Where ESMA finds, pursuant to Article 48i(5), that a person has committed an infringement listed in Article 42(1)(a), it may: adopt a decision requiring the infringement to end; impose fines under Article 48f; and issue public notices. In taking such actions ESMA shall consider the nature and seriousness of the infringement, with regard to: duration and frequency; whether financial crime was occasioned or facilitated; whether the conduct was intentional or negligent; the degree of responsibility; the financial strength of the responsible person (total turnover or annual income and net assets); impact on retail investors; the importance of profits gained or losses avoided or caused; the level of cooperation; previous infringements; and remedial measures taken after the infringement.

ESMA shall notify the person without undue delay and communicate the action to the competent authorities of Member States and to the Commission, and shall publicly disclose the action on its website within 10 working days from adoption. The public disclosure must include: a statement affirming the person’s right to appeal; where relevant, a statement that an appeal has been lodged and that such an appeal does not have suspensive effect; and a statement that ESMA’s Board of Appeal may suspend application of the contested decision in accordance with Article 60(3) of Regulation (EU) No 1095/2010.