Regulatory-fine provisions relating to Regulation (EU) 2019/1238

(1) It is a regulatory offence for any person who breaches Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European personal pension product (PEPP) (OJ L 198, 25.7.2019, p. 1), by, intentionally or recklessly, 1. offering or distributing a PEPP, contrary to Article 5(1), 2. failing to give notice, or failing to give it correctly, completely or in time, contrary to Article 6(6), second subparagraph, first sentence, 3. failing to provide a portability service, or failing to provide it in time, contrary to Article 18(1) in conjunction with paragraph 3, 4. failing to inform a PEPP saver, or failing to inform them correctly, completely or in time, contrary to Article 20(1), first subparagraph, 5. failing to inform the PEPP saver, or failing to inform them correctly, completely or without delay after becoming aware of the unavailability of the new sub-account, contrary to Article 20(1), third subparagraph, 6. failing to make a communication, or failing to make it correctly, completely or in time, contrary to Article 21(6), first sentence, 7. failing to maintain a product approval process, or failing to maintain it correctly, or failing to operate it, or failing to operate it correctly, contrary to Article 25(1), first subparagraph, in conjunction with the third subparagraph, 8. failing to make information referred to there available, or failing to make it available without delay after receiving a related request from a PEPP distributor, contrary to Article 25(1), fifth subparagraph, 9. failing to take a measure referred to there, or failing to take it before beginning the distribution of a PEPP, contrary to Article 25(1), sixth subparagraph, 10. failing to publish the PEPP key information document, or failing to publish it correctly, completely, in the prescribed manner or in time, contrary to Article 26(1), 11. failing to give a notice, or failing to give it before the conclusion of a PEPP contract, or failing to ensure that a potential PEPP saver can access a report referred to there, contrary to Article 26(8), 12. failing to review the PEPP key information document, or failing to review it in time, or failing to revise it, or failing to revise it in time, contrary to Article 30(1), first sentence, 13. failing to give information, or failing to give it in time, contrary to Article 34(1), first subparagraph, 14. failing to transmit a recommendation referred to there, or failing to transmit it correctly or in time, contrary to Article 34(2), first subparagraph, 15. failing to present a forecast referred to there, or failing to present it before the conclusion of a PEPP contract, or failing to give a notice, or failing to give it before the conclusion of a PEPP contract, contrary to Article 34(2), second subparagraph, first sentence, 16. failing to transmit an explanation referred to there, or failing to transmit it correctly, in the prescribed manner, or before conclusion of a contract referred to in Article 34(3), first sentence, contrary to Article 34(3), second sentence, 17. failing to ensure that a person referred to there has the knowledge and skills referred to there, or failing to provide evidence of this, or failing to provide it in time, contrary to Article 34(6), first sentence, 18. failing to transmit information referred to there, or failing to transmit it correctly, completely or in time, contrary to Article 35(4), including in conjunction with Article 38(2), second subparagraph, or contrary to Article 40(5), first sentence, 19. failing to inform a PEPP saver, or failing to inform them correctly, completely or in time, contrary to Article 35(6), 20. failing to provide information referred to there, or failing to provide it correctly, completely or in time, contrary to Article 38(1), 21. failing to provide information, or failing to provide it correctly, completely or in time, contrary to Article 38(2), first subparagraph, 22. failing to make information or a disclosure referred to there available, or failing to make it available correctly, completely or in time, contrary to Article 39, 23. failing to transmit information referred to there, or failing to transmit it correctly, completely or without delay after receipt of the PEPP customer's instruction, contrary to Article 52(1), second subparagraph, first sentence, 24. failing to call on the transferring PEPP provider to carry this out, or failing to call on it in time, contrary to Article 53(3), 25. failing to transmit information or a list referred to there, or failing to transmit it correctly, completely or in time, contrary to Article 53(4)(a) or (b), 26. accepting an incoming payment, contrary to Article 53(4)(c), 27. failing to transfer an amount or a contribution in kind, or failing to transfer it completely or in time, contrary to Article 53(4)(d), 28. failing to take an arrangement referred to there, or failing to take it completely or in time, contrary to Article 53(5), 29. charging a fee or charge, contrary to Article 54(3), third subparagraph, 30. charging costs, contrary to Article 54(4), or 31. acting contrary to an enforceable order under Article 63(1), first or second sentence, or Article 65(2), first subparagraph.
(2) It is a regulatory offence for any person who, intentionally or recklessly, provides incorrect or incomplete particulars in an application under Article 6(2), first sentence, of Regulation (EU) 2019/1238.
(3) The regulatory offence may be sanctioned with a fine of up to EUR 700,000. In the cases under subsection (1) or (2), in each case in conjunction with section 30(1) of the Act on Regulatory Offences, the regulatory offence may be sanctioned with a fine of up to EUR 5 million.
(4) In the case of a legal person or association of persons with an annual total turnover of more than EUR 50 million, the regulatory offence may, by way of derogation from subsection (3), second sentence, be sanctioned with a fine of up to 10 per cent of the annual total turnover shown in the most recent available financial statements approved by the management, supervisory or administrative body.
(5) The regulatory offence may, 1. for a natural person, beyond subsection (3), first sentence, and 2. for a legal person, beyond subsection (3), second sentence, or subsection (4), be sanctioned with a fine of up to twice the advantage obtained from the breach, insofar as it can be quantified.
(6) Section 120(23) and (26) applies correspondingly.