Provisions on regulatory fines

(1) It is a regulatory offence for whoever, wilfully or recklessly, 1. contrary to a) section 10(1), first sentence, section 14(2), first sentence, or section 35(1), first sentence or (2), first sentence, b) section 21(2), first sentence, section 23(1), first sentence or (2), first sentence, or section 27(3), first sentence, or c) section 1(5), second sentence in conjunction with a statutory instrument under section 1(5), third sentence, fails to make a publication, or makes it incorrectly, incompletely, not in the prescribed manner, or not in time, 2. contrary to a) section 10(2), first sentence, also in conjunction with section 35(1), fourth sentence, section 14(1), first sentence, or section 35(2), first sentence, b) section 10(5), also in conjunction with section 35(1), fourth sentence, or section 14(4), also in conjunction with section 21(2), second sentence or section 35(2), second sentence, or c) section 27(3), second sentence, fails to make a notification, information or transmission, or makes it incorrectly, incompletely, not in the prescribed manner, or not in time, 3. contrary to section 10(3), third sentence, also in conjunction with section 35(1), fourth sentence, or section 14(2), second sentence, also in conjunction with section 35(2), second sentence, makes a publication or discloses an offer document, 4. contrary to section 10(4), first sentence, also in conjunction with section 35(1), fourth sentence, fails to send a publication, or sends it incorrectly, incompletely, or not in time, 5. contrary to section 14(3), second sentence, also in conjunction with section 14(3), third sentence, section 21(2), second sentence, section 23(1), second sentence or (2), second sentence, section 33c(3), fifth sentence, or section 35(2), second sentence, or contrary to section 27(3), third sentence, fails to make a notification, or makes it incorrectly or not in time, 6. contrary to section 15(3) makes a publication, 7. contrary to section 26(1) or (2) makes an offer, 7a. contrary to section 26(1) or (2) publishes its intention to make an offer under section 10(3), first sentence, 8. contrary to section 33(1), first sentence or section 33a(2), first sentence undertakes an act named there, 9. contrary to section 33a(3), section 33b(3) or section 33c(3), third sentence, fails to make an information, or makes it incorrectly, incompletely, or not in time, or 10. contrary to section 33c(3), fourth sentence, fails to make a publication, or makes it incorrectly, incompletely, not in the prescribed manner, or not in time.
(2) It is a regulatory offence for whoever, wilfully or negligently, 1. acts contrary to an enforceable order under section 28(1) or section 40(1), first sentence, or 2. fails to permit or to tolerate entry contrary to section 40(2), first or second sentence.
(3) The regulatory offence may, in the cases of subsection (1), no. 1, letter (a), no. 3, and nos. 6 to 8, be punished by a regulatory fine of up to EUR 5 million; in the cases of subsection (1), no. 1, letter (b), no. 2, letter (a), and no. 4, by a regulatory fine of up to EUR 2.5 million; and in the remaining cases, by a regulatory fine of up to EUR 1 million.
(4) A higher regulatory fine, beyond subsection (3), may be imposed on a legal person or association of persons; this may not exceed 1. in the cases of subsection (1), no. 1, letter (a), no. 3, and nos. 6 to 8, the higher of EUR 10 million or 5 per cent of the total turnover that the legal person or association of persons achieved in the business year preceding the authority's decision, 2. in the cases of subsection (1), no. 1, letter (b), no. 2, letter (a), and no. 4, the higher of EUR 5 million or 2 per cent of that total turnover, and 3. in the remaining cases, EUR 2 million.
(5) Beyond the amounts named in subsections (3) and (4), the regulatory offence may be punished by a regulatory fine of up to twice the economic benefit derived from the infringement. The economic benefit comprises profits made and losses avoided and may be estimated.
(6) Total turnover within the meaning of subsection (4) is 1. in the case of credit institutions, payment institutions, securities institutions and financial services 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, points 1, 3, 4, 6 and 7, or Article 28, points 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; L 316, 23.11.1988, p. 51), as last amended by Directive 2006/46/EC (OJ L 224, 16.8.2006, p. 1), less value added tax and other taxes levied directly on that income, 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), as last amended by Directive 2006/46/EC (OJ L 224, 16.8.2006, p. 1), less value added tax and other taxes levied directly on that income, 3. in other cases, the amount of net turnover in accordance with the national law applicable to the undertaking pursuant to Article 2, point 5 of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19; L 369, 24.12.2014, p. 79), as last amended by Directive 2014/102/EU (OJ L 334, 21.11.2014, p. 86).
(7) Where the legal person or association of persons under subsection (4) is a parent undertaking or a subsidiary, the respective total amount in the consolidated accounts of the parent undertaking prepared for the largest group of undertakings is decisive in place of the total turnover of the legal person or association of persons. Where the consolidated accounts for the largest group of undertakings are not prepared in accordance with the provisions named in subsection (6), total turnover must be determined by reference to items in the consolidated accounts comparable to those named in subsection (6), nos. 1 to 3. Where annual accounts or consolidated accounts are not available for the relevant business year, the annual or consolidated accounts for the immediately preceding business year are decisive; where these are also not available, total turnover may be estimated.