S.L. 330.14 Art. 9Administrative penalties and other administrative measures for breaches of the Securitisation Regulation.

(1) Without prejudice to the generality of regulation

8, the competent authority shall impose administrative penalties and other administrative measures for the following breaches:

(a) an originator, sponsor or original lender has failed to meet the requirements provided for in Article 6 of the Securitisation Regulation;

(b) an originator, sponsor or SSPE has failed to meet the requirements provided for in Article 7 of the Securitisation Regulation;

(c) an originator, sponsor or original lender has failed to meet the criteria provided for in Article 9 of the Securitisation Regulation;

(d) an originator, sponsor or SSPE has failed to meet the requirements provided for in Article 18 of the Securitisation Regulation;

(e) a securitization is designated as STS and an originator, sponsor or SSPE of that securitization has failed to meet the requirements provided for in Articles 19 to 22 or Articles 23 to 26 of the Securitisation Regulation;

(f) an originator or sponsor makes a misleading notification pursuant to Article 27(1) of the Securitisation Regulation; (SECURITISATION)

(g) an originator or sponsor has failed to meet the requirements provided for in Article 27(4) of the Securitisation Regulation; or

(h) a third party authorized pursuant to Article 28 of the Securitisation Regulation has failed to notify changes to the information provided in accordance with Article 28(1) of the Securitisation Regulation, or any other changes that could reasonably be considered to affect the assessment of the competent authority.

(2) Without prejudice to the generality of regulation 8, the competent authority shall have the power to impose the following administrative penalties and other administrative measures for the breaches indicated in sub-regulation (1):

(a) a public statement which indicates the identity of the natural or legal person and the nature of the infringement in accordance with Article 37 of the Securitisation Regulation;

(b) an order requiring the natural or legal person to cease the conduct and to desist from a repetition of that conduct;

(c) a temporary ban preventing any member of the originator’s, sponsor’s or SSPE’s management body or any other natural person held responsible for the infringement from exercising management functions in such undertakings;

(d) in the case of an infringement as referred to in paragraphs (e) and (f) of sub-regulation (1) a temporary ban preventing the originator and sponsor from notifying under Article 27(1) that a securitisation meets the requirements set out in Articles 19 to 22 or Articles 23 to 26 of the Securitisation Regulation;

(e) in the case of a natural person, administrative penalties of up to five million euro (€5,000,000);

(f) in the case of a legal person, administrative penalties of up to five million euro (€5,000,000) or of up to 10% of the total annual net turnover of the legal person according to the last available audited accounts approved by the management body; where the legal person is a parent undertaking or a subsidiary of the parent undertaking which has to prepare consolidated financial accounts in accordance with Directive 2013/34/EU of the European Parliament and of the Council, the relevant total annual net turnover shall be the total net annual turnover or the corresponding type of income in accordance with the relevant accounting legislative acts according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking;

(g) administrative penalties of at least twice the amount of the benefit derived from the infringement where that benefit can be determined, even if that exceeds the maximum amounts in paragraphs (e) and (f) of this sub-regulation;

(h) in the case of an infringement as referred to in paragraph (h) of sub-regulation (1), a temporary withdrawal of the authorisation referred to in Article 28 for the third party authorised to check the compliance of a securitisation with Articles 19 to 22 or Articles 23 to 26 of the Securitisation Regulation.