Under Article 23e(5), ESMA’s Board of Supervisors shall adopt a decision imposing a fine where it finds that a credit rating agency has intentionally or negligently committed an infringement listed in Annex III; conduct is intentional where objective factors demonstrate deliberate action by the agency or its senior management. Annex III allocates infringements into nine categories (a)–(i) with prescribed basic fine ranges: (a) EUR 500 000–EUR 750 000; (b) EUR 300 000–EUR 450 000; (c) EUR 100 000–EUR 200 000; (d) EUR 50 000–EUR 150 000; (e) EUR 25 000–EUR 75 000; (f) EUR 10 000–EUR 50 000; (g) EUR 150 000–EUR 300 000; (h) EUR 90 000–EUR 200 000; (i) EUR 40 000–EUR 100 000.

The basic amount is set at the lower, middle or higher end of each range according to the agency’s annual turnover in the preceding business year: below EUR 10 million = lower end; EUR 10–50 million = middle; above EUR 50 million = higher end. Basic amounts may be adjusted by aggravating or mitigating coefficients in Annex IV, applied one by one with incremental differences added or subtracted. The fine shall not exceed 20% of the preceding year’s turnover and, where the agency directly or indirectly benefitted financially, shall be at least equal to that benefit. If conduct constitutes multiple infringements, only the highest calculated fine applies.