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Provision history · MiFIR

Art. 38h · Fines

Markets in Financial Instruments Regulation · 32014R0600 · every version of this act · on EUR-Lex

2 changes recorded across 2 versions, newest first.

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Version in force Modified +113 −70

Amended by Regulation (EU) 2024/791 32024R0791 on EUR-Lex

Applies from: no date changed

Explanation, written by a model and checked against the cited text

Paragraph 1 now names the person as one listed in Article 38b(1), point (a), rather than referring to any person generally.

The scope of infringements covered by paragraph 1 has been expanded from only the requirements in Title IVa to also include requirements laid down in Articles 22 to 22c.

Cited: Art. 38h, v2 · Art. 38h, v1

v1 is the previous version, v2 this one.

Text from EUR-Lex, before and after

Previous version, in force 9 January 2024 02014R0600-20240109 → this version, in force 28 March 2024 02014R0600-20240328

Article 38h Fines 1. Where ESMA, in accordance with Article 38k(5), ESMA finds that any a person has, listed in Article 38b(1), point (a), has intentionally or negligently, committed one of the infringements negligently not complied with any of the requirements provided for laid 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 200000 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).

Version in force Inserted

Amended by Regulation (EU) 2019/2175 32019R2175 on EUR-Lex · Regulation (EU) 2022/858 32022R0858 on EUR-Lex

Applies from: not readable (an inserted provision states its own application date only in prose) why

Not in every listWhat this means

Found in the text, but not every source lists it — the text comparison found this change; the EU's own amendment metadata does not list it. The source that does not name it is the EU's own amendment metadata. Both are shown; neither is overruled.

Explanation, written by a model and checked against the cited text

This is a new article that gives ESMA power to adopt a decision imposing a fine when it finds a person has intentionally or negligently committed an infringement of the requirements set out in Title IVa, following a determination made under Article 38k(5).

It sets the maximum fine at EUR 200000, or the equivalent value in national currency for Member States whose currency is not the euro, and requires the fine level to be determined by reference to the criteria listed in Article 38g(2).

It also specifies that an infringement is treated as intentional where ESMA finds objective factors showing the person acted deliberately to commit it.

Cited: Art. 38h, v2

v1 is the previous version, v2 this one.

Text from EUR-Lex, on this version's page