Article 38 Disclosure, nature, enforcement and allocation of fines and periodic penalty payments

1.   ESMA shall disclose to the public every fine and every periodic penalty payment that it has imposed pursuant to Articles 36 and 37 of this Regulation, unless such disclosure would seriously jeopardise Union financial markets or cause disproportionate damage to the parties involved. Such disclosure shall not contain personal data within the meaning of Regulation (EU) 2018/1725.

2.   Fines and periodic penalty payments imposed pursuant to Articles 36 and 37 shall be of an administrative nature.

3.   Fines and periodic penalty payments imposed pursuant to Articles 36 and 37 shall be enforceable.

Enforcement of fines and periodic penalty payments shall be governed by the rules of procedure in force in the Member State or third country in which the fines and periodic penalty payments are enforced.

4.   Fines and periodic penalty payments shall be allocated to the general budget of the Union.