Member States shall establish penalties for infringements under this Title, including at least administrative fines, which must be effective, proportionate and dissuasive. For repeated reporting of systematic manifest errors by entities subject to Article 9, competent authorities shall impose administrative penalties or periodic payments, or request courts to do so. Member States must ensure public disclosure of penalties for infringements of Articles 4, 5 and 7-11 unless disclosure would seriously jeopardise markets or cause disproportionate damage; disclosures must exclude personal data under Directive 95/46/EC. Rules must be notified to the Commission by 17 February 2013 and amendments without delay. Infringement does not affect validity, enforceability or compensation rights under OTC derivative contracts. If administrative penalties are unavailable domestically, penalties may be initiated by authorities and imposed by courts with equivalent remedies; such provisions must be notified by 24 December 2024.

A periodic penalty payment shall not exceed 1% of average daily turnover for the preceding business year, be payable daily during an ongoing infringement until compliance and may be imposed for a maximum of six months from the decision date. ESMA, with EBA, EIOPA and the ESRB, shall draft regulatory technical standards to specify 'systematic manifest errors' and submit them to the Commission by 25 December 2025; the Commission is delegated power to adopt those standards under Regulation (EU) No 1095/2010.