure.
Cited: Art. 38i, v2 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex
Inserted in this version 02014R0600-20220101
Article 38i Periodic penalty payments 1. ESMA shall, by decision, impose periodic penalty payments in order to compel: (a) a person to put an end to an infringement in accordance with a decision taken pursuant to point (a) of Article 38g(1); (b) a person referred to in Article 38b(1): (i) to supply complete information which has been requested by a decision pursuant to Article 38b; (ii) to submit to an investigation and in particular to produce complete records, data, procedures or any other material required and to complete and correct other information provided in an investigation launched by a decision pursuant to Article 38c; (iii) to submit to an on-site inspection ordered by a decision taken pursuant to Article 38d. 2. A periodic penalty payment shall be effective and proportionate. The periodic penalty payment shall be imposed for each day of delay. 3. Notwithstanding paragraph 2, the amount of the periodic penalty payments shall be 3 % of the average daily turnover in the preceding business year, or, in the case of natural persons, 2 % of the average daily income in the preceding calendar year. It shall be calculated from the date stipulated in the decision imposing the periodic penalty payment. 4. A periodic penalty payment shall be imposed for a maximum period of six months following the notification of ESMA’s decision. Following the end of the period, ESMA shall review the measure.