Article 57Periodic penalty payments

1. Member States shall ensure that, where obliged entities fail to comply with administrative measures applied by the supervisor pursuant to Article 56(2), points (b), (d), (e) and (g), within the applicable deadlines, supervisors are able to impose periodic penalty payments in order to compel compliance with those administrative measures.

2. The periodic penalty payments shall be effective and proportionate. The periodic penalty payments shall be imposed until the obliged entity or person concerned complies with the relevant administrative measures.

3. Notwithstanding paragraph 2, in the case of legal persons, the amount of the periodic penalty payment shall not exceed 3 % of their average daily turnover in the preceding business year or, in the case of natural persons, that amount shall not exceed 2 % of their average daily income in the preceding calendar year.

4. Periodic penalty payments shall only be imposed for a period of no more than 6 months following the supervisor’s decision. Where, upon expiry of that period, the obliged entity has not yet complied with the administrative measure, Member States shall ensure that supervisors can impose periodic penalty payments for an additional period of no more than 6 months.

5. Member States shall ensure that a decision imposing a periodic penalty payment can be taken as of the date of the application of the administrative measure.

The periodic penalty payment shall apply as of the date when that decision is taken.