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Commission Delegated Regulation (EU) No 946/2012Show full title
Commission Delegated Regulation (EU) No 946/2012 of 12 July 2012 supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with regard to rules of procedure on fines imposed to credit rating agencies by the European Securities and Markets Authority, including rules on the right of defence and temporal provisions (Text with EEA relevance)
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Changes over time for: Article 7
Version Superseded: 31/12/2020
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Article 7U.K.Limitation periods for the enforcement of penalties
1.The power of ESMA to enforce decisions taken pursuant to Articles 36a and 36b of Regulation (EC) No 1060/2009 shall be subject to a limitation period of five years.
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.
3.The limitation period for the enforcement of penalties shall be interrupted by:
(a)a notification by ESMA to the credit rating agency or other person concerned of a decision varying the original amount of the fine or periodic penalty payment;
(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.
4.Each interruption shall cause the limitation period to start running afresh.
5.The limitation period for the enforcement of penalties shall be suspended for so long as:
(a)time to pay is allowed;
(b)enforcement of payment is suspended pursuant to a pending decision of ESMA Board of Appeal, in accordance with Article 58 of Regulation (EU) No 1095/2010, and the Court of Justice of the European Union, in accordance with Article 36e of Regulation (EC) No 1060/2009.
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