S.L. 330.16 Art. 9Administrative penalties and other measures for breaches of the PEPP Regulation.

(1) Without prejudice to the generality of regulation

10, the supervisory powers of the competent authority, the competent authority shall impose administrative penalties and other measures for the following breaches:

(a) a financial undertaking as referred to in Article 6(1) of the PEPP Regulation has obtained a registration of a PEPP through false or misleading statements or any other irregular means in infringement of Articles 6 and 7 of the PEPP EUROPEAN PERSONAL PENSION PRODUCT (PEPP))

Regulation;

(b) a financial undertaking as referred to in Article 6(1) of the PEPP Regulation provides, respectively distributes, products bearing the designation "pan-European Personal Pension Product" or "PEPP" without the required registration;

(c) a PEPP provider has not provided the portability service in infringement of Article 18 or 19 of the PEPP Regulation or the information about that service required under Articles 20 and 21 of the PEPP Regulation, or has failed to meet the requirements and obligations set out in Chapter IV, Chapter V, Articles 48 and 50, and Chapter VII of the PEPP Regulation;

(d) a depositary has failed to fulfil its oversight duties under Article 48 of the PEPP Regulation.

(2) Without prejudice to the generality of regulation 9, the competent authority shall have the power to impose the following administrative penalties and other measures for the breaches referred to 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 69 of the PEPP 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 on any member of the financial undertaking’s management, supervisory or administrative body or any other natural person, who is held responsible, from exercising management functions in such undertakings;

(d) in the case of a natural person, administrative penalties of up to seven hundred thousand euro (EUR700,000);

(e) in case of a legal person, an administrative penalty of up to five million euro (EUR5,000,000) or up to 10% of the total annual turnover according to the latest available accounts approved by the management, supervisory or administrative 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 turnover shall be the total annual turnover or the corresponding type of income in accordance with the relevant accounting legislative acts according to the latest available consolidated accounts approved by the management, supervisory or administrative body of the ultimate parent undertaking;

(f) 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 point (d) or (e), respectively.

(3) The competent authority shall cooperate closely with other European regulatory authorities to ensure that the administrative penalties and other measures produce the results pursued by the PEPP Regulation. The competent authority shall also coordinate its actions with other European competent authorities to avoid possible duplication and overlap when applying administrative penalties and other measures to cross-border cases.