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In this act Article 7 of 11

Article 7 — Limitation periods for the enforcement of penalties

Financial servicesLevel 2Delegated RegulationEMIRIn forceOfficial source

7(1)

1.The power of ESMA to enforce decisions taken pursuant to Articles 65 and 66 of Regulation (EU) No 648/2012 shall be subject to a limitation period of five years.

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7(2)

2.The five-year period referred to in paragraph 1 shall start to run on the day following that on which the decision becomes final.

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7(3)

3.The limitation period for the enforcement of penalties shall be interrupted by:

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7(3)(a)
(a)a notification by ESMA to the trade repository or other person concerned of a decision varying the original amount of the fine or periodic penalty payment;
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7(3)(b)
(b)any action of ESMA or a Member State authority acting at the request of ESMA, designed to enforce payment or payment terms and conditions of the fine or periodic penalty payment.
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7(4)

4.Each interruption shall cause the limitation period to start running afresh.

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7(5)

5.The limitation period for the enforcement of penalties shall be suspended for so long as:

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7(5)(a)
(a)time to pay is allowed;
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7(5)(b)
(b)enforcement of payment is suspended pursuant to a pending decision of ESMA Board of Appeal, in accordance with Article 60 of Regulation (EU) No 1095/2010, and the Court of Justice of the European Union, in accordance with Article 69 of Regulation (EU) No 648/2012.
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