Article 38h — Fines — compare
Showing 1 of 1Release 2 Nov 2026Details
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- MiFIR: every English consolidation from 1 Jan 2022. Older wording is not held and is not replaced by any other text. Not covered: national guidance, court decisions.
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- Release c89ff15e published 2 Nov 2026, 05:02 CET. This article checked word for word against EUR-Lex on 26 Oct 2026.
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- 1 January 2022 · Consolidated version of 1 January 2022 · Checked against EUR-Lex on 26 Oct 2026 · Official source
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- 2 November 2026 · Consolidated version of 28 March 2024 · Checked against EUR-Lex on 26 Oct 2026 · Official source
1.Where ESMA, in accordance with Article 38k(5), ESMA finds that anya person haslisted in Article 38b(1), point (a), has intentionally or negligently, committed one of the infringements not complied with any of the requirements provided forlaid down in Article 22 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).