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1. The ECB shall have the power to impose the sanctions set out in this Article on reporting agents which are subject to reporting requirements and residing in a participating Member State and which fail to comply with the obligations resulting from this Regulation or from ECB regulations or decisions defining and imposing the ECB’s statistical reporting requirements.

2. The obligation to transmit certain statistical information to the ECB or to the national central banks shall be deemed to have been infringed if:

(a) no statistical information is received by the ECB or national central bank by the established deadline; or (b) the statistical information is incorrect, incomplete or in a form not complying with the requirement.

3. The obligation to allow the ECB and the national central banks to verify the accuracy and quality of the statistical information submitted by reporting agents to the ECB or national central bank shall be deemed to have been infringed whenever a reporting agent obstructs this activity. Such obstruction includes, but is not limited to, the removal of documents and prevention of physical access by the ECB or the national central bank which is necessary for them to carry out their verification task or compulsory collection.

4. The ECB may impose sanctions on a reporting agent as follows:

(a) in the event of an infringement as defined in paragraph 2(a), a daily penalty payment not exceeding EUR 10 000 , with the total fine not exceeding EUR 100 000 ;

(b) in the event of an infringement as defined in paragraph 2(b), a fine not exceeding EUR 200 000 ; and (c) in the event of an infringement as defined in paragraph 3, a fine not exceeding EUR 200 000 .

5. The sanctions set out in paragraph 4 shall be additional to the obligation on the reporting agent to meet the costs of the verification and compulsory collection procedure as required in Article 6(3).

6. In exercising the powers provided for in this Article, the ECB shall act in accordance with the principles and procedures as set out in Regulation (EC) No 2532/98.