Regulatory Alerts2009-08-01
Added · Updated
Decree on Administrative Fines in the Financial Sector
The Decree establishes a three-tier system for administrative fines under the Financial Supervision Act, retaining fixed fines for minor offences while introducing flexible systems with statutory maximums of €1,000,000 and €4,000,000 for more serious violations. Supervisory authorities must determine fine amounts by considering the gravity, duration, and imputability of the offence, as well as the offender's financial capacity, with exceptions allowing the use of obtained advantage or double maximums for recidivism. The framework also extends to pension legislation, incorporating specific mitigating factors related to pension scheme members' interests.
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