S.L. 345.26 Art. 5Administrative penalties and other administrative measures for breaches of the CSDR.

Where any person contravenes or fails to comply with the provisions of Part IV of the Act, or of any rules or regulations implementing the CSDR made under the Act, or with any provisions of the CSDR, the competent authority may, by notice in writing and without recourse to a court hearing impose the following penalties:

(a) a public statement which indicates the person responsible for the infringement and the nature of the infringement;

(b) an order requiring the person responsible for the infringement to cease the conduct and to desist from a repetition of that conduct;

(c) withdrawal of authorisation in accordance with article 27 of the Act;

(d) a temporary or, for repeated serious infringements, a permanent ban against any member of the institution’s management body or any other natural person, who is held responsible, from exercising management functions in the institution;

(e) maximum administrative pecuniary sanctions of at least twice the amounts of the profit gained as a result of an infringement where those amounts can be determined;

(f) in respect of a natural person, maximum administrative pecuniary sanctions of five million euro (€5,000,000);

(g) in the case of legal person, maximum administrative pecuniary sanctions of twenty million euro (€20,000,000) or up to 10% of the total annual 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 according to Directive 2013/34/EU, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income according to the relevant Accounting Directives according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking.