Article 25 › 3

Notwithstanding the requirement referred to in paragraph 1, where the publication of the identity or the personal data of the persons responsible is considered by the Authority to be disproportionate following a case-by-case assessment, or where publication jeopardises the stability of financial markets or an ongoing investigation, the Authority shall: (a) delay the publication of the decision until the moment when the reasons for not publishing it cease to exist; (b) publish the decision on an anonymous basis, if such anonymous publication ensures the effective protection of the personal data of the persons responsible; in that case, the Authority shall postpone the publication of the relevant data for a reasonable period if it is foreseen that within that period the reasons for anonymous publication shall cease to exist; (c) not publish the decision at all in the event that the options set out in points (a) and (b) are considered insufficient to ensure: (i) that the stability of financial markets would not be put in jeopardy; or (ii) the proportionality of the publication of the decision with regard to administrative measures applied in accordance with Article 21(1), point (a), where such measures are deemed to be of a minor nature.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04