Art. 32

32017R2402 → 02017R2402-20210409

Article 32 Administrative sanctions and remedial measures 1. Without prejudice to the right for Member States to provide for and impose criminal sanctions pursuant to Article 34, Member States shall lay down rules establishing appropriate administrative sanctions, in the case of negligence or intentional infringement, and remedial measures, applicable at least to situations where: (a) an originator, sponsor or original lender has failed to meet the requirements provided for in Article 6; (b) an originator, sponsor or SSPE has failed to meet the requirements provided for in Article 7; (c) an originator, sponsor or original lender has failed to meet the criteria provided for in Article 9; (d) an originator, sponsor or SSPE has failed to meet the requirements provided for in Article 18; (e) a securitisation is designated as STS and an originator, sponsor or SSPE of that securitisation has failed to meet the requirements provided for in Articles 19 to 22 or 22, Articles 23 to 26; 26 or Articles 26a to 26e; (f) an originator or sponsor makes a misleading notification pursuant to Article 27(1); (g) an originator or sponsor has failed to meet the requirements provided for in Article 27(4); or (h) a third party authorised pursuant to Article 28 has failed to notify material changes to the information provided in accordance with Article 28(1), or any other changes that could reasonably be considered to affect the assessment of its competent authority. Member States shall also ensure that administrative sanctions and/or remedial measures are effectively implemented. Those sanctions and measures shall be effective, proportionate and dissuasive. 2. Member States shall confer on competent authorities the power to apply at least the following sanctions and measures in the event of the infringements referred to in paragraph 1: (a) a public statement which indicates the identity of the natural or legal person and the nature of the infringement in accordance with Article 37; (b) an order requiring the natural or legal person to cease the conduct and to desist from a repetition of that conduct; (c) a temporary ban preventing any member of the originator’s, sponsor’s or SSPE’s management body or any other natural person held responsible for the infringement from exercising management functions in such undertakings; (d) in the case of an infringement as referred to in point (e) or (f) of the first subparagraph of paragraph 1 of this Article Article, a temporary ban preventing the originator and sponsor from notifying under Article 27(1) that a securitisation meets the requirements set out in Articles 19 to 22 or 22, Articles 23 to 26; 26 or Articles 26a to 26e; (e) in the case of a natural person, maximum administrative pecuniary sanctions of at least EUR 5000000 or, in the Member States whose currency is not the euro, the corresponding value in the national currency on 17 January 2018; (f) in the case of a legal person, maximum administrative pecuniary sanctions of at least EUR 5000000, or in the Member States whose currency is not the euro, the corresponding value in the national currency on 17 January 2018 or of up to 10 % of the total annual net turnover of the legal person according to the last available accounts approved by the management body; where the legal person is a parent undertaking or a subsidiary of the parent undertaking which has to prepare consolidated financial accounts in accordance with Directive 2013/34/EU of the European Parliament and of the CouncilDirective 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19)., the relevant total annual net turnover shall be the total net annual turnover or the corresponding type of income in accordance with the relevant accounting legislative acts according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking; (g) maximum administrative pecuniary sanctions of at least twice the amount of the benefit derived from the infringement where that benefit can be determined, even if that exceeds the maximum amounts in points (e) and (f); (h) in the case of an infringement as referred to in point (h) of the first subparagraph of paragraph 1 of this Article, a temporary withdrawal of the authorisation referred to in Article 28 for the third party authorised to check assess the compliance of a securitisation with Articles 19 to 22 or 22, Articles 23 to 26. 26 or Articles 26a to 26e. 3. Where the provisions referred to in the first paragraph apply to legal persons, Member States shall confer on competent authorities the power to apply the administrative sanctions and remedial measures set out in paragraph 2, subject to the conditions provided for in national law, to members of the management body, and to other individuals who under national law are responsible for the infringement. 4. Member States shall ensure that any decision imposing administrative sanctions or remedial measures set out in paragraph 2 is properly reasoned and is subject to a right of appeal.