Article 8, Paragraph 3. · ECB/2022/31

Contents

3.Competent NCBs or the ECB may initiate an infringement procedure against a reporting agent in cases of alleged infringements not referred to in paragraph 1. In such cases, the competent NCB or ECB shall take the circumstances of the specific case into account when determining whether or not to initiate an infringement procedure, including the following where relevant:

(a)whether the reporting agent has demonstrated good faith in the interpretation and fulfilment of the statistical reporting requirement;

(b)whether the reporting agent has demonstrated diligence and cooperation in the interpretation and fulfilment of the statistical reporting requirement;

(c)whether the reporting agent has demonstrated wilful deceit in the interpretation and fulfilment of the statistical reporting requirement;

(d)the seriousness of the effects of the alleged infringement;

(e)the repetition, frequency or duration of the alleged infringement;

(f)any benefits to the reporting agent resulting from the alleged infringement;

(g)the economic size of the reporting agent;

(h)whether the reporting agent has been subject to prior sanctions for non-compliance with statistical reporting requirements.