Relating to the above infringements, the below MAR sanctions summary is limited to administrative sanctions and does not include e.g. illegal insider trading, which carries significantly more severe consequences including criminal prosecution for financial crimes under national law. Such sanctions include:
- withdrawal of the authorisation of an investment firm;
- a public warning indicating the person responsible for, and nature of, the infringement;
- a cease and desist order for the person responsible for the infringement (to repeat that conduct);
- a temporary or in some cases even permanent ban of a PDMR within an investment firm (or any other natural person), who is held responsible for the infringement, from exercising management functions in investment firms;
- a temporary ban of a PDMR within an investment firm (or another natural person), who is held responsible for the infringement, from dealing on own account;
- disgorging profits gained due to the infringement;
- max administrative pecuniary sanctions of at least 3 times the amount of the profits gained due the infringement;
- for a natural person, max administrative pecuniary sanctions of at least:
- EUR 5 000 000 for art. 14 or 15 infringements;
- EUR 1 000 000 for art. 16 or 17 infringements;
- EUR 500 000 for art. 18, 19 or 20 infringements;
- for a legal person, max administrative pecuniary sanctions of at least:
- EUR 15 000 000 or 15 % of the total annual turnover for art. 14 or 15 infringements;
- EUR 2 500 000 or 2 % of the total annual turnover for art. 16 or 17 infringements;
- EUR 1 000 000 for art. 18, 19 or 20 infringements.
