# Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure, Article 15

Extent: E+W+S+N.I.

In accordance with Article 126(12), the Council shall abrogate all outstanding sanctions if the decision on the existence of an excessive deficit is abrogated. Fines imposed in accordance with Article 12 of this Regulation will not be reimbursed to the participating Member State concerned.

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Source: https://www.legislation.gov.uk/eur/1997/1467/article/15 (the official version)
Page: https://openlegislation.uk/eu-regulation-1997-1467/article-15
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.