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Provision history · Benchmarks Regulation

Art. 48f · Fines

Benchmarks Regulation · 32016R1011 · every version of this act · on EUR-Lex

2 changes recorded across 2 versions, newest first.

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Version in force Modified +139 −12

Amended by Regulation (EU) 2025/914 32025R0914 on EUR-Lex

Applies from: no date changed

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

Paragraph 1 now also covers any failure to cooperate or comply in an investigation or with an inspection or request covered by Section 1 of the Chapter, in addition to the infringements already listed in Article 42(1), point (a).

The remainder of Article 48f, including the fine amounts and criteria in paragraphs 2 through 5, is unchanged between the two versions.

Cited: Art. 48f, v2 · Art. 48f, v1

v1 is the previous version, v2 this one.

Text from EUR-Lex, before and after

Previous version, in force 17 January 2025 02016R1011-20250117 → this version, in force 1 January 2026 02016R1011-20260101

Article 48f Fines 1. Where, in accordance with Article 48i(5), ESMA finds that any person has, intentionally or negligently, committed one or more of the infringements listed in point (a) of Article 42(1), point (a), or any failure to cooperate or comply in an investigation or with an inspection or request covered by Section 1 of this Chapter, 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 … 345 unchanged words … act or omission of a person constitutes more than one infringement listed in point (a) of Article 42(1), only the higher fine calculated in accordance with paragraph 2 of this Article and relating to one of those infringements shall apply.

Version in force Inserted

Amended by Regulation (EU) 2019/2175 32019R2175 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 and the amending act's instructions 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. All are shown; none is overruled.

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

This is a newly inserted provision setting out fines that ESMA may impose on a person found, intentionally or negligently, to have committed one of the infringements listed in point (a) of Article 42(1), including maximum amounts for legal and natural persons and rules for calculating those amounts and their aggregation across multiple infringements.

Cited: Art. 48f, v2

v1 is the previous version, v2 this one.

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