emendrix

Art. 38h

Markets in Financial Instruments Regulation · 32014R0600 · every event for this act · on EUR-Lex

Fines

2 changes recorded across 2 events, newest first.

in force 2024-03-28 MODIFIED+113 −70

Amended by Regulation (EU) 2024/791 32024R0791

applies from: unchanged

Paragraph 1 now names the person as one listed in Article 38b(1), point (a), rather than referring to any person generally.

The scope of infringements covered by paragraph 1 has been expanded from only the requirements in Title IVa to also include requirements laid down in Articles 22 to 22c.

Cited: Art. 38h, v2 · Art. 38h, v1

text before / after

02014R0600-20240109 → 02014R0600-20240328

Article 38h Fines 1. Where ESMA, in accordance with Article 38k(5), ESMA finds that any a person has, listed in Article 38b(1), point (a), has intentionally or negligently, committed one of the infringements negligently not complied with any of the requirements provided for laid down in Article 22 to 22c, or in Title IVa, 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 EUR 200000 or, in the Member States whose currency is not the euro, the corresponding value in the national currency. 3. When determining the level of a fine pursuant to paragraph 1, ESMA shall take into account the criteria set out in Article 38g(2).

in force 2022-01-01 INSERTED

Amended by Regulation (EU) 2019/2175 32019R2175 · Regulation (EU) 2022/858 32022R0858

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

Sources disagree — the text comparison found this change; the EU's own amendment metadata does not list it. Both are shown; neither is overruled.

This is a new article that gives ESMA power to adopt a decision imposing a fine when it finds a person has intentionally or negligently committed an infringement of the requirements set out in Title IVa, following a determination made under Article 38k(5).

It sets the maximum fine at EUR 200000, or the equivalent value in national currency for Member States whose currency is not the euro, and requires the fine level to be determined by reference to the criteria listed in Article 38g(2).

It also specifies that an infringement is treated as intentional where ESMA finds objective factors showing the person acted deliberately to commit it.

Cited: Art. 38h, v2

text before / after, on the event page →