Article 49
Administrative penalties and other administrative measures
1.
Without prejudice to the supervisory and investigatory powers of competent authorities pursuant to Article 45, and the right of Member States to provide for and impose criminal penalties, Member States shall, in accordance with national law, provide for competent authorities to have the power to impose administrative penalties and take other appropriate administrative measures which shall be effective, proportionate and dissuasive. Those administrative penalties and other administrative measures shall apply to:
(a)
infringements by issuers of their obligations under Title II, Chapter 2, or Article 18, 19 or 21;
(b)
failure to cooperate or comply with an investigation, with an inspection or with a requirement under Article 45(1).
2.
Member States may decide not to lay down rules concerning the power of competent authorities to impose administrative penalties and take other appropriate administrative measures as referred to in paragraph 1 where the infringements referred to in point (a) or (b) of that paragraph are already subject to criminal penalties in their national law by 21 December 2024. Where they so decide, Member States shall notify to the Commission and to ESMA, in detail, the relevant parts of their criminal law.
3.
By 21 December 2024, Member States shall notify to the Commission and to ESMA, in detail, the rules referred to in paragraphs 1 and 2. They shall notify the Commission and ESMA without delay of any subsequent amendment thereto.
4.
Member States shall, in accordance with national law, ensure that competent authorities have the power to impose the following administrative penalties and other administrative measures in relation to the infringements referred to in paragraph 1, point (a):
(a)
a public statement indicating the natural or legal person responsible and the nature of the infringement in accordance with Article 45(1), point (l);
(b)
an order requiring the natural or legal person responsible to cease the conduct constituting the infringement;
(c)
an order prohibiting the natural or legal person responsible from issuing European Green Bonds for a period not exceeding one year;
(d)
maximum administrative fines of at least twice the amount of the profits gained or losses avoided because of the infringement where those can be determined;
(e)
in the case of a legal person, maximum administrative fines of at least EUR 500 000 , or, in the Member States whose currency is not the euro, the corresponding value in the national currency on 20 December 2023, or 0,5 % of the total annual turnover of that legal person according to the most recent available financial statements approved by the management body;
(f)
in the case of a natural person, maximum administrative fines of at least EUR 50 000 , or, in the Member States whose currency is not the euro, the corresponding value in the national currency on 20 December 2023.
For the purposes of the first subparagraph, point (e), where the legal person is a parent undertaking or a subsidiary of a parent undertaking which is required to prepare consolidated financial statements in accordance with Directive 2013/34/EU, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with the applicable Union law in the field of accounting according to the most recent available consolidated accounts approved by the management body of the ultimate parent undertaking.
5.
Member States may provide for additional penalties or measures and for higher levels of administrative fines than those provided for in this Regulation.