S.L. 345.29 Art. 5Administrative penalties and other administrative measures.

(1) Without prejudice to any other power of the competent authority conferred to it under the Act, these regulations, the Green Bonds Regulation or any other applicable law, the competent authority shall, by notice in writing and without recourse to a court hearing, have the power to impose administrative penalties and take other appropriate administrative measures which shall be effective, proportionate and dissuasive. Such administrative penalties and other administrative measures shall be applied in any of the following circumstances:

(a) infringements by issuers of their obligations under Articles 10 to 15a, or Articles 18, 19 or 21 of the Green Bonds Regulation; and

(b) failure to cooperate or comply with an investigation, with an inspection or with a requirement under regulation 4(1).

(2) Without prejudice to the powers of the competent authority under the Act, these regulations, the Green Bonds Regulation or any other law, the competent authority shall, in relation to the infringements referred to in sub-article (1)(a), have the power to impose the following administrative penalties and other administrative measures:

(a) a public statement indicating the natural or legal person responsible and the nature of the infringement in accordance with regulation 4(1);

(b) an order requiring the natural or legal person responsible to cease the conduct constituting the infringement;

(c) an order prohibiting the natural or legal person responsible from issuing European Green Bonds for a period not exceeding one (1) year;

(d) maximum administrative penalties of at least twice the amount of the profits gained or losses avoided because of the infringement where those can be determined;

(e) in the case of a legal person, maximum administrative fines of five hundred thousand euro (€500,000), or zero point five per cent (0.5%) of the total annual turnover of that legal person according to the most recent available financial statements approved by the management body:

Provided that where the legal person is a parent undertaking or a subsidiary of a parent undertaking which is required to prepare consolidated financial statements in accordance with Directive 2013/34/EU, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with the applicable Union law in the field of accounting according to the most recent available consolidated accounts approved by the management body of the ultimate parent undertaking;

(f) in the case of a natural person, a maximum administrative penalty of fifty thousand euro (€50,000).

(3) When determining the type and level of an administrative penalty or other administrative measures to be imposed under these regulations, the competent authority shall take into account all the relevant circumstances including, where appropriate:

(a) the gravity and the duration of the infringement;

(b) the degree of responsibility of the person responsible for the infringement;

(c) the financial strength of the person responsible for the infringement as indicated by the total turnover of the responsible legal person or the annual income and net assets of the responsible natural person;

(d) the impact of the infringement on the interests of investors;

(e) the importance of the profits gained or losses avoided by the person responsible for the infringement or the losses for third parties caused by the infringement, insofar as they can be determined;

(f) the level of cooperation with the competent authority of the person responsible for the infringement, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by such person;

(g) previous infringements of these regulations or the Green Bonds Regulation by the person responsible for the infringement; and

(h) any measures taken after the infringement by the person responsible for the infringement to prevent its repetition.