S.L. 330.10 Art. 6Administrative penalties and other administrative measures.  

Without prejudice to the supervisory and investigatory powers of the competent authority in accordance with regulation 5, where a person contravenes or fails to comply with any of the requirements contained in Articles 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14,

15, 16, 19a, 19b, 19c, 21, 23, 24, 24a, 25, 26, 27, 28, 29 and 34 of the

Benchmarks Regulation, where they apply; and, or fails to cooperate or comply with an investigation or with an inspection or request covered by Article 41 of the Benchmarks Regulation, the competent authority shall impose the following administrative penalties and administrative measures:

(a) an order requiring the administrator or supervised entity responsible for the infringement to cease the conduct and to desist from repeating that conduct;

(b) the disgorgement of the profits gained or losses avoided because of the infringement where those can be determined;

(c) a public warning which indicates the administrator or supervised entity responsible and the nature of the infringement;

(d) withdrawal or suspension of the authorisation or the registration of an administrator;

(e) a temporary ban prohibiting any natural person, who is held responsible for such infringement, from exercising management functions in administrators or supervised contributors;

(f) the imposition of maximum administrative penalty of at least three times the amount of the profits gained or losses avoided because of the infringement where those can be determined;

(g) in respect of a natural person, maximum administrative penalty of:

(i) for infringements of the following Articles of the Benchmarks Regulation:- Articles 4, 5, 6, 7, 8, 9, 10, points (a), (b), (c) and (e) of Article 11(1), Article 11(2) and Article 11 (3), and Articles 12, 13,14, 15, 16, 21, 23, 24, 24a, 25, 26, 27, 28, 29 and 34, euro (€500 000); or

(ii) for infringements of point (d) of Article 11(1) or of Article 11(4) of the Benchmarks Regulation, euro (€100 000);

(h) in respect of a legal person, maximum administrative penalty of:

(i) for infringements of the following Articles of the Benchmarks regulation:- Articles 4, 5, 6, 7, 8, 9, 10, points (a), (b), (c) and (e) of Article 11(1), Article 11(2) and (3), and Articles 12, 13,14, 15, 16, 21, 23, 24, 24a, 25, 26, 27, 28, 29 and 34, either euro (€1,000,000) or, 10% of its total annual turnover according to the last available accounts approved by the management body, whichever is the higher; or

(ii) for infringements of point (d) of Article 11(1) or of Article 11(4) of the Benchmarks Regulation, either euro (€250,000) or, 2% of its total annual turnover according to the last available accounts approved by the management body, whichever is the higher.

For the purposes of regulation 6(h) (i) and (ii), where the legal person is a parent undertaking or a subsidiary of a parent undertaking which has to prepare consolidated financial accounts in accordance with Directive 2013/34/EU of the European Parliament and of the Council, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with Council Directive 86/635/EEC for banks and Council Directive 91/674/EEC for insurance companies according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking or if the person is an association, 10% of the aggregate turnovers of its members.