{
  "url": "https://openlegislation.uk/eu-regulation-2017-2095/introduction",
  "json_url": "https://openlegislation.uk/eu-regulation-2017-2095/introduction.json",
  "legislation": "eur/2017/2095",
  "legislation_title": "Regulation (EU) 2017/2095 of the European Central Bank of 3 November 2017 amending Regulation (EC) No 2157/1999 on the powers of the European Central Bank to impose sanctions (ECB/2017/34)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2017-2095",
  "path": "introduction",
  "kind": "introduction",
  "number": null,
  "heading": "Introductory text",
  "text": "Regulation (EU) 2017/2095 of the European Central Bank\nof 3 November 2017\namending Regulation (EC) No 2157/1999 on the powers of the European Central Bank to impose sanctions (ECB/2017/34)\nTHE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,\nHaving regard to the Treaty on the Functioning of the European Union, and in particular Article 132(3) thereof,\nHaving regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Articles 34.3 and 19.1 thereof,\nHaving regard to Council Regulation (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions, and in particular Article 6(2) thereof,\nWhereas:\n(1)\nThe European Central Bank (ECB) has applied Regulation (EC) No 2157/1999 of the European Central Bank (ECB/1999/4) to impose sanctions in its various fields of competence, including in particular the implementation of the monetary policy of the Union, the operation of payment systems and the collection of statistical information.\n(2)\nRegulation (EU) No 795/2014 of the European Central Bank (ECB/2014/28) entitles the ECB to impose sanctions on operators of systemically important payment systems (SIPS) in the case of an infringement of that Regulation.\n(3)\nIn the area of the oversight of SIPS, the experience gained in conducting the first comprehensive assessment under Regulation (EU) No 795/2014 (ECB/2014/28) has demonstrated that certain amendments need to be made to Regulation (EC) No 2157/1999 (ECB/1999/4) to ensure that sanctions can be effectively imposed for oversight infringements.\n(4)\nIn particular, clarification of the definition of a competent national central bank is required to ensure consistency with the definition of a competent authority in Regulation (EU) No 795/2014 (ECB/2014/28). In addition, clarification of the composition of the internal independent investigating unit is required to ensure it can independently perform its investigative functions in the field of payment systems oversight.\n(5)\nTherefore, Regulation (EC) No 2157/1999 (ECB/1999/4) should be amended accordingly,\nHAS ADOPTED THIS REGULATION:",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "OJ L 318, 27.11.1998, p. 4."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Regulation (EC) No 2157/1999 of the European Central Bank of 23 September 1999 on the powers of the European Central Bank to impose sanctions (ECB/1999/4) (OJ L 264, 12.10.1999, p. 21)."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "Regulation (EU) No 795/2014 of the European Central Bank of 3 July 2014 on oversight requirements for systemically important payment systems (ECB/2014/28) (OJ L 217, 23.7.2014, p. 16)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2017/2095/introduction",
    "retrieved_at": "2026-11-01T14:44:27.731191+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."
}