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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.