Requirement (MIFID)
Article 51 Administrative sanctions
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
1. Without prejudice to the procedures for the withdrawal of authorisation
or to the right of Member States to impose criminal sanctions,
Member States shall ensure, in conformity with their national law, that
the appropriate administrative measures can be taken or administrative
sanctions be imposed against the persons responsible where the provisions
adopted in the implementation of this Directive have not been
complied with. Member States shall ensure that these measures are
effective, proportionate and dissuasive.
2. Member States shall determine the sanctions to be applied for
failure to cooperate in an investigation covered by Article 50.
3. Member States shall provide that the competent authority may
disclose to the public any measure or sanction that will be imposed for
infringement of the provisions adopted in the implementation of this
Directive, unless such disclosure would seriously jeopardise the financial
markets or cause disproportionate damage to the parties involved.