Edited by Chiara Zilioli and Karl-Philipp Wojcik
Chapter 34: THE VQ CASE T-203/18: ADMINISTRATIVE PENALTIES BY THE ECB UNDER JUDICIAL SCRUTINY
The VQ v ECB case is one of the first four judgments in relation to ECB decisions imposing pecuniary penalties. The penalty at issue was imposed for a breach of the obligation contained in Article 77(a) CRR to obtain the prior permission of the competent authority before repurchasing Common Equity Tier 1 instruments. The judgement clarifies the way that the Court assesses the legal basis of this obligation and whether this obligation was already in place even though not all capital requirements that are to be met in order to be granted permission, were applicable yet. It provides furthermore some preliminary insight into the relevant circumstances for assessing whether a publication of an ECB decision imposing a penalty must be anonymized, and whether the early publication of such a decision without anonymization is allowed. The case note discusses these points following a brief summary of the facts, procedure and judgement.
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