Sanctions Committee

(1) The Land government is empowered to issue, by statutory instrument, provisions on the establishment of a Sanctions Committee, its composition, its procedure including the taking of evidence and costs, and the involvement of the exchange supervisory authority. The provisions may provide that the Sanctions Committee may examine, without administering an oath, witnesses and experts who appear before it voluntarily, and may request the local court to conduct a taking of evidence that it is not itself able to carry out. The Land government may transfer the authorisation under the first sentence, by statutory instrument, to the exchange supervisory authority.
(2) The Sanctions Committee may impose on a trading participant a reprimand, an administrative fine of up to one million euros, or complete or partial exclusion from the exchange for up to 30 trading days, where the trading participant or a person acting for it wilfully or negligently infringes exchange-law provisions intended to ensure the orderly conduct of exchange trading or the settlement of exchange transactions. The Sanctions Committee may also impose a reprimand or an administrative fine of up to one million euros on an issuer, where the issuer or a person acting for it wilfully or negligently infringes its obligations arising from admission. The Sanctions Committee notifies the Management of its decision on sanctions without delay. The Sanctions Committee performs the tasks and exercises the powers assigned to it under this Act only in the public interest.
(3) In disputes concerning decisions of the Sanctions Committee under subsection (2), recourse to the administrative courts is available. Review in a preliminary proceeding is not required prior to bringing an action.
(4) Where facts have emerged in proceedings before the Sanctions Committee that would justify the withdrawal or revocation of the admission of a trading participant or a specialist, the proceedings must be handed over to the Management. It is entitled, at any stage of the proceedings, to require reports from the Sanctions Committee and to take over the proceedings. Where the Management has taken over the proceedings and it emerges that the admission is not to be withdrawn or revoked, it refers the proceedings back to the Sanctions Committee.