1.   Before imposing a periodic penalty payment pursuant to Article 61 of Regulation (EU) 2023/2631, ESMA shall provide the person subject to the proceedings with a statement of findings that sets out the reasons for the imposition of that periodic penalty payment and states the amount of the periodic penalty payment per day of non-compliance. The statement shall set a reasonable time limit of at least four weeks within which the person subject to the proceedings may make written submissions. ESMA shall not be obliged to take into account written submissions received after the expiry of that time limit.

2.   ESMA may invite the person subject to the proceedings to attend an oral hearing. The person subject to the proceedings may be assisted by a counsel of their choice. Oral hearings shall not be public.

3.   A decision as referred to in Article 61(1) of Regulation (EU) 2023/2631 shall indicate the legal basis and the reasons for the decision, the amount and the starting date of the periodic penalty payment.

4.   ESMA shall no longer impose a periodic penalty payment once the external reviewer or the person subject to the proceedings has complied with the relevant decision referred to in Article 61(1) of Regulation (EU) 2023/2631.