Article 2, Point (14) · Regulation (EU) 2024/2809

Contents

(14)Article 30 is amended as follows:

(a)paragraph 2 is amended as follows:

(i)in the first subparagraph, points (e), (f) and (g) are replaced by the following:

(e)a temporary ban of a person discharging managerial responsibilities within an investment firm or any other natural person, who is held responsible for the infringement, from exercising management functions in investment firms, as well as in benchmark administrators or in supervised contributors;

(f)in the event of repeated infringements of Article 14 or 15, a ban of at least 10 years of any person discharging managerial responsibilities within an investment firm, a benchmark administrator or supervised contributor or any other natural person who is held responsible for the infringement, from exercising management functions in investment firms, as well as in benchmark administrators or in supervised contributors;

(g)a temporary ban of a person discharging managerial responsibilities within an investment firm, a benchmark administrator or a supervised contributor, or any other natural person who is held responsible for the infringement, from dealing on own account;’

;

(ii)in the first subparagraph, point (j) is replaced by the following:

(j)in respect of legal persons, maximum administrative pecuniary sanctions of at least:

(i)for infringements of Articles 14 and 15, 15 % of the total annual turnover of the legal person according to the last available accounts approved by the management body or EUR 15000000 or, in the Member States whose currency is not the euro, the corresponding value in the national currency on 2 July 2014;

(ii)for infringements of Article 16, 2 % of its total annual turnover according to the last available accounts approved by the management body, or EUR 2500000 or, in the Member States whose currency is not the euro, the corresponding value in the national currency on 2 July 2014;

(iii)for infringements of Article 17, 2 % of its total annual turnover according to the last available accounts approved by the management body. Where competent authorities deem that the amount for the administrative sanction based on the total annual turnover would be disproportionately low with respect to the circumstances referred to in Article 31(1), points (a), (b), and (d) to (h), Member States shall ensure that such authorities may impose administrative sanctions of at least EUR 2500000. Where the legal person is an SME, Member States may ensure that such authorities may alternatively impose administrative sanctions of at least EUR 1000000 or, in the Member States whose currency is not the euro, the corresponding values in the national currency on 2 July 2014;

(iv)for infringements of Articles 18 and 19, 0,8 % of its total annual turnover according to the last available accounts approved by the management body. Where competent authorities deem that the amount for the administrative sanction based on the total annual turnover would be disproportionately low with respect to the circumstances referred to in Article 31(1), points (a), (b), and (d) to (h), Member States shall ensure that such authorities may impose administrative sanctions of at least EUR 1000000. Where the legal person is an SME, Member States may ensure that such authorities may alternatively impose administrative sanctions of at least EUR 400000 or, in the Member States whose currency is not the euro, the corresponding values in the national currency on 2 July 2014;

(v)for infringements of Article 20, 0,8 % of its total annual turnover according to the last available accounts approved by the management body, or EUR 1000000 or, in the Member States whose currency is not the euro, the corresponding values in the national currency on 2 July 2014.’

;

(iii)the third subparagraph is replaced by the following:‘For the purposes of the first subparagraph, point (j), where the legal person is a parent undertaking or a subsidiary undertaking which is required to prepare consolidated financial accounts pursuant to Directive 2013/34/EU of the European Parliament and of the Council^note, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with the relevant accounting directives – Council Directive 86/635/EEC^note for banks and Council Directive 91/674/EEC^note for insurance companies – according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking.

(b)the following paragraph is added:‘4.For the purpose of this Article, “small and medium-sized enterprise” or “SME” means a micro, small or medium-sized enterprise within the meaning of Article 2 of the Annex to Commission Recommendation 2003/361/EC^note.