Version in force , Inserted +1,405 −0§
Amended by Regulation (EU) 2019/2175 32019R2175 on EUR-Lex (external, EUR-Lex)
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Explanation, written by a model and checked against the cited text
Article 48g is newly added, setting out that ESMA may impose periodic penalty payments to compel a person to end an infringement or to comply with requests for information, investigations, or on-site inspections referenced in other articles.
The provision specifies that such payments must be effective and proportionate, imposed per day of delay, and calculated at 3% of average daily turnover (or 2% of average daily income for natural persons) from a date stated in the decision, for a maximum of six months after which ESMA reviews the measure.
Cited: Art. 48g, v2 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex
Inserted in this version 02016R1011-20220101
Article 48g Periodic penalty payments 1. ESMA shall, by decision, impose periodic penalty payments to compel: (a) a person to put an end to an infringement in accordance with a decision taken pursuant to point (a) of Article 48e(1); (b) persons referred to in Article 48b(1): (i) to supply complete information which has been requested by a decision pursuant to Article 48b; (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 48c; (iii) to submit to an on-site inspection ordered by a decision taken pursuant to Article 48d. 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.