The European Central Bank (ECB) has published a recommendation for a Council Regulation which amends the Regulation concerning the powers of the ECB to impose sanctions (the Regulation). The ECB recommends the following changes be made:
- a new article 1a should be inserted to define general principles applying to administrative penalties imposed by the ECB;
- new articles 4a to 4c should be inserted in relation to the regime applicable to administrative penalties imposed by the ECB in the exercise of its supervisory tasks; and
- additional amendments should be made to ensure that the principles and procedures governing the imposition of sanctions laid down in the Regulation are compatible with those in the Regulation establishing the Single Supervisory Mechanism (SSM).
The ECB has also published a Regulation that amends the ECB Regulation on its powers to impose sanctions. This Regulation clarifies that the ECB Regulation only applies to the imposition of sanctions by the ECB in the exercise of its non-supervisory central bank tasks. The Regulation establishing the framework for co-operation within the SSM between the ECB and national competent authorities and with national designated authorities, applies to the imposition of administrative penalties by the ECB in the exercise of its supervisory tasks.