(1) It is a regulatory offence for any person who 1. acts contrary to an enforceable order under section 8(2), first or second sentence, 2. fails to transmit information, or fails to transmit it in time, contrary to section 26(1) or (2), 3. fails to make a notification, or fails to make it correctly, completely or in time, contrary to section 26(1), 4. fails to make a notification, or fails to make it in time, contrary to section 26(2), or 5. uses clearing services contrary to section 30(3).
(2) It is a regulatory offence for any person who, intentionally or recklessly, 1. fails to transmit information, or fails to transmit it in time, contrary to section 5(1), second sentence, 2. fails to make a notification, or fails to make it correctly, completely, in the prescribed manner or in time, contrary to a) section 5(1), second sentence, b) section 22(3), c) section 23(1), first sentence, including in conjunction with a statutory instrument under subsection (4), first sentence, d) section 33(1), first or second sentence, or (2), in each case including in conjunction with a statutory instrument under section 33(5), e) section 38(1), first sentence, including in conjunction with a statutory instrument under section 38(5), or section 39(1), including in conjunction with a statutory instrument under section 39(2), f) section 40(2), including in conjunction with a statutory instrument under section 40(3), no. 2, g) section 41(1), second sentence, including in conjunction with section 41(2), h) section 46(2), first sentence, i) section 50(1), first sentence, including in conjunction with a statutory instrument under section 50(2), j) section 51(2), k) section 114(1), third sentence, including in conjunction with section 117, in each case including in conjunction with a statutory instrument under section 114(3), no. 2, l) section 115(1), third sentence, including in conjunction with section 117, in each case including in conjunction with a statutory instrument under section 115(6), no. 3, m) section 116(2), second sentence, including in conjunction with a statutory instrument under section 116(4), no. 2, or n) section 118(4), third sentence, 2a. informs a person of a notification, an investigation initiated, or a measure, contrary to section 12 or section 23(1), second sentence, 2b. acts contrary to an enforceable order under section 15(1), 3. engages in market manipulation contrary to section 25 in conjunction with Article 15 of Regulation (EU) No 596/2014, as amended on 23 October 2024, 4. fails to make a publication, or fails to make it correctly, completely, in the prescribed manner or in time, or fails to make it subsequently, or fails to do so in time, contrary to a) section 40(1), first sentence, including in conjunction with a statutory instrument under section 40(3), no. 1, or contrary to section 41(1), first sentence, including in conjunction with section 41(2), or section 46(2), first sentence, b) section 40(1), second sentence, in conjunction with section 40(1), first sentence, including in conjunction with a statutory instrument under section 40(3), c) section 49(1) or (2), d) section 50(1), first sentence, in conjunction with a statutory instrument under section 50(2), or contrary to section 51(2), e) section 114(1), second sentence, in conjunction with a statutory instrument under section 114(3), no. 1, in each case including in conjunction with section 117, or contrary to section 118(4), third sentence, f) section 115(1), second sentence, in conjunction with a statutory instrument under section 115(6), no. 2, in each case including in conjunction with section 117, or g) section 116(2), first sentence, in conjunction with a statutory instrument under section 116(4), no. 1, 5. fails to prepare a record, or fails to prepare it correctly, completely or in time, contrary to section 27, first sentence, 6. fails to attach a declaration referred to there to the lodging of an application for approval, contrary to section 29(5), first sentence, 7. (repealed) 8. fails to have the facts referred to there examined and certified, or fails to have this done in time, contrary to section 32(1), first sentence, 9. fails to transmit a certificate, or fails to transmit it in time, contrary to section 32(4), first sentence, 10. fails to transmit information or a notice, or fails to transmit it in time, contrary to section 40(1), first sentence, section 41(1), third sentence, section 46(2), second sentence, section 50(1), second sentence, section 51(2), section 114(1), third sentence, section 115(1), third sentence, section 116(2), second sentence, or section 118(4), third sentence, 11. fails to ensure that facilities and information are publicly available domestically, contrary to section 48(1), no. 2, including in conjunction with section 48(3), 12. fails to ensure that data are protected against unauthorised access, contrary to section 48(1), no. 3, including in conjunction with section 48(3), 13. fails to ensure that a body referred to there is designated, contrary to section 48(1), no. 4, including in conjunction with section 48(3), 14. fails to make a notification, or fails to make it correctly, completely or in time, contrary to section 86(1), first, fifth or sixth sentence, 14a. acts contrary to an enforceable order under section 107(5), first sentence, or section 109(2), fourth sentence, 15. fails to transmit an annual financial report, including the declaration under section 114(2), no. 3, and the registration certificate or confirmation under section 114(2), no. 4, or a half-yearly financial report, including the declaration under section 115(2), no. 3, or fails to transmit it in the prescribed manner or in time, contrary to section 114(1), fourth sentence, or section 115(1), fourth sentence, in each case including in conjunction with section 117, or fails to transmit a payment report or consolidated payment report, or fails to transmit it in time, contrary to section 116(2), third sentence, or 16. acts contrary to a directly applicable provision in delegated acts of the European Union supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (OJ L 302, 17.11.2009, p. 1; L 350, 29.12.2009, p. 59; L 145, 31.5.2011, p. 57; L 267, 6.9.2014, p. 30), as last amended by Directive 2014/51/EU (OJ L 153, 22.5.2014, p. 1), within the scope of this Act, insofar as a statutory instrument under subsection (28) refers, for a specific offence, to this regulatory-fine provision.
(3) It is a regulatory offence for any person who, intentionally or recklessly, fails to prepare a record, or fails to prepare it correctly, completely or in time, contrary to Article 74 or Article 75 of Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (OJ L 87, 31.3.2017, p. 1).
(4) It is a regulatory offence for any person who, as a person acting for an investment services undertaking, breaches Regulation (EC) No 1060/2009 by, intentionally or recklessly, 1. using a rating contrary to Article 4(1), first subparagraph, 2. failing to ensure that the investment services undertaking makes its own credit risk assessments, contrary to Article 5a(1), 3. failing to place an order correctly, contrary to Article 8c(1), 4. failing to ensure that the credit rating agencies engaged satisfy the conditions referred to there, contrary to Article 8c(2), or 5. failing correctly to make documentation referred to there, contrary to Article 8d(1), second sentence.
(5) It is a regulatory offence for any person who breaches Regulation (EU) No 1031/2010 by, intentionally or recklessly, 1. as a person referred to in Article 40, a) contrary to Article 39(a), disclosing inside information, or b) contrary to Article 39(b), recommending that a bid be placed, modified or withdrawn, or inducing another person to do so, 2. failing to transmit the list, or failing to transmit it correctly, completely or in time, contrary to Article 42(1), second or third sentence, 3. failing to give notice, or failing to give it correctly or within five working days, contrary to Article 42(2), or 4. failing to inform the authority, or failing to inform it correctly, completely or in time, contrary to Article 42(5).
(6) It is a regulatory offence for any person who breaches Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (OJ L 86, 24.3.2012, p. 1), as amended by Regulation (EU) No 909/2014 (OJ L 257, 28.8.2014, p. 1), by, intentionally or recklessly, 1. failing to make a notification, or failing to make it correctly, completely or in time, contrary to Article 5(1), Article 7(1) or Article 8(1), in each case including in conjunction with Article 9(1), first subparagraph, or Article 10, 2. failing to disclose a particular, or failing to disclose it correctly, completely or in time, contrary to Article 6(1), including in conjunction with Article 9(1), first subparagraph, or Article 10, 3. short selling a share or a public debt instrument contrary to Article 12(1) or Article 13(1), 4. entering into a transaction contrary to Article 14(1), or 5. failing to ensure that it has a procedure referred to there, contrary to Article 15(1).
(7) It is a regulatory offence for any person who breaches Regulation (EU) No 648/2012, as amended on 27 November 2024, by, intentionally or recklessly, 1. failing to clear an OTC derivative contract, or failing to clear it in the prescribed manner, contrary to Article 4(1) and (3), 2. failing correctly to provide a clearing service in relation to an OTC derivative contract under Article 4(1), first subparagraph, contrary to Article 4(3a), first sentence, in conjunction with the Annex to Delegated Regulation (EU) 2021/1456, as amended on 2 June 2021, 3. failing to give notice, or failing to give it in time, contrary to Article 4a(1), second subparagraph, letter a, 4. failing to maintain at least one active account, contrary to Article 7a(1), first subparagraph, 5. failing to make a notification, or failing to make it without delay, upon exceeding a clearing threshold, contrary to Article 7a(1), second subparagraph, 6. failing to transmit information referred to there, or failing to transmit it correctly or in time, contrary to Article 7b(1), first subparagraph, first sentence, 7. failing to make a report, or failing to make it correctly, completely or in time, contrary to Article 7b(2), first sentence, 8. failing to disclose the fees referred to there, or failing to disclose them correctly or completely, contrary to Article 7c(2), 9. failing to make information referred to there available, or failing to make it available correctly, completely or in time, contrary to Article 7c(3), 10. failing to make a report, or failing to make it correctly, completely or annually, contrary to Article 7d(1), first subparagraph, in conjunction with the second subparagraph, 11. as the operator of a multilateral trading facility within the meaning of section 72(1), failing to make trading data available, or failing to make it available correctly, completely, in the prescribed manner or in time, contrary to Article 8(1), in conjunction with paragraph 4, first subparagraph, 12. failing to make a report, or failing to make it correctly, completely or in time, contrary to Article 9(1), first subparagraph, second sentence, or third subparagraph, first sentence, 13. failing to retain a record, or failing to retain it for at least five years, contrary to Article 9(2), 14. failing to give notice, or failing to give it in time, contrary to Article 10(1), second subparagraph, letter a, 15. failing to ensure that a procedure or an arrangement referred to there exists, contrary to Article 11(1), 16. failing to determine the value of outstanding contracts, or failing to determine it correctly or in time, contrary to Article 11(2), first sentence, 17. using or amending a model referred to there, contrary to Article 11(3), third subparagraph, first sentence, 18. failing to ensure that adequate and proportionate capital is held to cover the risks referred to there, contrary to Article 11(4), or 19. failing to publish, or failing to publish correctly, information about an exemption from the requirements of Article 11(3), contrary to Article 11(11), first sentence.
(8) It is a regulatory offence for any person who, intentionally or recklessly, 1. in connection with an investigation concerning compliance with the obligations under Parts 9 to 11, acts contrary to an enforceable order of the Bundesanstalt under sections 6 to 9, 2. acts contrary to an enforceable order of the Bundesanstalt under section 9(2), including where the act is committed abroad, 3. as the operator of a domestic trading venue making reports in the name of an investment services undertaking under Article 26(1) of Regulation (EU) 600/2014, as amended on 23 October 2024, a) fails to establish the security measures referred to there, contrary to section 22(2), first sentence, or b) fails to maintain the resources referred to there, or fails to establish the contingency systems referred to there, contrary to section 22(2), second sentence, 4. exceeds a position limit set by the Bundesanstalt for a commodity derivative under section 54(1), (3) or (5), 5. exceeds a position limit set by a foreign competent authority of a Member State for a commodity derivative, 6. fails to have appropriate control procedures for monitoring position management, contrary to section 54(6), first sentence, 7. fails to give notice, or fails to give it correctly or completely, contrary to section 54(6), fourth sentence, 8. fails to make a transmission, or fails to make it correctly or completely, contrary to section 57(2), (3) and (4), 9. fails to make a report, or fails to make it correctly, completely or in time, contrary to section 57(1), 10. to 26. (repealed) 27. fails to give an explanation, or fails to give it correctly, completely, in the prescribed manner or in time, contrary to section 63(2), first sentence, in conjunction with the second sentence, including in conjunction with the delegated act of the European Commission adopted on the basis of Article 23(4) in conjunction with Article 89 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directives 2002/92/EC and 2011/61/EU (OJ L 173, 12.6.2014, p. 349; L 74, 18.3.2015, p. 38; L 188, 13.7.2016, p. 28; L 273, 8.10.2016, p. 35; L 64, 10.3.2017, p. 116), as last amended by Directive (EU) 2016/1034 (OJ L 175, 30.6.2016, p. 8), 28. as an investment services undertaking, fails to make an arrangement, contrary to section 63(3), first sentence, including in conjunction with the delegated act of the European Commission adopted on the basis of Article 24(13) in conjunction with Article 89 of Directive 2014/65/EU, 29. as an investment services undertaking, creates an incentive, contrary to section 63(3), second sentence, including in conjunction with the delegated act of the European Commission adopted on the basis of Article 24(13) in conjunction with Article 89 of Directive 2014/65/EU, 30. as an investment services undertaking, distributes a financial instrument that was not designed in accordance with the requirements of section 63(4), including in conjunction with a statutory instrument under section 80(14), and the delegated act of the European Commission adopted on the basis of Article 24(13) in conjunction with Article 89 of Directive 2014/65/EU, 31. as an investment services undertaking, makes available information that is not fair, not clear, or misleading, contrary to section 63(6), first sentence, including in conjunction with the delegated act of the European Commission adopted on the basis of Article 24(13) in conjunction with Article 89 of Directive 2014/65/EU, 32. as an investment services undertaking, makes available to another person a marketing communication that is not clearly identifiable as such, contrary to section 63(6), second sentence, 33. fails to make information available, or fails to make it available correctly, completely, in the prescribed manner or in time, contrary to section 63(7), first sentence, in conjunction with the third and fourth sentences, including in conjunction with the eleventh sentence, and including in conjunction with a statutory instrument under subsection (14) and the delegated act of the European Commission adopted on the basis of Article 24(13) in conjunction with Article 89 of Directive 2014/65/EU, 34. fails to provide a breakdown, or fails to provide it correctly or completely, contrary to section 63(7), fifth sentence, including in conjunction with the delegated act of the European Commission adopted on the basis of Article 24(13) in conjunction with Article 89 of Directive 2014/65/EU, 34a. fails to give an option referred to there, or fails to give it in time, contrary to section 63(7), thirteenth sentence, 35. fails to inform a client, or fails to inform them correctly, completely, in the prescribed manner or in time, contrary to section 64(1), including in conjunction with the delegated act of the European Commission adopted on the basis of Article 24(3) in conjunction with Article 89 of Directive 2014/65/EU, 36. fails to inform a client, or fails to inform them correctly, or fails to evidence costs and charges separately for each component, contrary to section 63(9), first sentence, including in conjunction with the delegated act of the European Commission adopted on the basis of Article 24(3) in conjunction with Article 89 of Directive 2014/65/EU, 37. fails to inform a retail client, or fails to inform them appropriately, contrary to section 63(9), second sentence, including in conjunction with the delegated act of the European Commission adopted on the basis of Article 24(3) in conjunction with Article 89 of Directive 2014/65/EU, 38. fails to make a document referred to there available, or fails to make it available correctly, completely or in time, contrary to section 64(2), first sentence, in conjunction with a statutory instrument under section 64(10), first sentence, no. 1, 39. fails to obtain the information referred to there, or fails to obtain it completely, contrary to section 64(3), first sentence, including in conjunction with the delegated act of the European Commission adopted on the basis of Article 25(8) in conjunction with Article 89 of Directive 2014/65/EU, 40. recommends a financial instrument or an investment service, or carries out a transaction, contrary to section 64(3), second to fourth sentences, 41. fails to make a suitability statement available, or fails to make it available correctly, completely, in the prescribed manner or in time, contrary to section 64(4), first sentence, in conjunction with the second sentence, including in conjunction with the delegated act of the European Commission adopted on the basis of Article 25(8) in conjunction with Article 89 of Directive 2014/65/EU, 41a. fails to give information, or fails to give it correctly, completely or in time, contrary to section 64(4), fifth sentence, or section 142(1), first, second or third sentence, 42. as an investment services undertaking that has informed a client, in the course of investment advice, that independent fee-based investment advice is being provided, recommends to the client a financial instrument not based on a sufficient range of financial instruments within the meaning of section 64(5), no. 1, including in conjunction with the delegated act of the European Commission adopted on the basis of Article 24(3) in conjunction with Article 89 of Directive 2014/65/EU, 43. fails to give information, or fails to give it correctly, completely or in time, contrary to section 64(6), first sentence, including in conjunction with a statutory instrument under section 64(10), no. 2, 44. executes the conclusion of a contract as a fixed-price transaction, contrary to section 64(6), second sentence, 45. accepts or retains an inducement, contrary to section 64(7), including in conjunction with a statutory instrument under section 64(10), no. 3, 45a. brokers the conclusion of a contract, contrary to section 65(1), third sentence, 46. fails to obtain the information referred to there, or fails to obtain it completely, contrary to section 63(10), first sentence, including in conjunction with the second sentence, in each case including in conjunction with the delegated act of the European Commission adopted on the basis of Article 25(8) in conjunction with Article 89 of Directive 2014/65/EU, 47. fails to give a warning or information, or fails to give it in time, contrary to section 63(10), third or fourth sentence, including in conjunction with the delegated act of the European Commission adopted on the basis of Article 25(8) in conjunction with Article 89 of Directive 2014/65/EU, 48. fails to report to a client regularly, or fails to notify the venue of execution of an order, contrary to section 63(12), first sentence, in conjunction with the second sentence, including in conjunction with section 64(8), in each case including in conjunction with the delegated act of the European Commission adopted on the basis of Article 25(8) in conjunction with Article 89 of Directive 2014/65/EU, 49. fails to communicate with an eligible counterparty in the manner described there, contrary to section 68(1), second sentence, 50. fails to make appropriate arrangements as regards the execution and transmission of client orders, contrary to section 69(1), no. 1 or no. 2, including in conjunction with the delegated act of the European Commission adopted on the basis of Article 28(3) in conjunction with Article 89 of Directive 2014/65/EU, 51. fails to make an order known, or fails to make it known in the prescribed manner or in time, contrary to section 69(2), first sentence, including in conjunction with the delegated act of the European Commission adopted on the basis of Article 28(3) in conjunction with Article 89 of Directive 2014/65/EU, 52. accepts or grants an inducement, contrary to section 70(1), first sentence, including in conjunction with a statutory instrument under section 70(9), no. 1, 53. fails to inform a client of the procedures for paying over inducements to clients, contrary to section 70(5), including in conjunction with the delegated act of the European Commission adopted on the basis of Article 24(13) in conjunction with Article 89 of Directive 2014/65/EU, 54. fails to establish the rules referred to there, or fails to establish them to the prescribed extent, contrary to section 72(1), no. 1, 55. fails to establish the rules referred to there, or fails to establish them to the prescribed extent, contrary to section 72(1), no. 2, 56. fails to have appropriate procedures, contrary to section 72(1), no. 3, 57. fails to make a publication, or fails to make it correctly or completely, contrary to section 72(1), no. 4, 58. fails to charge fees, or fails to charge them to the prescribed extent, contrary to section 72(1), no. 5, 59. fails to take the arrangements named there, or fails to take them to the prescribed extent, contrary to section 72(1), no. 6, 60. fails to ensure an appropriate order-to-transaction ratio, contrary to section 72(1), no. 7, 61. fails to set the appropriate minimum tick size, contrary to section 72(1), no. 8, 62. fails to establish the risk controls, thresholds and rules referred to there, contrary to section 72(1), no. 9, 63. fails to establish the rules referred to there, contrary to section 72(1), no. 10, 64. fails to ensure reliable management of the technical operations of the trading system, contrary to section 72(1), no. 11, 65. fails to take the arrangements referred to there, contrary to section 72(1), no. 12, 66. operates a multilateral or organised trading facility without having at least three users able to interact with all other users for the purposes of price formation, contrary to section 72(1), no. 13, 67. operates a multilateral or organised trading facility without having the systems within the meaning of section 5(4a) of the Stock Exchange Act in conjunction with section 72(1), 68. as the operator of a multilateral or organised trading facility, fails to ensure a sufficient number of participants, contrary to section 26c(2), first sentence, of the Stock Exchange Act in conjunction with section 72(1), 69. as the operator of a multilateral or organised trading facility, concludes an agreement within the meaning of section 26c(1) of the Stock Exchange Act in conjunction with section 72(1) that does not contain all the elements referred to in section 26c(3) of the Stock Exchange Act, 70. fails to design fee structures in accordance with the requirements referred to there, contrary to section 72(2), 71. fails to submit a description, or fails to submit it correctly or completely, contrary to section 72(3), 72. fails to notify the Bundesanstalt, or fails to notify it in time, of serious breaches of trading rules, disruptions to market integrity, or indications of a breach of the provisions of Regulation (EU) No 596/2014, contrary to section 72(6), first sentence, 73. fails to suspend or discontinue trading in a financial instrument, contrary to section 73(1), second sentence, 74. fails to publish a decision, or fails to publish it correctly, or fails to inform the Bundesanstalt of a publication, or fails to inform it in time, contrary to section 73(1), fourth sentence, 74a. acts contrary to an enforceable order under section 73(2), first sentence, or (3), third sentence, 75. as the operator of a multilateral system, fails to maintain the rules referred to there, contrary to section 74(1) and (2), 76. fails to take the arrangements referred to there, or fails to take them to the prescribed extent, contrary to section 74(3), 77. executes a client order using its own capital, contrary to section 74(5), 78. fails to take the arrangements referred to there, contrary to section 75(1), 79. makes use of matched principal trading without the client's consent, contrary to section 75(2), first sentence, 80. matches client orders, contrary to section 75(2), second sentence, 81. fails to ensure, in executing a transaction, contrary to section 75(2), third sentence, that a) it is at no time exposed to market risk during the entire execution of a transaction, b) both legs are executed simultaneously, or c) the transaction is concluded at a price at which, apart from a pre-disclosed commission, fee or other remuneration, it makes neither profit nor loss, 82. as the operator of an organised trading facility, in its operation, concludes a transaction for its own account that does not consist of matching client orders and relates to a financial instrument that is not a public debt instrument for which there is no liquid market, contrary to section 75(3), 83. operates an organised trading facility and a systematic internalisation business within the same legal entity, contrary to section 75(4), first sentence, 84. operates an organised trading facility that establishes a connection to a systematic internaliser in a way that enables interaction between orders in the organised trading facility and orders or quotes in the systematic internaliser, contrary to section 75(4), second sentence, 85. as the operator of an organised trading facility, exercises discretion in handling orders in cases other than those referred to in section 75(6), second sentence, 86. acts contrary to an enforceable request for an explanation under section 75(7), first sentence, 87. fails to make the information referred to there available, or fails to make it available correctly or completely, contrary to section 75(7), third sentence, 88. offers direct electronic access to a trading venue without having the systems and controls referred to there, contrary to section 77(1), 89. fails to ensure that its clients satisfy the requirements referred to there, or comply with the rules referred to there, contrary to section 77(1), 90. fails to monitor transactions in order to identify breaches of the rules of the trading venue, disorderly trading conditions, or conduct that may indicate market abuse, contrary to section 77(1), no. 4, letter c, 91. as an investment services undertaking, offers a client direct electronic access to a trading venue without having first entered into a written agreement with the client satisfying the content requirements of section 77(1), no. 2, 92. fails to make a notification, or fails to make it correctly, contrary to section 77(2), first sentence, 93. acts contrary to an enforceable order under section 77(2), second sentence, 94. fails to ensure that records are kept, or fails to ensure that the records are sufficient, contrary to section 77(3), 95. as an investment services undertaking, acts as a general clearing member for other persons without having the systems and controls referred to in section 78, first sentence, 96. as an investment services undertaking, acts as a general clearing member for another person without having first entered into a written agreement with that person, required under section 78, third sentence, covering the essential rights and obligations, 97. fails to take arrangements, contrary to section 80(1), second sentence, no. 1, including in conjunction with the delegated act of the European Commission adopted on the basis of Article 23(4) in conjunction with Article 89 of Directive 2014/65/EU, 98. as an investment services undertaking, engages in algorithmic trading without having the systems and risk controls referred to in section 80(2), third sentence, 99. as an investment services undertaking, engages in algorithmic trading without having the contingency arrangements referred to in section 80(2), fourth sentence, 100. fails to make the notification, contrary to section 80(2), fifth sentence, 101. acts contrary to an enforceable order under section 80(3), third sentence, 102. fails to make a record, or fails to make it correctly, completely or in the prescribed manner, or fails to retain it for five years, contrary to section 80(3), first sentence, in conjunction with the second sentence, 103. fails to carry out market making to the extent prescribed there, contrary to section 80(4), no. 1, 104. as an investment services undertaking, engages in algorithmic trading pursuing a market-making strategy within the meaning of section 80(5) without having first entered into a written agreement with the trading venue that covers at least the obligations within the meaning of section 80(4), no. 1, 105. as an investment services undertaking, engages in algorithmic trading pursuing a market-making strategy within the meaning of section 80(5) without having the systems and controls referred to in section 80(4), no. 3, 106. fails to maintain or operate a product approval process, or fails to maintain or operate it in the prescribed manner, or fails regularly to review it, contrary to section 80(9), first sentence, including in conjunction with a statutory instrument under section 80(14), first sentence, 107. fails regularly to review the determination of a target market, contrary to section 80(10), first sentence, including in conjunction with a statutory instrument under section 80(14), first sentence, 108. fails to make the information referred to there available, or fails to make it available correctly, completely or in the prescribed manner, contrary to section 80(11), first sentence, including in conjunction with a statutory instrument under section 80(14), first sentence, 109. fails to have appropriate arrangements to obtain the information referred to in section 80(11), first sentence, from the designing investment services undertaking or the issuer, and to understand the characteristics and target market of the financial instrument, contrary to section 80(11), second sentence, including in conjunction with a statutory instrument under section 80(14), first sentence, 110. fails to determine, implement and oversee the organisation, the suitability of staff, resources and arrangements for the provision of investment services and ancillary investment services, the business policy and the remuneration policy, contrary to section 81(1), 111. fails to monitor and review the suitability and implementation of the investment services undertaking's strategic objectives, the effectiveness of the corporate governance arrangements, or the adequacy of the business policy, or fails to take prompt steps to remedy existing deficiencies, contrary to section 81(2), 112. fails to ensure appropriate access, contrary to section 81(3), 113. fails to ensure that a client order is executed in accordance with the arrangements referred to there, contrary to section 82(1), including in conjunction with the delegated act of the European Commission adopted on the basis of Article 27(9) in conjunction with Article 89 of Directive 2014/65/EU, 114. fails to carry out a regular review, contrary to section 82(1), no. 1, including in conjunction with the delegated act of the European Commission adopted on the basis of Article 27(9) in conjunction with Article 89 of Directive 2014/65/EU, 115. fails to give a notice referred to there, or fails to give it in time, or fails to obtain a consent referred to there, or fails to obtain it in time, contrary to section 82(5), second sentence, including in conjunction with the delegated act of the European Commission adopted on the basis of Article 27(9) in conjunction with Article 89 of Directive 2014/65/EU, 116. fails to inform a client, or fails to inform them correctly, in the prescribed manner or in time, contrary to section 82(6), no. 1, including in conjunction with the delegated act of the European Commission adopted on the basis of Article 27(9) in conjunction with Article 89 of Directive 2014/65/EU, 117. fails to obtain a consent referred to there, or fails to obtain it in time, contrary to section 82(6), no. 1, 118. fails to make a notification referred to there, or fails to make it correctly, in the prescribed manner or in time, contrary to section 82(6), no. 2, including in conjunction with the delegated act of the European Commission adopted on the basis of Article 27(9) in conjunction with Article 89 of Directive 2014/65/EU, 119. accepts a remuneration, rebate or non-monetary benefit, contrary to section 82(8), 120. (repealed) 121. (repealed) 122. as the operator of an execution venue, subject to the provision on section 26e of the Stock Exchange Act, fails to make a publication at least once a year, contrary to section 82(11), including in conjunction with a delegated regulation under Article 27(9) and a regulatory technical standard under Article 27(10), letter a, of Directive 2014/65/EU, 123. fails to make a record referred to there, or fails to make it correctly or completely, contrary to section 83(1) or (2), first sentence, including in conjunction with a statutory instrument under section 83(10), first sentence, and Articles 58 and 72 to 74 of Delegated Regulation (EU) 2017/565, 124. fails to record a telephone conversation or electronic communication, or fails to record it correctly, completely or in the prescribed manner, contrary to section 83(3), first sentence, including in conjunction with a statutory instrument under section 83(10), first sentence, and Article 76 of Delegated Regulation (EU) 2017/565, 125. fails to take all reasonable measures to record relevant telephone conversations and electronic communications, contrary to section 83(4), first sentence, including in conjunction with a statutory instrument under section 83(10), first sentence, 126. fails to inform a client in advance, or fails to inform them in time, or fails to inform them in an appropriate manner, of the recording of telephone conversations under section 83(3), first sentence, contrary to section 83(5), including in conjunction with a statutory instrument under section 83(10), first sentence, and Article 76(8) of Delegated Regulation (EU) 2017/565, 126a. fails to make a documentation, or fails to make it correctly, completely, in the prescribed manner or in time, contrary to section 83(6), first sentence, including in conjunction with a statutory instrument under section 83(10), 126b. fails to retain a record, or fails to retain it for the prescribed period, contrary to section 83(8), first sentence, in conjunction with a statutory instrument under section 83(10), first sentence, in each case including in conjunction with section 83(8), fourth sentence, 127. fails to take appropriate arrangements to protect clients' rights in financial instruments or funds belonging to them, and to prevent them being used without express consent for its own account, contrary to section 84(1), first sentence, or (4), first sentence, 128. fails to obtain the client's consent, or fails to obtain it in time, for the safekeeping of their assets with a qualifying money market fund, contrary to section 84(2), third sentence, 129. fails to disclose a fiduciary deposit, contrary to section 84(2), fifth sentence, 130. fails to inform the client, or fails to inform them correctly or in time, of the institution and account at which their funds are held, contrary to section 84(2), sixth sentence, 131. fails to forward a security for safekeeping, or fails to forward it in time, contrary to section 84(5), first sentence, 132. concludes with a retail client financial collateral in the form of a title transfer arrangement under Article 2(1)(b) of Directive 2002/47/EC, contrary to section 84(7), 133. uses a security for its own account or for the account of another client, contrary to section 84(6), first sentence, including in conjunction with section 84(6), second sentence, 134. entrusts a staff member with an activity referred to there, contrary to section 87(1) to (4) or (5), in each case including in conjunction with a statutory instrument under section 87(9), or 135. (repealed) 136. (repealed) 137. uses a designation referred to there, contrary to section 94(1).
(9) It is a regulatory offence for any person who breaches Regulation (EU) 600/2014, as amended on 23 October 2024, by, intentionally or recklessly, 1. as an investment services undertaking within the meaning of this Act, failing to make a publication, or failing to make it correctly, completely, in the prescribed manner or in time, contrary to a) Article 3(1), b) Article 6(1), c) Article 8a(1) or (2), d) Article 8b(1), e) Article 10(1), or f) Article 11(3), third subparagraph, in conjunction with Article 10(1), 2. as an investment services undertaking within the meaning of this Act, failing to grant access to the relevant systems in the manner described there, contrary to a) Article 3(3), b) Article 6(2), 2a. failing to suspend an exemption referred to there, or failing to suspend it in time, contrary to Article 5(1), first sentence, in conjunction with the second sentence, 2b. failing to establish a system or procedure referred to there, or failing to establish it without delay after a trading venue commences operation, contrary to Article 5(7), 3. as an investment services undertaking within the meaning of this Act, failing to grant access to the relevant facilities in the manner described there, contrary to a) Article 8(3), b) Article 10(2), 4. as an investment services undertaking within the meaning of this Act, contrary to a) Article 7(1), third subparagraph, first sentence, failing to obtain an authorisation in time, or failing to indicate, or failing to indicate correctly, completely, in the prescribed manner or in time, planned arrangements for a publication, b) Article 11(1), second subparagraph, first sentence, or Article 11a(1), second subparagraph, first sentence, failing to give a notice, or failing to give it correctly, completely or without delay once an arrangement referred to there has been settled, c) Article 11(1a), second subparagraph, (1b), second subparagraph, or (3), fourth subparagraph, or Article 11a(1), fourth subparagraph, failing to make a publication, or failing to make it in time, d) Article 13(2), failing to make information referred to there available, or failing to make it available completely or in time, e) Article 14(1), first subparagraph, failing to disclose a quote, or failing to disclose it correctly or completely, f) Article 25(2), first sentence, failing to record the relevant data of an order, or failing to record it correctly, completely or in the prescribed manner, or failing to keep the recorded data available to the competent authority for at least five years, g) Article 26(5), failing to make a report, or failing to make it correctly, completely, in the prescribed manner or in time, h) Article 31(3), first sentence, failing to keep a record, or failing to keep it correctly, completely or in the prescribed manner, i) Article 31(3), second sentence, failing to make a record available to the European Securities and Markets Authority, or failing to make it available completely or in time, j) Article 35(1), first subparagraph, first sentence, failing to undertake clearing, or failing to undertake it on a non-discriminatory and transparent basis, k) Article 35(2), first sentence, failing to transmit an application in the prescribed form, l) Article 35(3), first sentence, failing to reply to the trading venue, or failing to reply in the prescribed manner or in time, m) Article 35(3), second sentence, refusing an application, n) Article 35(3), third sentence, including in conjunction with the fourth sentence, failing to give a detailed statement of reasons for a refusal, or failing to give a notification or communication, or failing to give it in the prescribed manner, o) Article 35(3), fifth sentence, failing to allow access, or failing to allow it in time, p) Article 36(1), first subparagraph, first sentence, failing to make trading data available on a non-discriminatory and transparent basis, q) Article 36(3), first sentence, failing to reply to a central counterparty, or failing to reply in the prescribed manner or in time, r) Article 36(3), second sentence, refusing access without the conditions referred to there for a refusal of access being satisfied, s) Article 36(3), fifth sentence, failing to allow access, or failing to allow it in time, or t) Article 39a(1), accepting a rebate for the routing of securities orders, 5. as an investment services undertaking within the meaning of this Act, in the course of operating a multilateral trading facility or an organised trading facility, operates a system for formalising negotiated transactions that does not comply, or does not fully comply, with the requirements described in Article 4(3), first subparagraph, 6. fails to make a quote, or fails to make it completely, in the prescribed manner or to the prescribed extent, contrary to Article 14(1), second subparagraph, in conjunction with Article 14(3), (4) and (5), 7. fails to execute an order in the prescribed manner, contrary to Article 15(4), second sentence, 8. as a systematic internaliser, fails to have clear standards for access to quotes, contrary to Article 17(1), second sentence, in conjunction with Article 17(1), first sentence, 9. fails to make a publication prescribed there, or fails to make it correctly, completely, in time or in the prescribed manner, contrary to a) Article 20(1), first sentence, in conjunction with Article 20(1), second sentence, and paragraph 2, b) Article 21(1), first sentence, in conjunction with Article 21(1), second sentence, paragraphs 2, 3 and Article 10, 10. as an investment services undertaking, an approved publication arrangement, or a consolidated tape provider, fails to store required data for a sufficient period, contrary to Article 22(2), 11. fails to transmit data, or fails to transmit it correctly, completely, in the manner prescribed there, or by the time prescribed there, contrary to Article 22a(1), first sentence, 12. concludes a trading transaction outside the trading systems referred to there, contrary to Article 23(1), 13. fails to record the relevant data of an order or a transaction, or fails to record it correctly, completely or in the prescribed manner, or fails to keep recorded data available to the competent authority for at least five years, contrary to Article 25(1), first sentence, 14. fails to make a report, or fails to make it correctly, completely, in the prescribed manner or in time, contrary to Article 26(1), first subparagraph, including in conjunction with Article 26(4), second sentence, 15. fails to attach all particulars to a transmitted order, contrary to Article 26(4), first sentence, 16. as an approved reporting mechanism or the operator of a trading venue, fails to transmit a report, or fails to transmit it correctly or completely, contrary to Article 26(7), first subparagraph, 17. as the operator of a trading venue within the meaning of Article 4(1), no. 24, fails to make a report, or fails to make it correctly, completely, in the prescribed manner or in time, contrary to Article 26(5), 18. fails to transmit data referred to there, or fails to transmit it correctly, completely, in the prescribed manner or in time, contrary to Article 27(1), first or third subparagraph, in each case in conjunction with Article 2 of Delegated Regulation (EU) 2017/585, as amended on 14 July 2016, 19. as a data reporting services provider under Article 2(1), no. 36a, that satisfies the exemption criteria under Article 2(1) of Commission Delegated Regulation (EU) 2022/466 of 17 December 2021 supplementing that of the European Parliament and of the Council by laying down criteria for the exemption of certain approved publication arrangements and approved reporting mechanisms from supervision by the European Securities and Markets Authority (OJ L 96, 24.3.2022, p. 1), a) fails to make a notification, or fails to make it correctly, completely, or before commencing the activity as a member of the management body or before a change in the composition of the management body, contrary to Article 27f(2), b) fails to oversee the implementation of a corporate governance arrangement referred to there, contrary to Article 27f(3), 20. fails to make information available, or fails to make it available correctly, completely or in time, contrary to Article 27g(1), second sentence, 21. fails correctly to handle information, contrary to Article 27g(3), second sentence, or Article 27i(2), second sentence, 22. as a person under Article 2(1), no. 36, that satisfies the exemption criteria under Article 2(1) of Delegated Regulation (EU) 2022/466, fails to maintain an arrangement referred to there, contrary to Article 27i(2), first sentence, 23. concludes a transaction at a venue other than those specified there, contrary to Article 28(1), 24. as a central counterparty within the meaning of Article 2(1) of Regulation (EU) No 648/2012, or as an investment services undertaking within the meaning of this Act, fails to have the systems, procedures and arrangements specified there, contrary to Article 29(2), first subparagraph, 25. fails to transmit an application, or fails to transmit it in the prescribed manner, contrary to Article 36(2), 26. fails to grant access, or fails to grant it in the prescribed manner or in time, contrary to Article 37(1), 27. as a central counterparty within the meaning of Article 2(1) of Regulation (EU) No 648/2012, or as an investment services undertaking within the meaning of this Act, or as an undertaking connected with either of the two aforementioned, enters into an arrangement referred to there, contrary to Article 37(3), 28. acts contrary to an enforceable decision of the European Securities and Markets Authority under Article 40(1), 29. acts contrary to an enforceable decision of the European Banking Authority under Article 41(1), or 30. acts contrary to an enforceable order of the Bundesanstalt under Article 42(1).
(9a) It is a regulatory offence for any person who, intentionally or recklessly, as a person under Article 2(1), no. 34, of Regulation (EU) No 600/2014, as amended on 23 October 2024, that satisfies the exemption criteria under Article 2(1) of Delegated Regulation (EU) 2022/466, 1. fails to ensure that it has policies and arrangements under Article 27g(1), first sentence, of Regulation (EU) No 600/2014, 2. fails to have the resources and contingency systems referred to in Article 27g(4), second sentence, of Regulation (EU) No 600/2014, as amended on 23 October 2024, 3. is not able to disseminate information in the manner prescribed in Article 27g(1), third sentence, of Regulation (EU) No 600/2014, as amended on 23 October 2024, 4. fails to take and maintain the arrangements referred to in Article 27g(3), first sentence, of Regulation (EU) No 600/2014, as amended on 23 October 2024, 5. fails to establish the mechanisms referred to in Article 27g(4), first sentence, of Regulation (EU) No 600/2014, as amended on 23 October 2024, 6. fails to have the resources and contingency systems referred to in Article 27g(4), second sentence, of Regulation (EU) No 600/2014, as amended on 23 October 2024, or 7. fails to have the systems referred to in Article 27g(5) of Regulation (EU) No 600/2014, as amended on 23 October 2024.
(9b) It is a regulatory offence for any person who, intentionally or recklessly, as a person under Article 2(1), no. 36, of Regulation (EU) No 600/2014, as amended on 23 October 2024, that satisfies the exemption criteria under Article 2(1) of Delegated Regulation (EU) 2022/466, 1. fails to ensure that it has policies and arrangements under Article 27i(1) of Regulation (EU) No 600/2014, as amended on 23 October 2024, or 2. fails to ensure that it has the resources and contingency systems referred to in Article 27i(3), second sentence, of Regulation (EU) No 600/2014, as amended on 23 October 2024.
(10) It is a regulatory offence for any person who breaches Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (OJ L 337, 23.12.2015, p. 1), by, intentionally or recklessly, 1. failing to make a report, or failing to make it correctly, completely, in the prescribed manner or in time, contrary to Article 4(1), 2. failing to keep records, or failing to keep them completely, or failing to keep them for at least the prescribed period, contrary to Article 4(4), 3. reusing financial instruments contrary to Article 15(1), without the conditions referred to there being satisfied, or 4. exercising a right of reuse contrary to Article 15(2), without the conditions referred to there being satisfied.
(11) It is a regulatory offence for any person who breaches Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (OJ L 171, 29.6.2016, p. 1), by, intentionally or recklessly, 1. as an administrator, failing to have arrangements for corporate governance, or having only arrangements that do not satisfy the requirements referred to there, contrary to Article 4(1), first subparagraph, 2. as an administrator, failing to take appropriate steps to identify, prevent or manage conflicts of interest, contrary to Article 4(1), second subparagraph, 3. as an administrator, failing to ensure that discretion or judgement is exercised independently and honestly, contrary to Article 4(1), second subparagraph, 4. as an administrator, failing to provide a benchmark in a manner organisationally separated from other business areas, contrary to Article 4(2), 5. as an administrator, acting contrary to an enforceable order of the Bundesanstalt under Article 4(3) or (4), 6. as an administrator, failing to publish or disclose conflicts of interest, or failing to publish or disclose them correctly, completely or without delay, after becoming aware of their existence, contrary to Article 4(5), 7. as an administrator, failing to establish, apply, or regularly review or update the measures referred to there, contrary to Article 4(6), 8. as an administrator, failing to ensure that staff and the other natural persons referred to there satisfy the requirements referred to in Article 4(7)(a) to (e), contrary to Article 4(7), 9. as an administrator, failing to establish specific internal control procedures to ensure the integrity and reliability of the staff or persons determining the benchmark, or failing to have the benchmark signed off by management before its dissemination, contrary to Article 4(8), 10. as an administrator, failing to create and maintain a permanent and effective oversight function, contrary to Article 5(1), 11. as an administrator, failing to develop and maintain sound procedures for safeguarding the oversight function, or failing to make them available to the Bundesanstalt, or failing to make them available correctly, completely or without delay after their completion, contrary to Article 5(2), 12. as an administrator, failing to equip the oversight function with the responsibilities referred to there, or failing to adapt it to the complexity, use and vulnerability of the benchmark, contrary to Article 5(3), 13. as an administrator, failing to entrust the oversight function to a separate committee, or failing to ensure the integrity of the function and prevent the occurrence of conflicts of interest by other appropriate corporate governance arrangements, contrary to Article 5(4), 14. as an administrator, failing to maintain a control framework, or maintaining one that does not satisfy the requirements referred to there, contrary to Article 6(1), (2) or (3), 15. as an administrator, failing to take the measures referred to there, or failing to take them completely or effectively, contrary to Article 6(4), 16. as an administrator, failing to document, review or update the control framework, or failing to do so completely, or failing to make it available to the Bundesanstalt or its users, or failing to make it available correctly, completely or in time, contrary to Article 6(5), 17. as an administrator, failing to have an accountability framework satisfying the requirements referred to there, contrary to Article 7(1), 18. as an administrator, failing to designate an internal function with sufficient capacity to review and report on the administrator's compliance with the benchmark methodology and this Regulation, contrary to Article 7(2), 19. as an administrator, failing to appoint an independent external auditor, contrary to Article 7(3), 20. as an administrator, failing to make available or publish the information specified there, or failing to make it available or publish it correctly, completely or in time, contrary to Article 7(4), 21. as an administrator, failing to keep a record referred to there, or failing to keep it completely, contrary to Article 8(1), 22. as an administrator, failing to retain a record referred to there, or failing to retain it completely or for at least five years, contrary to Article 8(2), first sentence, 23. as an administrator, failing to make a record referred to there available, or failing to make it available correctly, completely or in time, or failing to retain it for at least three years, contrary to Article 8(2), second sentence, 24. as an administrator, failing to maintain appropriate complaints procedures and to publish them without delay after their availability, contrary to Article 9(1), 25. as an administrator, outsourcing functions in a way that materially impairs its control over the provision of the benchmark, or the competent authority's ability to supervise the benchmark, contrary to Article 10(1), 26. as an administrator, outsourcing functions without ensuring that the conditions referred to in Article 10(3)(a) to (h) are satisfied, contrary to Article 10(3), 27. as an administrator, providing a benchmark without the requirements referred to in Article 11(1)(a) to (c) and (e) being satisfied, contrary to Article 11(1), 28. as an administrator, providing a benchmark without the requirements referred to in Article 11(1)(d) being satisfied, contrary to Article 11(1), 29. as an administrator, failing to provide for controls to the extent referred to there, contrary to Article 11(2), 30. as an administrator, failing also to obtain data from other sources, or failing to ensure the establishment of oversight and verification procedures at contributors, contrary to Article 11(3), 31. as an administrator, failing to make changes it considers necessary to the input data or the methods for reflecting the market or economic reality, or failing to cease the provision of the benchmark, contrary to Article 11(4), 32. as an administrator, in determining a benchmark, applying a methodology that does not satisfy the requirements referred to there, contrary to Article 12(1), 33. as an administrator, in developing a benchmark methodology, failing to satisfy the requirements referred to there, contrary to Article 12(2), 34. as an administrator, failing to have clear, published rules identifying when the volume or quality of input data no longer meets the standards set and no longer allows a reliable determination of the benchmark, contrary to Article 12(3), 35. as an administrator, failing to publish or make available the information on the development, use, administration and amendment of the benchmark and the benchmark methodology referred to there, or failing to publish or make it available correctly, completely or in time, contrary to Article 13(1), second sentence, or (2), 36. as an administrator, failing to establish appropriate systems and effective controls to ensure the integrity of input data, contrary to Article 14(1), 37. as an administrator, failing, or failing effectively, to monitor input data and contributors so as to be able to notify the competent authority and communicate all relevant information to it, contrary to Article 14(2), first subparagraph, 38. as an administrator, failing to notify the Bundesanstalt of the information referred to there, or failing to notify it correctly, completely or without delay after suspicion of manipulation arises, contrary to Article 14(2), first subparagraph, 39. as an administrator, failing to have procedures for internally reporting breaches of Regulation (EU) 2016/1011 by its management, staff and any other natural persons whose services it may use, contrary to Article 14(3), 40. as an administrator, failing to draw up a code of conduct for benchmarks based on input data from contributors, or failing to draw it up to satisfy the requirements referred to there, contrary to Article 15(1), first sentence, in conjunction with paragraph 2, 41. as an administrator, failing, or failing sufficiently, to review compliance with a code of conduct, contrary to Article 15(1), second sentence, 42. as an administrator, failing to adapt a code of conduct in time, contrary to Article 15(4), second sentence, or (5), third sentence, in conjunction with paragraph 4, 43. as an administrator, failing to inform the Bundesanstalt of the code of conduct, or failing to inform it correctly, completely or in time, contrary to Article 15(5), first sentence, 44. as a supervised contributor, failing to satisfy the corporate governance and control requirements referred to there, contrary to Article 16(1), 45. as a supervised contributor, failing to have effective systems, controls and strategies to ensure the integrity and reliability of all contributions of input data or expert judgements under paragraph 3 for the administrator, contrary to Article 16(2) or (3), 46. as a supervised contributor, failing to retain records, or failing to retain them correctly, completely or for the prescribed period, contrary to Article 16(3), first sentence, 47. as a supervised contributor, in the examination and supervision of the provision of a benchmark, failing to make information or records available, or failing to make them available correctly or completely, or failing to cooperate fully with the administrator and the Bundesanstalt, contrary to Article 16(4), 48. as an administrator, failing to notify the Bundesanstalt of the intention to cease a critical benchmark, or failing to notify it in time, or failing to submit an assessment referred to in letter b, or failing to submit it in time, contrary to Article 21(1), first subparagraph, letter a, 49. as an administrator, ceasing to provide the benchmark within the period referred to there, contrary to Article 21(1), second subparagraph, 50. as an administrator, acting contrary to an enforceable order of the Bundesanstalt under Article 21(3), 51. as an administrator, failing to submit an assessment to the Bundesanstalt, or failing to submit it correctly, in the prescribed manner or in time, contrary to Article 23(2), 52. as a supervised contributor, failing to give notice to the administrator, or failing to give it correctly, in the prescribed manner or in time, contrary to Article 23(3), first sentence, 53. as an administrator, failing to inform the Bundesanstalt, or failing to inform it in time, contrary to Article 23(3), first sentence, 54. as an administrator, failing to submit an assessment specified there to the Bundesanstalt, or failing to submit it in time, contrary to Article 23(3), third sentence, 55. as a contributor, acting contrary to an enforceable order of the Bundesanstalt under Article 23(5), as a supervised undertaking under Article 23(6), or as a supervised contributor under Article 23(10), 56. as a contributor, failing to give a notice, or failing to give it in time, contrary to Article 23(11), 57. as an administrator, failing to give a notice, or failing to give it in time, contrary to Article 24(3), 58. as an administrator, failing to notify the Bundesanstalt of a decision or information, or failing to notify it correctly, completely or in time, contrary to Article 25(2), 59. as an administrator, acting contrary to an enforceable order of the Bundesanstalt under Article 25(3), first sentence, 60. as an administrator, failing to publish or update a statement of compliance, or failing to publish it correctly, completely, in the prescribed manner or in time, contrary to Article 25(7), 61. as an administrator, failing to inform the Bundesanstalt, or failing to inform it correctly, completely or in time, of exceeding the threshold referred to in Article 24(1)(a), or failing to observe the time limit referred to in the second sentence, contrary to Article 26(2), first sentence, 62. as an administrator, failing to publish a statement of compliance, or failing to publish it correctly, completely or without delay, a) after deciding not to apply one or more provisions referred to in Article 26(1), or b) after deciding not to apply one or more provisions referred to in Article 26(1), failing to submit it to the Bundesanstalt, or failing to submit it completely or without delay, or failing to update it, contrary to Article 26(3), 63. as an administrator, acting contrary to an enforceable order of the Bundesanstalt under Article 26(4), 64. as an administrator, failing to publish a benchmark statement, or failing to publish it correctly, completely, in the prescribed manner or in time, contrary to Article 27(1), 65. as an administrator, failing to review and update a benchmark statement, or failing to do so in time, contrary to Article 27(1), third subparagraph, 66. as an administrator, failing to publish or update the measures referred to there, or failing to publish them correctly, completely, in the prescribed manner or in time, contrary to Article 28(1), 67. as a supervised undertaking, failing to draw up a plan satisfying the requirements referred to there, or failing to draw it up correctly, completely or in the prescribed manner, or failing to update it, or failing to submit it to the Bundesanstalt, or failing to submit it completely or in time, or failing to have regard to it, contrary to Article 28(2), 68. as a supervised undertaking, using a benchmark that does not satisfy the requirements referred to there, contrary to Article 29(1), 69. as an issuer, offeror or person requesting admission of a security to trading on a regulated market, failing to ensure that a prospectus contains information stating whether the benchmark is provided by an administrator entered in the register under Article 36, contrary to Article 29(2), 70. as an administrator, acting contrary to Article 34(1) by acting without first having obtained an authorisation or registration under paragraph 6, 71. as an administrator, continuing to act contrary to Article 34(2) although the conditions for authorisation under Regulation (EU) 2016/1011 are no longer satisfied, 72. as an administrator, failing to notify the Bundesanstalt of material changes, or failing to notify them correctly, completely or without delay after they occur, contrary to Article 34(2), 73. failing to submit an application, or failing to submit it in time, contrary to Article 34(3), 74. providing incorrect particulars as to the information required to demonstrate compliance with the requirements of Regulation (EU) 2016/1011, contrary to Article 34(4), or 75. in connection with an investigation concerning compliance with the obligations under Regulation (EU) 2016/1011, acting contrary to an enforceable order of the Bundesanstalt under sections 6 to 10.
(12) It is a regulatory offence for any person who, intentionally or negligently, 1. acts contrary to an enforceable order under a) section 6(2a) or (2d), b) section 6(2b) or (2c), c) section 6(3), first sentence, d) section 87(6), first sentence, no. 1 or no. 2, letter b, e) section 92(1), 2. fails to permit or tolerate entry, contrary to section 6(11), first or second sentence, or section 107(6), first sentence, 3. fails to appoint an auditor, or fails to appoint one in time, contrary to section 89(1), fourth sentence, 4. fails to give notice, or fails to give it correctly, completely or in time, contrary to section 89(3), first sentence, or 5. fails to make an annual financial report or a half-yearly financial report available, or fails to make it available in the prescribed manner or in time, contrary to section 114(1), first sentence, or section 115(1), first sentence, in each case including in conjunction with section 117, or fails to make a payment report or consolidated payment report available, or fails to make it available in time, contrary to section 116(1) in conjunction with section 341w of the Commercial Code.
(13) It is a regulatory offence for any person who breaches Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (OJ L 86, 24.3.2012, p. 1), as last amended by Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1), by, intentionally or negligently, acting contrary to an enforceable order under Article 18(2), second or third sentence, Article 19(2), Article 20(2) or Article 21(1) or Article 23(1).
(14) It is a regulatory offence for any person who recklessly commits an act referred to in section 119(3), nos. 1 to 3.
(15) It is a regulatory offence for any person who breaches Regulation (EU) No 596/2014, as amended on 23 October 2024, by, intentionally or recklessly, 1. as the operator of a trading venue, failing to make available or update identifying reference data in relation to a financial instrument, or failing to make it available or update it correctly, completely, in the prescribed manner or in time, contrary to Article 4, 2. engaging in market manipulation, contrary to Article 15, 3. failing to establish or maintain effective arrangements, systems and procedures, contrary to Article 16(1), first subparagraph, or (2), first sentence, 4. failing to make a report, or failing to make it correctly, completely, in the prescribed manner or in time, contrary to Article 16(1), second subparagraph, 5. failing to give notice, or failing to give it correctly, completely, in the prescribed manner or in time, contrary to Article 16(2), second sentence, 6. failing to disclose inside information, or failing to disclose it correctly, completely, in the prescribed manner or in time, contrary to Article 17(1), first subparagraph, or Article 17(2), first subparagraph, first sentence, 6a. failing to ensure the confidentiality of inside information, or failing to ensure it for the prescribed period, contrary to Article 17(1a), 7. failing to ensure a publication, contrary to Article 17(1), second subparagraph, first sentence, 8. combining the publication of inside information with the marketing of its activities, contrary to Article 17(1), second subparagraph, second sentence, 9. failing to publish inside information, or failing to publish it correctly, completely, in the prescribed manner or in time, or failing to display it on the relevant website for at least five years, contrary to Article 17(1), second subparagraph, third sentence, 10. failing to inform the competent authority of a delay in disclosure, or failing to inform it correctly, completely, in the prescribed manner or in time, or failing to explain a delay in disclosure, or failing to explain it correctly, completely, in the prescribed manner or in time, contrary to Article 17(4), second subparagraph, first sentence, 11. failing to publish inside information, or failing to publish it correctly, completely, in the prescribed manner or in time, contrary to Article 17(8), first sentence, 12. failing to draw up a list, or failing to draw it up correctly, completely, in the prescribed manner or in time, contrary to Article 18(1)(a), 13. failing to update an insider list, or failing to update it correctly, completely, in the prescribed manner or in time, contrary to Article 18(1)(b) in conjunction with Article 18(4), 14. failing to make an insider list available, or failing to make it available correctly, completely, in the prescribed manner or in time, contrary to Article 18(1)(c), 15. failing to take the arrangements referred to there, contrary to Article 18(2), first subparagraph, 16. failing to retain an insider list after it is drawn up or updated, or failing to retain it for at least five years, contrary to Article 18(5), 17. failing to make a notification, or failing to make it correctly, completely, in the prescribed manner or in time, contrary to Article 19(1), first subparagraph, including in conjunction with Article 19(7), first subparagraph, in each case including in conjunction with an implementing technical standard under Article 19(15), 18. failing to ensure a publication, or failing to ensure it correctly, completely, in the prescribed manner or in time, contrary to Article 19(3), first subparagraph, in conjunction with Article 19(4), including in conjunction with an implementing technical standard under Article 19(15), 19. failing to notify a person referred to there, or failing to notify them correctly, completely or in the prescribed manner, contrary to Article 19(5), first subparagraph, first sentence, or second subparagraph, 20. failing to draw up a list, or failing to draw it up correctly or completely, contrary to Article 19(5), first subparagraph, second sentence, 21. failing to retain a copy, or failing to retain it for at least five years, contrary to Article 19(5), second subparagraph, 22. entering into a transaction on own account or on behalf of a third party, contrary to Article 19(11), or 23. failing to ensure, or failing to ensure in the prescribed manner, that information is presented objectively or that interests or conflicts of interest are disclosed, contrary to Article 20(1), including in conjunction with a regulatory technical standard under Article 20(3).
(15a) It is a regulatory offence for any person who, intentionally or recklessly, fails to complete a suspicious transaction report correctly, contrary to Article 5(5) of Commission Delegated Regulation (EU) 2016/957 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the appropriate arrangements, systems and procedures as well as notification templates to be used for preventing, detecting and reporting abusive practices or suspicious orders or transactions (OJ L 160, 17.6.2016, p. 1).
(16) It is a regulatory offence for any person who breaches Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) (OJ L 352, 9.12.2014, p. 1; L 358, 13.12.2014, p. 50), by, intentionally or recklessly, 1. failing to draw up or publish a key information document, or failing to draw it up or publish it correctly, completely, in time or in the prescribed manner, contrary to a) Article 5(1), b) Article 5(1) in conjunction with Article 6, c) Article 5(1) in conjunction with Article 7(2), d) Article 5(1) in conjunction with Article 8(1) to (3), 2. failing to draw up or translate a key information document in the prescribed manner, contrary to Article 5(1) in conjunction with Article 7(1), 3. failing to review a key information document, or failing to review it in time, contrary to Article 10(1), first sentence, 4. failing to revise a key information document, or failing to revise it completely, contrary to Article 10(1), first sentence, 5. failing to make a key information document available, or failing to make it available in time, contrary to Article 10(1), second sentence, 6. making statements in marketing materials that contradict the information in the key information document or diminish its significance, contrary to Article 9, first sentence, 7. failing to include the required indications in marketing materials, or failing to include them correctly or completely, contrary to Article 9, second sentence, 8. failing to make a key information document available, or failing to make it available in time or in the prescribed manner, contrary to a) Article 13(1), (3) and (4), or b) Article 14, 9. failing to provide, or failing to provide in the prescribed manner, appropriate procedures and arrangements for the submission and handling of complaints, contrary to Article 19(a) and (b), or 10. failing to provide, or failing to provide in the prescribed manner, appropriate procedures and arrangements ensuring that retail investors have effective redress procedures available in the event of cross-border disputes, contrary to Article 19(c).
(17) The regulatory offence may, in the cases under subsection (2), no. 2, letters d and e, no. 4, letters a, b and e to g, and subsection (12), no. 5, be sanctioned with a fine of up to EUR 2 million. As against a legal person or association of persons, a higher fine may be imposed beyond the first sentence; the fine may not exceed the higher of the following amounts: 1. EUR 10 million, or 2. 5 per cent of the total turnover achieved by the legal person or association of persons in the financial year preceding the authority's decision. Beyond the amounts referred to in the first and second sentences, the regulatory offence may be sanctioned with a fine of up to twice the economic advantage obtained from the breach. The economic advantage comprises profits made and losses avoided, and may be estimated.
(18) The regulatory offence may be sanctioned: 1. in the cases under subsections (14) and (15), no. 2, with a fine of up to EUR 5 million, 2. in the cases under subsection (2), no. 3, subsection (15), nos. 3 to 11, and subsection (15a), with a fine of up to EUR 1 million, and 3. in the remaining cases under subsection (15), with a fine of up to EUR 500,000.
(18a) In the case of a legal person or association of persons, the regulatory offence may, by way of derogation from subsection (18) in conjunction with section 30(2), second sentence, of the Act on Regulatory Offences, be sanctioned: 1. in the cases under subsections (14) and (15), no. 2, with a fine of up to EUR 15 million, 2. in the cases under subsection (15), nos. 3 to 11, with a fine of up to EUR 2.5 million, 3. in the remaining cases under subsection (15), with a fine of up to EUR 1 million.
(18b) In the case of a legal person or association of persons with a total turnover of more than EUR 100 million, a regulatory offence in the cases under subsections (14) and (15), no. 2, may, by way of derogation from subsection (18a), no. 1, be sanctioned with a fine of up to 15 per cent of total turnover.
(18c) In the case of a legal person or association of persons with a total turnover of more than EUR 125 million, the regulatory offence may, by way of derogation from 1. subsection (18a), no. 2, in the cases under subsection (15), nos. 3 to 11, be sanctioned with a fine of up to 2 per cent, 2. subsection (18a), no. 3, in the remaining cases under subsection (15), be sanctioned with a fine of up to 0.8 per cent, of total turnover.
(18d) In the cases under subsections (14) and (15), the regulatory offence may, 1. for a natural person, beyond subsection (18), and 2. for a legal person or association of persons, beyond subsections (18a) to (18c), be sanctioned with a fine of up to three times the profits made or losses avoided as a result of the breach. The amount of profits made or losses avoided may be estimated.
(19) The regulatory offence may, in the cases under subsection (16), be sanctioned with a fine of up to EUR 700,000. As against a legal person or association of persons, a higher fine may be imposed beyond the first sentence; this may not exceed the higher of the amounts of EUR 5 million and 3 per cent of the total turnover achieved by the legal person or association of persons in the financial year preceding the authority's decision. Beyond the amounts referred to in the first and second sentences, the regulatory offence may be sanctioned with a fine of up to twice the economic advantage obtained from the breach. The economic advantage comprises profits made and losses avoided, and may be estimated.
(20) The regulatory offence may, in the cases under subsections (8) to (9a), be sanctioned with a fine of up to EUR 5 million. As against a legal person or association of persons, a higher fine of up to 10 per cent of the total turnover achieved by the legal person or association of persons in the financial year preceding the authority's decision may be imposed beyond the first sentence. Beyond the amounts referred to in the first and second sentences, the regulatory offence may be sanctioned with a fine of up to twice the economic advantage obtained from the breach. The economic advantage comprises profits made and losses avoided, and may be estimated.
(21) The regulatory offence may, in the cases under subsection (10), be sanctioned with a fine of up to EUR 5 million. As against a legal person or association of persons, a higher fine may be imposed beyond the first sentence; this may not exceed 1. in the cases under subsection (10), first sentence, nos. 1 and 2, the higher of the amounts of EUR 5 million and 10 per cent of the total turnover achieved by the legal person or association of persons in the financial year preceding the authority's decision, 2. in the cases under subsection (10), first sentence, nos. 3 and 4, the higher of the amounts of EUR 15 million and 10 per cent of the total turnover achieved by the legal person or association of persons in the financial year preceding the authority's decision. Beyond the amounts referred to in the first and second sentences, the regulatory offence may be sanctioned with a fine of up to three times the economic advantage obtained from the breach. The economic advantage comprises profits made and losses avoided, and may be estimated.
(22) The regulatory offence may, in the cases under subsection (11), first sentence, nos. 1 to 27, 29, 30 and 32 to 74, be sanctioned with a fine of up to EUR 500,000, and, in the cases under subsection (11), first sentence, nos. 28, 31 and 75, with a fine of up to EUR 100,000. As against a legal person or association of persons, a higher fine may be imposed beyond the first sentence; this may not exceed 1. in the cases under subsection (11), first sentence, nos. 27, 29, 30 and 32 to 74, the higher of the amounts of EUR 1 million and 10 per cent of the total turnover achieved by the legal person or association of persons in the financial year preceding the authority's decision, 2. in the cases under subsection (11), first sentence, nos. 28, 31 and 75, the higher of the amounts of EUR 250,000 and 2 per cent of the total turnover achieved by the legal person or association of persons in the financial year preceding the authority's decision. Beyond the amounts referred to in the first and second sentences, the regulatory offence may be sanctioned with a fine of up to three times the economic advantage obtained from the breach. The economic advantage comprises profits made and losses avoided, and may be estimated. The first to fourth sentences apply correspondingly to other associations, with the proviso that the relevant total turnover is 10 per cent of the aggregated turnover of the shareholders, where the other association is a parent undertaking or a subsidiary undertaking.
(22a) The regulatory offence may, in the cases under subsection (12), no. 1, letter a, be sanctioned with a fine of up to EUR 700,000. As against a legal person or association of persons, a higher fine may be imposed beyond the first sentence; this may not exceed the higher of the amounts of EUR 5 million and 3 per cent of the total turnover achieved by the legal person or association of persons in the financial year preceding the authority's decision. Beyond the amounts referred to in the first and second sentences, the regulatory offence may be sanctioned with a fine of up to twice the economic advantage obtained from the breach. The economic advantage comprises profits made and losses avoided, and may be estimated.
(23) Total turnover within the meaning of subsection (17), second sentence, no. 2, subsections (18b) and (18c), subsection (19), second sentence, subsection (20), second sentence, subsection (21), second sentence, subsection (22), second sentence, and subsection (22a), second sentence, is 1. in the case of credit institutions, payment institutions, financial services institutions and securities institutions within the meaning of section 340 of the Commercial Code, the total amount resulting from the national law applicable to the institution in accordance with Article 27, nos. 1, 3, 4, 6 and 7, or Article 28, B1, B2, B3, B4 and B7, of Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions (OJ L 372, 31.12.1986, p. 1), less value added tax and other taxes levied directly on those revenues, 2. in the case of insurance undertakings, the total amount resulting from the national law applicable to the insurance undertaking in accordance with Article 63 of Council Directive 91/674/EEC of 19 December 1991 on the annual accounts and consolidated accounts of insurance undertakings (OJ L 374, 31.12.1991, p. 7), less value added tax and other taxes levied directly on those revenues, 3. in all other cases, the amount of net turnover in accordance with the national law applicable to the undertaking, in accordance with Article 2, no. 5, of Directive 2013/34/EU. Where the legal person or association of persons is a parent undertaking or a subsidiary, the relevant total amount in the consolidated financial statements of the parent undertaking, drawn up for the largest body of undertakings, takes the place of the total turnover of the legal person or association of persons. Where the consolidated financial statements for the largest body of undertakings are not drawn up under the provisions referred to in the first sentence, total turnover is determined by reference to the items of the consolidated financial statements comparable to those referred to in the first sentence, nos. 1 to 3. Where an annual financial statement or consolidated financial statement is not available for the relevant financial year, the annual or consolidated financial statement for the immediately preceding financial year is decisive; where that is also unavailable, total turnover may be estimated.
(24) The regulatory offence may be sanctioned 1. in the cases under subsection (2), no. 2, letters f to h, no. 2b, and no. 4, letter c, no. 10 and no. 15, subsection (6), nos. 3 to 5, and subsection (7), nos. 3 to 10, 14, 17 and 18, with a fine of up to EUR 500,000, 2. in the cases under subsection (1), nos. 2 and 3, subsection (2), no. 1, no. 2, letters a, b and k to n, no. 2a, 14a and 16, subsection (4), no. 5, subsection (6), nos. 1 and 2, subsection (7), nos. 1, 12 and 13, and subsection (12), no. 1, letter c, with a fine of up to EUR 200,000, 3. in the cases under subsection (1), no. 4, subsection (2), nos. 6 to 8 and 11 to 13, subsection (7), nos. 2, 11, 15 and 16, and subsection (12), no. 1, letter d, with a fine of up to EUR 100,000, 4. in the remaining cases under subsections (1), (2), (4), (7) and (12), and in the cases under subsections (3), (5), (9b) and (13), with a fine of up to EUR 50,000.
(25) Section 17(2) of the Act on Regulatory Offences does not apply to breaches of requirements and prohibitions referred to in subsections (17) to (22). This does not apply to regulatory offences under subsection (2), no. 4, letter a, subsection (8), nos. 43 and 44, 134 to 137, and subsection (15), no. 1. Section 30 of the Act on Regulatory Offences also applies to legal persons or associations of persons that operate in Germany through a branch or by way of cross-border services.
(26) The prosecution of regulatory offences under subsections (17) to (22) becomes time-barred after three years.
(27) Subsection (2), nos. 5 and 14, subsection (3), and subsection (12), no. 1, letter c, nos. 3 and 4, in each case in conjunction with subsection (24), also apply to the licensable investment management within the meaning of section 2(13), third sentence. Subsection (8), nos. 27 to 37, 39 to 53, 97 to 100, 103 to 112 and 123, in each case in conjunction with subsection (20), also apply to investment services undertakings and credit institutions where they sell structured deposits or provide advice on them within the meaning of section 96. Subsection (8), nos. 88 to 96 and 98 to 102, in each case in conjunction with subsection (20), also applies to undertakings within the meaning of section 3, first sentence. Subsection (8), nos. 2, 27 to 126 and 134 to 136, in each case in conjunction with subsection (20), also applies to undertakings within the meaning of section 3(3), first and second sentences.
(28) The Federal Ministry of Finance is authorised, insofar as this is necessary for the enforcement of legal acts of the European Union, to designate, by statutory instrument not requiring the consent of the Bundesrat, the offences that may be sanctioned as a regulatory offence under subsection (2), no. 16.
Home› Securities & Investment Funds› WpHG-EN
Part 17 · Criminal and Regulatory-Fine Provisions › Section 120
Regulatory-fine provisions; authorisation to issue statutory instruments
←→ also move between sections