Decision 2017/35 - Decision (EU) 2017/2097 of the European Central Bank of 3 November 2017 on the methodology for calculating sanctions for infringements of the oversight requirements for systemically important payment systems (ECB/2017/35)

Please note

This page contains a limited version of this dossier in the EU Monitor.

Contents

  1. Current status
  2. Key information
  3. Key dates
  4. Legislative text
  5. Sources and disclaimer
  6. Full version
  7. EU Monitor

1.

Current status

This decision has been published on November 16, 2017 and entered into force on December  6, 2017.

2.

Key information

official title

Decision (EU) 2017/2097 of the European Central Bank of 3 November 2017 on the methodology for calculating sanctions for infringements of the oversight requirements for systemically important payment systems (ECB/2017/35)
 
Legal instrument Decision
Number legal act Decision 2017/35
CELEX number i 32017D0035

3.

Key dates

Document 03-11-2017; Date of adoption
Publication in Official Journal 16-11-2017; OJ L 299 p. 31-33
Effect 06-12-2017; Entry into force Date pub. +20 See Art 6
End of validity 31-12-9999

4.

Legislative text

16.11.2017   

EN

Official Journal of the European Union

L 299/31
 

DECISION (EU) 2017/2097 OF THE EUROPEAN CENTRAL BANK

of 3 November 2017

on the methodology for calculating sanctions for infringements of the oversight requirements for systemically important payment systems (ECB/2017/35)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty on the Functioning of the European Union, and in particular the fourth indent of Article 127(2) thereof,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular the fourth indent of Article 3.1, and Article 34 thereof,

Having regard to Council Regulation (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions (1), and in particular Article 2 thereof,

Having regard to Regulation (EC) No 2157/1999 of the European Central Bank of 23 September 1999 on the powers of the European Central Bank to impose sanctions (ECB/1999/4) (2),

Having regard to Regulation (EU) No 795/2014 of the European Central Bank of 3 July 2014 on oversight requirements for systemically important payment systems (ECB/2014/28) (3), and in particular Article 23 thereof,

Whereas:

 

(1)

The Eurosystem promotes the smooth operation of payment systems by, among other things, conducting oversight. In particular, oversight of systemically important payments systems (SIPS) is conducted pursuant to the requirements of Regulation (EU) No 795/2014 (ECB/2014/28).
 

(2)

Article 23 of Regulation (EU) No 795/2014 (ECB/2014/28) empowers the European Central Bank (ECB) to impose sanctions for infringements of that Regulation. For the purposes of enhancing the transparency of the principles and procedures that the ECB will follow when imposing such sanctions, that Article requires the ECB to adopt a decision on the methodology for the calculation of the amount of the sanctions.
 

(3)

By adopting this Decision, the ECB demonstrates the manner in which it is guided by the principle of proportionality when determining an appropriate sanction,

HAS ADOPTED THIS DECISION:

Article 1

Definitions

For the purposes of this Decision:

 

(1)

‘SIPS operator’ means a SIPS operator as defined in point (4) of Article 2 of Regulation (EU) No 795/2014 (ECB/2014/28);
 

(2)

‘business year’ means the period of time in connection with which audited or statutory accounts of the SIPS operator are to be prepared;
 

(3)

‘fine’ means a single amount of money that a SIPS operator is obliged to pay as a sanction;
 

(4)

‘infringement’ means any failure by a SIPS operator to fulfil any obligation arising from Regulation (EU) No 795/2014 (ECB/2014/28);
 

(5)

‘periodic penalty payments’ means amounts of money that, in the event of a continued infringement, a SIPS operator is obliged to pay, either as a punishment or with a view to forcing the SIPS operator concerned to comply with its obligations under Regulation (EU) No 795/2014 (ECB/2014/28). These amounts shall be calculated for each complete day of continued infringement following notification to the SIPS operator of a decision requiring the termination of the infringement in accordance with the procedure laid down in the second subparagraph of Article 3(1) of Regulation (EC) No 2532/98;
 

(6)

‘sanction’ means a fine or periodic penalty payments imposed as a consequence of an infringement;
 

(7)

‘turnover’ means the revenue generated by the SIPS concerned during the business year preceding that in which the infringement occurred;
 

(8)

‘value of payments processed’ means the total daily average value of euro-denominated payments processed by the SIPS concerned during the business year...


More

This text has been adopted from EUR-Lex.

 

5.

Sources and disclaimer

For further information you may want to consult the following sources that have been used to compile this dossier:

This dossier is compiled each night drawing from aforementioned sources through automated processes. We have invested a great deal in optimising the programming underlying these processes. However, we cannot guarantee the sources we draw our information from nor the resulting dossier are without fault.

 

6.

Full version

This page is also available in a full version containing the legal context, de Europese rechtsgrond, other dossiers related to the dossier at hand and the related cases of the European Court of Justice.

The full version is available for registered users of the EU Monitor by ANP and PDC Informatie Architectuur.

7.

EU Monitor

The EU Monitor enables its users to keep track of the European process of lawmaking, focusing on the relevant dossiers. It automatically signals developments in your chosen topics of interest. Apologies to unregistered users, we can no longer add new users.This service will discontinue in the near future.