Article 25k — Periodic penalty payments
Financial servicesLevel 1RegulationEMIRIn forceIn force on the date shown, by the dates in the Official Journal.VerifiedIdentical to the official source.Official source
25k(1)(a)
(a)a Tier 2 CCP to put an end to an infringement in accordance with a decision taken pursuant to point (a) of Article 25q(1);
Copy link25k(1)(b)
(b)a person referred to in Article 25f(1) to supply complete information which has been requested by a decision pursuant to Article 25f;
Copy link25k(1)(c)(i)
(i)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 25g; or
Copy link25k(1)(c)(ii)
(ii)to submit to an on-site inspection ordered by a decision taken pursuant to Article 25h.
Copy link25k(2)Copy link
2.A periodic penalty payment shall be effective and proportionate. The periodic penalty payment shall be imposed for each day of delay.
25k(3)Copy link
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.