Regulation (EC) No 985/2001 of the European Central Bank of 10 May 2001 amending Regulation ECB/1999/4 on the powers of the European Central Bank to impose sanctions (ECB/2001/4)

Regulation (EC) No 985/2001 of the European Central Bank
of 10 May 2001
amending Regulation ECB/1999/4 on the powers of the European Central Bank to impose sanctions
(ECB/2001/4)
THE GOVERNING COUNCIL OF THE EUROPEAN BANK
,
Having regard to the Treaty establishing the European Community, and in particular to Article 110(3) thereof,
Having regard to the Statute of the European System of Central Banks and of the European Central bank, and in particular to Article 34.3 and Article 19.1 thereof,
Having regard to Council Regulation (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions(1), and in particular to Article 6(2) thereof,
Whereas:
Regulation ECB/1999/4 of 23 September 1999 on the powers of the European Central Bank to impose sanctions(2) should be amended for the following reasons:
Past experience has shown the existing procedure for the storage of information relevant to the determination and enforcement of sanctions, in particular the exchange of original documentation and materials between the ECB and the national central banks, has proved to be excessively cumbersome. Therefore, the procedure needs to be simplified in order to provide an effective and sound regime for the administration of sanctions based on an expeditious procedure while, at the same time, the same level of legal certainty shall be guaranteed,