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1. ESMA shall, by decision, impose a periodic penalty payment in order to compel:

(a) a person to put an end to an infringement, in accordance with a decision taken pursuant to Article 59(1), point (e);

(b) a person as referred to in Article 54(1):

(i) to provide complete information which has been required by a decision pursuant to Article 54;

(ii) to submit to an investigation and in particular to produce complete records, data, procedures or any other material required and to complete and correct other information provided in an investigation launched by a decision pursuant to Article 55; or (iii) to submit to an on-site inspection ordered by a decision taken pursuant to Article 56.

2. The periodic penalty payment shall be imposed for each day of delay.

3. The amount of the periodic penalty payments shall be 3 % of the average daily turnover in the preceding business year, or, in the case of natural persons, 2 % of the average daily income in the preceding calendar year. It shall be calculated from the date stipulated in the decision imposing the periodic penalty payment.

4. A periodic penalty payment shall be imposed for a maximum period of six months following the notification of ESMA’s decision. Following the end of the period, ESMA shall review the measure.