Where ESMA finds that a person listed in Article 38b(1), point (a), has not complied with requirements in Articles 20 to 22c or in Title IVa, it may: adopt a decision requiring the person to bring the infringement to an end; adopt a decision imposing fines or periodic penalty payments pursuant to Articles 38h and 38i; and issue public notices. ESMA shall notify the person without undue delay, communicate the action to the competent authorities of the Member States and to the Commission, and publicly disclose the action on its website within 10 working days.

When taking such actions ESMA shall consider the nature and seriousness of the infringement having regard to criteria (a) duration and frequency; (b) whether financial crime was occasioned, facilitated or otherwise attributable; (c) whether the infringement was intentional or negligent; (d) degree of responsibility; (e) financial strength (total turnover for legal persons or annual income and net assets for natural persons); (f) impact on investors' interests; (g) importance of profits gained or losses avoided or caused; (h) level of cooperation; (i) previous infringements; and (j) remedial measures taken. Public disclosure shall include a statement affirming the right to appeal, where relevant that an appeal has been lodged and does not have suspensive effect, and that ESMA’s Board of Appeal may suspend the contested decision under Article 60(3) of Regulation (EU) No 1095/2010.