Regulatory offence provisions relating to Regulation (EU) 2021/23

(1) A person commits a regulatory offence who infringes Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 (OJ L 22, 22.1.2021, p. 1), by intentionally or negligently 1. failing to prepare a recovery plan, or not preparing it in time, or failing to update it, or not updating it at least once a year, contrary to Article 9(1), 2. failing to make a notification, or doing so incorrectly, incompletely, or not in time, contrary to Article 9(6), second subparagraph, or Article 70(1), 3. contravening an enforceable direction under Article 9(7), second subparagraph, or Article 13(2), 4. failing to transmit information, or not transmitting it in time, contrary to Article 13(1), first subparagraph, or 5. failing to exchange information, or not exchanging it in time, contrary to Article 13(3), first sentence.
(2) The regulatory offence may be sanctioned with a fine of up to five million euros.
(3) For a legal person or association of persons, the regulatory offence may be sanctioned with a fine of up to 10 per cent of the total annual turnover of the legal person or association of persons in the preceding financial year.
(4) In addition to subsection (2) or (3), the regulatory offence may be sanctioned with a fine of up to twice the benefit derived from the infringement, insofar as that benefit can be quantified.
(5) Where, in the case of subsection (3), the legal person or association of persons is a subsidiary undertaking of a parent undertaking within the meaning of Article 2, point 13, of Regulation (EU) 2021/23, total turnover means the turnover reported in the preceding financial year in the consolidated accounts of the ultimate parent undertaking.