S.L. 370.25 Art. 6Administrative penalties and measures.

Where an investment firm is found by the competent authority to have committed any of the breaches referred to in the

Schedule, the administrative penalties and other administrative measures which the competent authority may apply on such investment shall include at least the following:

(a) a public statement which identifies the natural person, investment firm, financial holding company or mixed financial holding company and the nature of the breach;

(b) the withdrawal of the investment firm’s investment services licence, in accordance with article 7 of the Act;

(c) subject to the provisions of regulation 4(3), a temporary ban against a member of the investment firm’s management body or any other natural person, who is held responsible, from exercising functions within investment firms;

(d) in the case of a legal person, administrative pecuniary penalties of up to 10% of the total annual net turnover including the gross income consisting of interest receivable and similar income, income from shares and other variable or fixed-yield securities, and commissions or fees receivable in accordance with Article 316 of the CRR, of that legal person in the preceding business year: Provided that where the investment firm subject to the administrative pecuniary penalty is a subsidiary of a parent undertaking, the relevant gross income shall be the gross income resulting from the consolidated account of the ultimate parent undertaking in the preceding business year;

(e) in the case of a natural person, administrative pecuniary penalties of up to EUR 5,000,000; and

(f) administrative pecuniary penalties of up to twice the amount of the profits gained or losses avoided because of the breach, where those can be determined.