S.L. 330.9 Art. 114Instances when administrative penalties and other measures may be imposed by the Authority and the Resolution Committee.

(1) Without prejudice to the powers of the Authority to impose administrative penalties for breaches of provisions of the

Act or regulations or rules issued thereunder, administrative penalties and other administrative measures may be imposed by the

Authority in respect of breaches, including the following:

(a) failure to draw up, maintain and update recovery plans, and maintain detailed records of financial contracts, in breach of regulation 5;

(b) failure to draw up and submit to the Authority a group recovery plan, in breach of regulation 7;

(c) failure to submit to the Authority a revised recovery plan or group recovery plan and, or fails to take measures as directed by the Authority, in breach of regulations 6 and 8;

(d) failure to include a framework of indicators established by the institution, identifying the points at which appropriate actions may be taken, or failure to put in place appropriate arrangements for the regular monitoring of indicators, in breach of regulation 9;

(e) failure to notify an intention to provide group financial support to the Authority, in breach of regulation 25;

(f) failure of group entities to make public the information on the group financial support agreement and to update such information, in terms of regulations 26, in breach of such regulation;

(g) failure to comply with a requirement imposed by the Authority as an early intervention measure, in breach of regulation 27;

(h) failure to comply with a requirement imposed by the Authority on the removal of senior management or of the board of directors, and or failure to appoint new senior management or a new board of directors with the approval of the Authority.

(2) Without prejudice to the powers of the Resolution Committee to impose administrative penalties for breaches of provisions of the Act or regulations or rules issued thereunder, administrative penalties and other administrative measures may be imposed by the Resolution Committee in respect of breaches, including the following:

(a) failure to provide all the information necessary for the development of resolution plans infringing regulation 11;

(b) failure of the board of directors of a credit institution or an entity referred to in paragraphs (b), (c) or (d) of the definition "entity" in regulation 2(1) to notify the Authority when the said credit institution or entity is failing or likely to fail infringing regulation 81(1).

(3) In the cases referred to in sub-regulations (1) and (2), the administrative penalties and other administrative measures that can be applied include at least the following:

(a) a public statement which indicates the natural person, credit institution, financial institution, Union parent undertaking or other legal person responsible and the nature of the breach;

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

(c) a temporary ban against any director or member of the senior management of the credit institution or the entity referred to in paragraphs (b), (c) or (d) of the definition "entity" in regulation 2(1) or any other natural person, who is held responsible, to exercise functions in credit institutions or entities referred to in paragraphs (b), (c) or (d) of the definition "entity" in regulation 2(1);

(d) in the case of a legal person, administrative pecuniary penalties of up to 10% of the total annual net turnover of that legal person in the preceding business year: Provided that where the legal person is a subsidiary of a parent undertaking, the relevant turnover shall be turnover resulting from the consolidated accounts of the ultimate parent undertaking in the preceding business year;

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

(f) administrative pecuniary penalties of up to twice the amount of the benefits derived from the breach where that benefit can be determined.