Article 24
1.
This Article applies to infringements of Article 5(1), Articles 6 and 7, Article 8(1) to (3), Article 9, Article 10(1), Article 13(1), (3) and (4) and Articles 14 and 19.
2.
The competent authorities shall have the power to impose, in accordance with national law, at least the following administrative sanctions and measures:
(a)
an order prohibiting the marketing of a PRIIP;
(b)
an order suspending the marketing of a PRIIP;
(c)
a public warning which indicates the person responsible for, and the nature of, the infringement;
(d)
an order prohibiting the provision of a key information document which does not comply with the requirement of Articles 6, 7, 8 or 10 and requiring the publication of a new version of a key information document;
(e)
administrative fines of at least:
(i)
in the case of a legal entity:
—
up to EUR 5 000 000 , or, in the Member States whose currency is not the euro, the corresponding value in the national currency on 30 December 2014, or up to 3 % of the total annual turnover of that legal entity according to the last available financial statements approved by the management body, or
—
up to twice the amount of the profits gained or losses avoided because of the infringement where those can be determined;
(ii)
in the case of a natural person:
—
up to EUR 700 000 , or, in the Member States whose currency is not the euro, the corresponding value in the national currency on 30 December 2014, or
—
up to twice the amount of the profits gained or losses avoided because of the infringement where those can be determined.
Where the legal entity referred to in point (e)(i) of the first subparagraph is a parent undertaking or a subsidiary of a parent undertaking which is required to prepare consolidated financial statements according to Directive 2013/34/EU of the European Parliament and of the Council ( 3 ), the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with the relevant Union law in the area of accounting according to the last available consolidated financial statements approved by the management body of the ultimate parent undertaking.
3.
Member States may provide for additional sanctions or measures and for higher levels of administrative fines than those provided for in this Regulation.
4.
Where the competent authorities have imposed one or more administrative penalties or measures in accordance with paragraph 2, the competent authorities shall have the power to issue or require the PRIIP manufacturer or person advising on, or selling, the PRIIP to issue a direct communication to the retail investor concerned, giving them information about the administrative sanction or measure, and informing them where to lodge complaints or submit claims for redress.
( 3 ) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).