AI Summary of Article 48f Fines
Where, under Article 48i(5), ESMA finds that a person has intentionally or negligently committed one or more infringements listed in Article 42(1)(a), or failed to cooperate or comply in an investigation, inspection or request covered by Section 1 of this Chapter, it shall adopt a decision imposing a fine pursuant to paragraph 2. An infringement is to be treated as intentional where ESMA finds objective factors demonstrating that the person acted deliberately to commit the infringement.
Paragraph 2 prescribes maximum fines: for legal persons EUR 1 000 000 (or the corresponding national currency value on 30 June 2016) or 10% of total annual turnover, whichever is higher; for natural persons EUR 500 000 (or corresponding 2016 value). For infringements of Article 11(1)(d) or Article 11(4) the maxima are EUR 250 000 (or 2% of turnover for legal persons) and EUR 100 000 for natural persons. Where consolidated accounts are required under Directive 2013/34/EU, turnover of the ultimate parent applies. ESMA must consider the criteria in Article 48e(2); fines must be at least equal to any financial benefit gained; where an act constitutes multiple infringements under Article 42(1)(a), only the highest applicable fine applies.
Article 48f Fines
1. Where, in accordance with Article 48i(5), ESMA finds that any person has, intentionally or negligently, committed one or more of the infringements listed in Article 42(1), point (a), or any failure to cooperate or comply in an investigation or with an inspection or request covered by Section 1 of this Chapter, it shall adopt a decision imposing a fine in accordance with paragraph 2 of this Article.
An infringement shall be considered to have been committed intentionally if ESMA finds objective factors which demonstrate that a person acted deliberately to commit the infringement.
2. The maximum amount of the fine referred to in paragraph 1 shall be:
(a) in the case of a legal person, EUR 1 000 000, or, in the Member States whose currency is not the euro, the corresponding value in the national currency on 30 June 2016, or 10 % of the total annual turnover of that legal person according to the last available financial statements approved by the management body, whichever is the higher;
(b) in the case of a natural person, EUR 500 000, or, in the Member States whose currency is not the euro, the corresponding value in the national currency on 30 June 2016.