# COUNCIL REGULATION (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions, Article 1: Definitions

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

For the purposes of this Regulation:
1.. ‘participating Member State’ shall mean a Member State which has adopted the single currency in accordance with the Treaty;
2.. ‘national central bank’ shall mean the central bank of a participating Member State;
3.. ‘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;
4.. ‘infringement’ shall mean any failure by an undertaking to fulfil an obligation arising from ECB regulations or decisions;
5.. ‘fine’ shall mean a single amount of money which an undertaking is obliged to pay as a sanction;
6.. ‘ 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:
(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
(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;
7.. ‘ sanctions ’ shall mean fines and periodic penalty payments.

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Source: https://www.legislation.gov.uk/eur/1998/2532/article/1 (the official version)
Page: https://openlegislation.uk/eu-regulation-1998-2532/article-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.