Art. 36a

in force 2015-06-21 MODIFIED±0§

Amended by Regulation (EU) No 462/2013 32013R0462

applies from: unknown

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in force 2013-06-20 MODIFIED§

Amended by Regulation (EU) No 462/2013 32013R0462

applies from: unchanged

Sources disagree — the text comparison and the amending act's instructions found this change; the EU's own amendment metadata does not list it. All are shown; none is overruled.

Points (a), (b), (d), (e) and (h) of Article 36a(2)(1) now list additional Annex III point numbers alongside the ones previously named, expanding the sets of infringements grouped under each fine bracket.

In particular, point (a) adds points 26a to 26d and 55 to 62, point (b) adds points 22a, 42a, 42b and 49a while dropping point 16 to 18 in favour of separately listed 16, 17 and 18, point (d) adds point 9, point (e) adds point 3a while removing point 4, and point (h) adds point 20a of Section I and points 4a to 4c of Section III.

The monetary limits stated for each of these points remain the same figures as before.

Cited: Art. 36a, v2 · Art. 36a, v1

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in force 2011-06-01 INSERTED§

Amended by Regulation (EU) No 513/2011 32011R0513

applies from: unknown (an inserted provision states its own application date only in prose)

Sources disagree — the text comparison and the amending act's instructions found this change; the EU's own amendment metadata does not list it. All are shown; none is overruled.

A new Article 36a is added, setting out a system of fines for credit rating agencies found by ESMA's Board of Supervisors to have intentionally or negligently committed infringements listed in Annex III.

It fixes basic fine ranges tied to specific points of Annex III sections, ties the position within each range to the agency's annual turnover, and provides for adjustment of the basic amount using aggravating or mitigating coefficients from Annex IV.

It also caps any fine at 20% of the agency's preceding-year turnover, requires the fine to be at least equal to any financial benefit gained from the infringement, and states that where one act or omission constitutes more than one infringement only the higher calculated fine applies.

Cited: Art. 36a, v2

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