ECB Regulation on the powers of the European Central Bank to impose sanctions (ECB/1999/4)
In application of Article 6 of Council Regulation (EC) No. 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions, at its meeting on 23 September 1999 the Governing Council adopted the ECB Regulation on the powers of the European Central Bank to impose sanctions (ECB/1999/4). This Regulation will enter into force on the twentieth day following its publication in the Official Journal of the European Communities. The date of publication was 12 October 1999.
By further specifying the procedures established by the aforementioned Council Regulation whereby sanctions may be imposed by the European Central Bank, the ECB Regulation aims at ensuring a uniform approach towards the imposition of sanctions in the various fields of competence of the ECB . The ECB Regulation also responds to the general principles of legal certainty and transparency, whereby market participants should be informed of the detailed provisions which the ECB may deem necessary to adopt for the imposition of sanctions. Furthermore, the provisions of the ECB Regulation aim to ensure a high degree of protection for the rights of defence of the undertakings concerned, in line with the latest case law of the European Court of Justice.
Apart from specifying the procedural steps laid down in Council Regulation (EC) No. 2532/98, the ECB Regulation , in accordance with Council Regulation (EC) No. 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank, introduces in its Article 11 a specific swift procedure which will apply in cases of failure by an institution to hold all or part of the minimum reserves imposed in accordance with this Council Regulation on minimum reserves or with ECB Regulations or ECB Decisions associated with it. Finally, the ECB Regulation also includes, in its Article 10, a simplified procedure for imposing sanctions of a lesser amount.