Regulatory offence provisions

(1) A person commits a regulatory offence who intentionally or negligently 1. contravenes an enforceable direction under section 12(3), first sentence, 2. fails to transmit an updated recovery plan, or does so incorrectly, incompletely, or not in time, contrary to section 12(4), first sentence, 3. contravenes an enforceable direction under section 12(4), second sentence, 4. fails to make a notification, or does so incorrectly, incompletely, or not in time, contrary to section 32(1), 5. contravenes an enforceable direction under a) section 42(1), second or third sentence, or b) section 42(3), first sentence, point 1, in each case also in conjunction with section 47(1), 6. fails to make a notification, or does so incorrectly, incompletely, or not in time, contrary to section 45(1), first sentence, in conjunction with a statutory instrument under section 45(2), 7. contravenes an enforceable direction under section 45(1), second sentence, 8. contravenes an enforceable direction under section 49(1), or 9. fails to inform an authority referred to in section 138(1), or does so incorrectly or not in time, contrary to section 138(1).
(2) The regulatory offence may be sanctioned with a fine of up to five million euros, in the cases under subsection (1), points 1, 2, 3, 4, 5(a), 8, or 9; with a fine of up to one million euros, in the cases under subsection (1), point 5(b); and with a fine of up to two hundred thousand euros, in the cases under subsection (1), points 6 and 7. Section 30(2), third sentence, of the Regulatory Offences Act applies.
(3) The fine should exceed the economic benefit that the offender obtained from the regulatory offence. Where the maximum amount under subsection (2), first sentence, is insufficient for this purpose, it may, for legal persons or associations of persons, be exceeded up to an amount of: 1. 10 per cent of the annual net turnover, within the meaning of subsection (4), of the undertaking in the financial year preceding the regulatory offence, or 2. twice the additional proceeds obtained through the infringement. Section 17(4) of the Regulatory Offences Act remains unaffected.
(4) The annual net turnover within the meaning of subsection (3), second sentence, point 1, is the aggregate amount of the income referred to in section 34(2), first sentence, points 1(a) to (e), of the Credit Institution Accounting Regulation, as amended, including gross income comprising interest income and similar income, income from shares, other equity interests, and non-fixed-income or fixed-income securities, and income from commissions and fees, as set out in Article 316 of Regulation (EU) No 575/2013, less value added tax and other taxes levied directly on that income. Where the undertaking is a subsidiary undertaking, the annual net turnover reported in the preceding financial year in the consolidated accounts of the parent undertaking at the head of the group is used.