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Directive 2014/65/EU of the European Parliament and of the CouncilShow full title

Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) (Text with EEA relevance)

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Article 72Exercise of supervisory powers and powers to impose sanctions

1.Competent authorities shall exercise the supervisory powers including, investigatory powers and powers to impose remedies, referred to in Article 69 and the powers to impose sanctions referred to in Article 70 in accordance with their national legal frameworks:

(a)

directly;

(b)

in collaboration with other authorities;

(c)

under their responsibility by delegation to entities to which tasks have been delegated pursuant to Article 67(2); or

(d)

by application to the competent judicial authorities.

2.Member States shall ensure that competent authorities, when determining the type and level of an administrative sanction or measure imposed under the exercise of powers to impose sanctions in Article 70, take into account all relevant circumstances, including, where appropriate:

(a)

the gravity and the duration of the infringement;

(b)

the degree of responsibility of the natural or legal person responsible for the infringement;

(c)

the financial strength of the responsible natural or legal person, as indicated in particular by the total turnover of the responsible legal person or the annual income and net assets of the responsible natural person;

(d)

the importance of profits gained or losses avoided by the responsible natural or legal person, insofar as they can be determined;

(e)

the losses for third parties caused by the infringement, insofar as they can be determined;

(f)

the level of cooperation of the responsible natural or legal person with the competent authority, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by that person;

(g)

previous infringements by the responsible natural or legal person.

Competent authorities may take into account additional factors to those referred to in the first subparagraph when determining the type and level of administrative sanctions and measures.

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