L 318/4 Official Journal of the European Communities 27.11.98 COUNCIL REGULATION (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community (hereinafter referred to as the “Treaty’) and in particular to Article 108a(3) thereof and to Article 34.3 of the Protocol (No 3) on the Statute of the European System of Central Banks and of the European Central Bank (hereinafter referred to as the ‘Statute’), Having regard to the recommendation of the European Central Bank (hereinafter referred to as the ‘ECB’) (), Having regard to the opinion of the European Parlia- ment (%), Having regard to the opinion of the Commission (3), Acting in accordance with the procedure laid down in Article 106(6) of the Treaty and in Article 42 of the Statute, and under the conditions set out in Article 109Kk(5) of the Treaty and paragraph 7 of the Protocol (No 11 ) on certain provisions relating to the United Kingdom of Great Britain and Northern Ireland, (1) Whereas this Regulation, according to Article 34.3 of the Statute, in conjunction with Article 43.1 of the Statute, paragraph 8 of Protocol No 11 and para- graph 2 of the Protocol (No 12) on certain provisions relating to Denmark, is not to confer any rights or impose any obligations on a non-participating Member State; (2) Whereas Article 34.3 of the Statute requires the Council to specify the limits and conditions under which the ECB is entitled to impose fines or periodic penalty payments on undertakings for failure to comply with obligations under its regulations and decisions; (3) Whereas infringements of the obligations arising from ECB regulations and decisions can arise in various fields of competence of the ECB; (4) Whereas it is appropriate, in order to ensure a uniform approach towards the imposition of sanc- tions in the various fields of competence of the ECB, that all general and procedural provisions for the imposition of such sanctions are contained in a single () OJ C 246, 6. 8. 1998, p. 9. () OJ C 328, 26. 10. 1998. () Opinion delivered on 8 October 1998 (not yet published in the Official Journal). ) Council Regulation; whereas other Council Regula- tions provide for specific sanctions in specific fields and refer to this Regulation for the principles and procedures relating to the imposition of such sanc- tions; Whereas, in order to provide an effective regime for the administration of sanctions, this Regulation must allow the ECB a certain discretion, both in relation to the relevant procedures and to their implementation within the limits and conditions laid down in this Regulation; Whereas the European System of Central Banks (hereinafter referred to as the ‘ESCB’) and the ECB have been entrusted with the task of preparing for their full operation in the third stage of Economic and Monetary Union (hereinafter referred to as ‘Stage Three’), whereas timely preparation is essential to enable the ESCB to fulfil its tasks in Stage Three; whereas an essential element of preparation is the adoption, ahead of Stage Three, of the regime for the imposition of sanctions on undertakings failing to comply with obligations imposed upon them by ECB regulations and decisions; whereas it is desirable to inform market participants as soon as possible of the detailed provisions the ECB may deem necessary to adopt for the imposition of sanctions; whereas it is therefore necessary to provide the ECB from the date of entry into force of this Regulation with a regula- tory power; Whereas the provisions of this Regulation can only be effectively applied if participating Member States adopt the necessary measures with a view to ensuring that their authorities have the powers to assist and collaborate fully with the ECB in the implementation of the infringement procedure as required by this Regulation, in accordance with Article 5 of the Treaty; Whereas the ECB is to have recourse to the national central banks to carry out the tasks of the ESCB to the extent deemed possible and appropriate; Whereas decisions under this Regulation imposing pecuniary obligations are to be enforceable in accord- ance with Article 192 of the Treaty,