> For the complete documentation index, see [llms.txt](https://www.headlesslaw.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.headlesslaw.com/emir/articles/25m.md).

# Article 25m — Disclosure, nature, enforcement and allocation of fines and periodic penalty payments

*In force · Consolidated version of 17 January 2025 · Checked against EUR-Lex on 11 Oct 2026 ·* [*Official source*](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02012R0648-20250117)

1. ESMA shall disclose to the public every fine and periodic penalty payment that has been imposed pursuant to [Articles 25j](/emir/articles/25j.md) and [25k](/emir/articles/25k.md) of this Regulation unless such disclosure to the public would seriously jeopardise the financial markets or cause disproportionate damage to the parties involved. Such disclosure shall not contain personal data within the meaning of Regulation (EC) No 45/2001.
2. Fines and periodic penalty payments imposed pursuant to [Articles 25j](/emir/articles/25j.md) and [25k](/emir/articles/25k.md) shall be of an administrative nature.
3. Where ESMA decides to impose no fines or penalty payments, it shall inform the European Parliament, the Council, the Commission, and the relevant third-country competent authorities accordingly and shall set out the reasons for its decision.
4. Fines and periodic penalty payments imposed pursuant to [Articles 25j](/emir/articles/25j.md) and [25k](/emir/articles/25k.md) shall be enforceable.

   Enforcement shall be governed by the rules of civil procedure in force in the Member State or third-country in which it is carried out.
5. The amounts of the fines and periodic penalty payments shall be allocated to the general budget of the European Union.

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[Title III — Authorisation and supervision of CCPs](/emir/titles/iii.md) · [← Article 25l](/emir/articles/25l.md) · [Article 25n →](/emir/articles/25n.md)