ECB has imposed an administrative penalty of EUR 1.85 million on Natixis Wealth Management Luxembourg. This is because Natixis Wealth Management Luxembourg has been found in breach of the large exposures limit and of the large exposures reporting requirements between December 2016 and November 2017.
The penalty has been imposed in respect of a breach of Article 395(1) of the Capital Requirements Regulation (CRR) by having incurred an exposure in excess of the limit set out in that provision in the period from December 2016 to November 2017. The penalty has also been imposed in respect of a breach of Article 394 of the CRR, in conjunction with Article 13 of Commission Implementing Regulation on Reporting, by reporting inaccurate information regarding the exposures in three consecutive quarterly reporting periods in 2016 and 2017.
The power of ECB to impose sanctions stems from Article 18(1) of Council Regulation (EU) No 1024/2013 of October 15, 2013, which confers specific tasks on ECB for policies related to the prudential supervision of credit institutions. The Decision imposing a sanction may be challenged before the Court of Justice of the EU under the conditions and within the time limits provided for in Article 263 of the Treaty on the Functioning of the European Union.
Keywords: Europe, EU, Luxembourg, Large Exposures, Reporting, Natixis Wealth Management Luxembourg, Basel III, Penalty, CRR, ECB
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