TITLE VSANCTIONS

F1Article 61Administrative sanctions and other measures

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Article 62Publication of decisions

1.

F2The competent authority must publish on its official website any decision imposing an administrative sanction or other measure for an infringement of this Regulation without undue delay after the person sanctioned is informed of that decision. The publication shall include at least information on the type and nature of the infringement and the identity of a natural or legal person on whom the sanction has been imposed.

Where the decision to impose a sanction or other measure is subject to an appeal before the relevant judicial or other relevant authorities, F3the competent authority must, without undue delay, publish on its official website information on the appeal status and outcome thereof. Moreover, any decision annulling a previous decision to impose a sanction or a measure shall also be published.

Where the publication of the identity of the legal persons or of the personal data of the natural persons is considered by the competent authority to be disproportionate following a case-by-case assessment conducted on the proportionality of the publication of such data, or where publication jeopardises the stability of financial markets or an ongoing investigation, F4the competent authority must do one of the following:

(a)

delay the publication of the decision to impose the sanction or other measure until the moment when the reasons for non-publication cease to exist;

(b)

publish the decision to impose the sanction or other measure on an anonymous basis in a manner which is in conformity with national law, if such anonymous publication ensures effective protection of the personal data;

(c)

not publish the decision to impose a sanction or other measure at all in the event that the options set out in points (a) and (b) above are considered to be insufficient to ensure:

  1. (i)

    that the stability of financial markets would not be put in jeopardy;

  2. (ii)

    the proportionality of the publication of such decisions with regard to measures which are deemed to be of a minor nature.

In the case of a decision to publish a sanction or other measure on an anonymous basis, the publication of the relevant data may be postponed for a reasonable period if it is envisaged that within that period the reasons for anonymous publication will cease to exist.

F5...

2.

F6The competent authority shall ensure that any publication, in accordance with this Article, shall remain on F7its official website for a period of at least five years after its publication. Personal data contained in the publication shall be kept on the official website of the competent authority only for the period necessary under the applicable data protection rules.

F8Article 63Sanctions for infringements

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Article 64Effective application of sanctions

F9... When determining the type and level of administrative sanctions or other measures, the competent F10authority F11must take into account all relevant circumstances, including, where appropriate:

  1. (a)

    the gravity and the duration of the infringement;

  2. (b)

    the degree of responsibility of the person responsible for the infringement;

  3. (c)

    the financial strength of the person responsible for the infringement, for example as indicated by the total turnover of the responsible legal person or the annual income of the responsible natural person;

  4. (d)

    the importance of the profits gained, losses avoided by the person responsible for the infringement or the losses for third parties derived from the infringement, insofar as they can be determined;

  5. (e)

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

  6. (f)

    previous infringements by the person responsible for the infringement.

Article 65Reporting of infringements

1.

F12The competent authority must establish effective mechanisms to encourage reporting of potential or actual infringements of this Regulation to competent authorities.

2.

The mechanisms referred to in paragraph 1 shall include at least:

(a)

specific procedures for the receipt and investigation of reports on potential or actual infringements and their follow-up, including the establishment of secure communication channels for such reports;

(b)

appropriate protection for employees of institutions who report potential or actual infringements committed within the institution against retaliation, discrimination or other types of unfair treatment at a minimum;

(c)

protection of personal data concerning both the person who reports the potential or actual infringements and the natural person who is allegedly responsible for an infringement in compliance with the principles laid down in F13data protection legislation;

(d)

protection of the identity of both the person who reports the infringements and the natural person who is allegedly responsible for an infringement, at all stages of the procedures unless such disclosure is required by national law in the context of further investigation or subsequent administrative or judicial proceedings.

3.

F14The competent authority shall require institutions to have in place appropriate procedures for their employees to report actual or potential infringements internally through a specific, independent and autonomous channel.

Such a channel may also be provided through arrangements provided for by social partners. The same protection as is referred to in points (b), (c) and (d) of paragraph 2 shall apply.

Article 66Right of appeal

F15The competent authority shall ensure that decisions and measures taken in pursuance of this Regulation are properly reasoned and subject to a right of appeal before a tribunal. The right of appeal before a tribunal shall apply where no decision is taken, within six months of its submission, in respect of an application for authorisation which contains all the information required under the provisions in force.