4 ms·

EU regulators don't do that, mostly because in the EU there is a right to a proportional punishment, meaning you must be able to pay it, atleast if you're a cor

by tscs37 8y ago

EU regulators don't do that, mostly because in the EU there is a right to a proportional punishment, meaning you must be able to pay it, atleast if you're a corporation. The EU has no interest in bankrupting anyone, there are guidelines setup by the EU for the regulators for this.

ryanwaggoner 8y ago
I’d really like to see a source that regulators are not allowed by law to levy a fine that would force a corporation into bankruptcy. I’m quite skeptical you can provide one :)
- tscs37 8y ago
  GDPR Art 83, §1 Effective, proportionate and dissuasive fines are widely understood under common EU law that the fine may not bankcrupt a corporation, if it does for whatever reason because it's too high, you can seek legal remedies against the authority as per GDPR Art. 78 And that is only the GDPR, there are similar provisions in all EU member countries. The exception will be, of course, if you caused economic damage to users or others, in which case you'll have a case at the regulator and a court case will be opened too, both of which are independent and the court case can certainly bankcrupt you if the damages far exceed what your company has in assets (in which case your company will be forcefully dissolved and that's that)
  - ryanwaggoner 8y ago
    Yeah, so as I suspected, it’s “widely understood”, which means discretionary and up to the whims of regulators in 28 different countries. But don’t worry! When they bankrupt you, you can just challenge in court! Of course, that’s hardly novel for any country with the rule of law, nor is it cheap or likely to succeed. This is yet another example of: “the EU regulators are our friends! You can trust them!” I’ll pass.
    - smallnamespace 8y ago
      You seem to be moving the goal posts a bit here, from 'please show any evidence of X' to 'prove X is without potential flaws'. I mean, is there any sensible way to prevent regulators from bankrupting a company without some level of discretion and case-by-case consideration? Moving everything into the legal system also has issues, as you point out.

by tscs37 8y ago

ryanwaggoner 8y ago

I’d really like to see a source that regulators are not allowed by law to levy a fine that would force a corporation into bankruptcy. I’m quite skeptical you can provide one :)

tscs37 8y ago
GDPR Art 83, §1 Effective, proportionate and dissuasive fines are widely understood under common EU law that the fine may not bankcrupt a corporation, if it does for whatever reason because it's too high, you can seek legal remedies against the authority as per GDPR Art. 78 And that is only the GDPR, there are similar provisions in all EU member countries. The exception will be, of course, if you caused economic damage to users or others, in which case you'll have a case at the regulator and a court case will be opened too, both of which are independent and the court case can certainly bankcrupt you if the damages far exceed what your company has in assets (in which case your company will be forcefully dissolved and that's that)
- ryanwaggoner 8y ago
  Yeah, so as I suspected, it’s “widely understood”, which means discretionary and up to the whims of regulators in 28 different countries. But don’t worry! When they bankrupt you, you can just challenge in court! Of course, that’s hardly novel for any country with the rule of law, nor is it cheap or likely to succeed. This is yet another example of: “the EU regulators are our friends! You can trust them!” I’ll pass.
  - smallnamespace 8y ago
    You seem to be moving the goal posts a bit here, from 'please show any evidence of X' to 'prove X is without potential flaws'. I mean, is there any sensible way to prevent regulators from bankrupting a company without some level of discretion and case-by-case consideration? Moving everything into the legal system also has issues, as you point out.