--- title: "Article 38h — Fines" type: regulation legal_status: in_force source: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123" source_retrieved: 2026-09-30 shortTitle: "Article 38h — Fines" instrument_type: level1_regulation authority: Commission binding: true binding_character: binding mica_level2: false legal_basis: "Regulation (EU) No 600/2014" instrument: mifir celex: "32014R0600" regulation: MiFIR regulation-full: "Regulation (EU) No 600/2014" article: 38h status: in_force object_id: eu.mifir.legal_text.article.38h text_version: "Consolidated version of 23 November 2025" source_url: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123" check_status: matched verified: true last_checked: 2026-10-26 --- *In force · Consolidated version of 23 November 2025 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123)* 1. Where ESMA, in accordance with [Article 38k(5)](38k.md), finds that a person listed in [Article 38b(1)](38b.md), point (a), has intentionally or negligently not complied with any of the requirements laid down in [Article 22](22.md) to 22c, or in Title IVa, it shall adopt a decision imposing a fine in accordance with paragraph 2 of this Article. An infringement shall be considered to have been committed intentionally if ESMA finds objective factors which demonstrate that a person acted deliberately to commit the infringement. 2. The maximum amount of the fine referred to in paragraph 1 shall be EUR 200 000 or, in the Member States whose currency is not the euro, the corresponding value in the national currency. 3. When determining the level of a fine pursuant to paragraph 1, ESMA shall take into account the criteria set out in [Article 38g(2)](38g.md). *** [Title VIa — ESMA powers and competences](../titles/via.md) · [← Article 38g](38g.md) · [Article 38i →](38i.md)