{
  "url": "https://openlegislation.uk/eu-regulation-1998-2532/article-1",
  "json_url": "https://openlegislation.uk/eu-regulation-1998-2532/article-1.json",
  "legislation": "eur/1998/2532",
  "legislation_title": "COUNCIL REGULATION (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions",
  "legislation_url": "https://openlegislation.uk/eu-regulation-1998-2532",
  "path": "article/1",
  "kind": "article",
  "number": "1",
  "heading": "Definitions",
  "text": "For the purposes of this Regulation:\n1.. ‘participating Member State’ shall mean a Member State which has adopted the single currency in accordance with the Treaty;\n2.. ‘national central bank’ shall mean the central bank of a participating Member State;\n3.. ‘undertakings’ shall mean those natural or legal persons, private or public, with the exception of public persons in the exercise of their public powers, in a participating Member State, which are the subject of obligations arising from ECB regulations and decisions, and shall include branches or other permanent establishments located in a participating Member State, the head office or registered office of which is outside a participating Member State;\n4.. ‘infringement’ shall mean any failure by an undertaking to fulfil an obligation arising from ECB regulations or decisions;\n5.. ‘fine’ shall mean a single amount of money which an undertaking is obliged to pay as a sanction;\n6.. ‘ periodic penalty payments ’ shall mean amounts of money which, in the case of a continued infringement, an undertaking is obliged to pay either as a punishment, or with a view to forcing the persons concerned to comply with the ECB supervisory regulations and decisions. Periodic penalty payments shall be calculated for each complete day of continued infringement:\n(a) following notification of the undertaking of a decision requiring the termination of such an infringement in accordance with the procedure laid down in the second subparagraph of Article 3(1); or\n(b) when the continued infringement falls under the scope of Article 18(7) of Council Regulation (EU) No 1024/2013 in accordance with the procedure laid down in Article 4b of this Regulation;\n7.. ‘ sanctions ’ shall mean fines and periodic penalty payments.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Substituted by Council Regulation (EU) 2015/159 of 27 January 2015 amending Regulation (EC) No 2532/98 concerning the powers of the European Central Bank to impose sanctions."
    },
    {
      "type": "footnote",
      "label": "f1",
      "text": "Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the ECB concerning policies relating to the prudential supervision of credit institutions ( OJ L 287, 29.10.2013, p. 63 )."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/1998/2532/article/1",
    "retrieved_at": "2026-11-01T14:58:05.553279+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}