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Penalties
Member States shall lay down the rules on penalties applicable to infringements of national provisions adopted pursuant to this Directive and shall take all measures necessary to ensure that they are implemented. Those penalties shall be effective, proportionate and dissuasive.
Publications by ESMA
1. From 2026 at the latest, ESMA shall publish, on an annual basis and within 120 working days of the beginning of each year, the market capitalisation and the market capitalisation ratio of each Member State for at least the preceding year. ESMA shall develop draft regulatory technical standards on the methodology for the calculation of market capitalisation and the market capitalisation ratio as defined in Article 3(1), points (32) and (33), respectively. ESMA shall submit those draft regulatory technical standards to the Commission by 31 October 2025. 2. Power is delegated to the Commission to adopt the regulatory technical standards referred to in paragraph 1 of this Article in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010.
Committee procedure
1. The Commission shall be assisted by a committee. That committee shall be a committee within the meaning of Regulation (EU) No 182/2011. 2. Where reference is made to this paragraph, Article 5 of Regulation (EU) No 182/2011 shall apply.
Evaluation
1. The Commission shall, by 31 December 2032, evaluate the impact of the following on the achievement of the objectives of this Directive: (a) the mechanisms of reporting in Article 10; and (b) the option not to apply Chapter III by Member States which meet the conditions of Article 2(3). The Commission shall, within the same timeframe, submit a report to the European Parliament and the Council. 2. The Commission shall, by 31 December 2034 and every five years thereafter, examine and evaluate the functioning of this Directive, including the potential need to amend specific provisions, and submit a report to the European Parliament and the Council. 3. Member States shall communicate to the Commission relevant yearly statistical data, as referred to in paragraph 4, for the evaluation of this Directive, for the purpose of improving withholding tax relief procedures to reduce double taxation as well as combat tax abuse. 4. The Commission shall, in accordance with the procedure referred to in Article 21(2), establish a list of yearly statistical data to be provided by the Member States for the purposes of the evaluation of this Directive, as well as the format and the conditions of communication of that information. 5. The Commission shall keep the information communicated to it pursuant to this Directive confidential in accordance with the provisions applicable to Union institutions. 6. Information communicated to the Commission by a Member State under paragraph 3, as well as any report or document produced by the Commission using such information, may be transmitted to other Member States. Any such information transmitted shall be covered by the obligation of official secrecy and enjoy the protection extended to similar information under the national rules of the Member State which received it.
Personal data protection
1. Member States shall, for the purposes of the correct application of this Directive, restrict the scope of the obligations and rights provided for in Articles 13 to 19 of Regulation (EU) 2016/679 to the extent required in order to safeguard the interests referred to in Article 23(1), point (e), of that Regulation in so far as such obligations or the exercise of such rights may jeopardise those interests. 2. When processing personal data, certified financial intermediaries and the competent authorities of Member States shall be considered as controllers, within the meaning of Article 4(7) of Regulation (EU) 2016/679, within the scope of their respective activities under this Directive. 3. Information, including personal data, processed in accordance with this Directive shall not be retained longer than is necessary to achieve the purposes of this Directive, and in any case in accordance with each data controller’s domestic rules on the statute of limitations.
Notification
A Member State that establishes and maintains a national register pursuant to Article 5, shall inform the Commission of any subsequent changes to the rules governing that national register. The Commission shall publish that information in the Official Journal of the European Union and update it as necessary.
Transposition
1. Member States shall adopt and publish, by 31 December 2028, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall immediately inform the Commission thereof. They shall apply those provisions from 1 January 2030. When Member States adopt those measures, they shall contain a reference to this Directive or be accompanied by such a reference on the occasion of their official publication. The methods of making such reference shall be laid down by Member States. 2. Member States shall communicate to the Commission the text of the main measures of national law which they adopt in the field covered by this Directive. 3. Member States which meet the conditions of Article 2(3) at the time of the transposition of this Directive and do not opt to apply Chapter III shall notify the Commission by 31 December 2028. They shall communicate to the Commission, without delay, any subsequent change to their national relief-at-source system concerning the conditions listed in Article 3(1), point (31). The Member States referred to in the first subparagraph of this paragraph shall adopt and publish the laws, regulations and administrative provisions necessary to comply with Chapter III as set out in Article 2(3) or within five years from the fourth consecutive publication of the data by ESMA, as set out in Article 2(4), indicating that the market capitalisation ratio of that Member State has reached or exceeded the threshold set out in Article 2.
Entry into force
This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union .
Addressees
This Directive is addressed to the Member States.
Articles on this page are reproduced verbatim from official open data. See the attribution line.
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.