# Article 4 — Right to be heard by ESMA with regard to periodic penalty payments **Commission Delegated Regulation (EU) 2021/731 · binding · OJ L 158, 6.5.2021 · dated 26 Jan 2021 [in force]** *In force · Commission Delegated Regulation (EU) 2021/731, OJ L 158, 6.5.2021 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/eli/reg_del/2021/731/oj/eng)* Before making a decision imposing a periodic penalty payment in accordance with [Article 25k](../../articles/25k.md) of Regulation (EU) No 648/2012, ESMA shall submit a statement of findings to the person subject to the proceedings setting out the reasons justifying the imposition of a periodic penalty payment and the amount of the periodic penalty payment per day of non-compliance. The statement of findings shall set a time limit within which the person subject to proceedings may make written submissions. ESMA shall not be obliged to take into account written submissions received after the expiry of that time limit for deciding on the periodic penalty payment. Once the person subject to proceedings has complied with the relevant decision referred to in [Article 25k(1)](../../articles/25k.md) of Regulation (EU) No 648/2012, a periodic penalty payment can no longer be imposed. The decision imposing a periodic penalty payment shall indicate the legal basis and the reasons for the decision, the amount and the starting date of the periodic penalty payment. ESMA may also invite the person subject to proceedings to attend an oral hearing. The persons subject to proceedings may be assisted by their lawyers, or by other qualified persons admitted by ESMA. Oral hearings shall not be held in public.