Article 1
Definitions For the purposes of this Regulation: 1. 'participating Member State` shall mean a Member State which has adopted the single currency in accordance with the Treaty; 2. 'national central bank` shall mean the central bank of a participating Member State; 3. 'undertakings` shall mean those natural or legal persons, private or public, with the exception of public persons in the exercise of their public powers, in a participating Member State, which are the subject of obligations arising from ECB regulations and decisions, and shall include branches or other permanent establishments located in a participating Member State, the head office or registered office of which is outside a participating Member State; 4. 'infringement` shall mean any failure by an undertaking to fulfil an obligation arising from ECB regulations or decisions; 5. 'fine` shall mean a single amount of money which an undertaking is obliged to pay as a sanction; 6. 'periodic penalty payments` shall mean amounts of money which, in the case of a continued infringement, an undertaking is obliged to pay as a sanction, which shall be calculated for each day of continued infringement following the notification of the undertaking of a decision, in accordance with the second subparagraph of Article 3(1), requiring the termination of such an infringement; 7. 'sanctions` shall mean fines and periodic penalty payments imposed as a consequence of an infringement.