Commission Delegated Regulation (EU) 2025/754 specifying rules of procedure for ESMA to impose fines on external reviewers

Commission Delegated Regulation (EU) 2025/754 establishes procedural rules for the European Securities and Markets Authority (ESMA) to impose fines or periodic penalty payments on external reviewers under Regulation (EU) 2023/2631. It mandates minimum four-week periods for written submissions during investigations and before final decisions, while allowing ESMA to issue interim decisions without prior hearing in urgent cases. The regulation sets a five-year limitation period for imposing and enforcing penalties, suspends this period during appeals, and requires ESMA to deposit collected fines in interest-bearing accounts until they become final.

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Source: European Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works