1.   ESMA shall adopt a decision imposing a fine in accordance with paragraph 2 of this Article where, in accordance with Article 63(8), it finds that an external reviewer or any of the persons referred to in Article 54(1) has, by intent or negligence, committed one or more of the following infringements:

(a)	non-compliance with Article 24(1) or any provision of Title IV, Chapters 2 and 3;

(b)	the submission of false statements when applying for registration as an external reviewer, or the use of any other irregular means to obtain such registration;

(c)	failure to provide information in response to a decision requiring information pursuant to Article 54 or the provision of incorrect or misleading information in response to a request for information or a decision;

(d)	the obstruction of, or non-compliance with, an investigation pursuant to Article 55(1), point (a), (b), (c) or (e);

(e)	non-compliance with Article 56, by not providing an explanation on facts or documents related to the subject matter and purpose of an inspection, or by providing an incorrect or misleading explanation;

(f)	taking up the activity of external reviewers or purporting to be an external reviewer, without having been registered as an external reviewer.

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.   Without prejudice to paragraph 3, the minimum amount of the fine referred to in paragraph 1 shall be EUR 20 000. The maximum amount shall be EUR 200 000.

When determining the level of a fine pursuant to paragraph 1 of this Article, ESMA shall take into account the criteria set out in Article 59(3).

3.   Where a person has committed an infringement listed in paragraph 1 and directly or indirectly benefited financially from the infringement, the amount of the fine shall be at least equal to that financial benefit.

4.   Where an act or omission constitutes a combination of several infringements, ESMA shall apply a single fine. That fine shall be the highest of the applicable fines for that act or omission.