Art. 132 Periodic penalty payments | MiCA regulation | MiCA

This article gives EBA the power to impose periodic penalty payments as an enforcement tool to compel compliance.

It operates as a coercive mechanism that sits alongside Article 131 (which deals with fines), and is directly triggered by non-compliance with decisions made under Articles 122, 123, 124, and 130.

The payments are daily in nature, calculated against turnover or income, and are capped at a maximum duration of six months, after which EBA must review the measure.

Important points:

EBA is empowered to impose daily periodic penalty payments on persons who fail to comply with its decisions to cease an infringement, provide information, submit to an investigation, or submit to an on-site inspection.
The rate is set at 3% of average daily turnover for legal persons, or 2% of average daily income for natural persons, calculated from the date specified in EBA's decision.
Periodic penalty payments can only be imposed for a maximum of six months, after which EBA must review the measure.

1. EBA shall adopt a decision imposing periodic penalty payments in order to compel:
  1. a person to cease the conduct constituting an infringement in accordance with a decision taken pursuant to Article 130;
  2. a person referred to in Article 122(1):
    to provide complete information which has been requested by a decision pursuant to Article 122;
    to submit to an investigation and in particular to produce complete records, data, procedures or any other material required and to complete and correct other information provided in an investigation launched by a decision pursuant to Article 123;
    to submit to an on-site inspection ordered by a decision taken pursuant to Article 124.
1. A periodic penalty payment shall be effective and proportionate. The periodic penalty payment shall be imposed for each day of delay.
1. Notwithstanding paragraph 2, the amount of the periodic penalty payments shall be 3 % of the average daily turnover in the preceding business year or, in the case of natural persons, 2 % of the average daily income in the preceding calendar year. It shall be calculated from the date set out in EBA’s decision imposing the periodic penalty payment.
1. A periodic penalty payment shall be imposed for a maximum period of six months following the notification of EBA’s decision. At the end of that period, EBA shall review the measure.

Article 132 Periodic penalty payments

Relevant recitals