Article 70 MiFID IISanctions for infringements

AI-generated What this provision does

Requires Member States to provide effective, proportionate and dissuasive administrative sanctions and measures for all breaches of MiFID II and MiFIR (unless subject to criminal sanctions), applicable to firms and to management body members and other responsible persons. It lists the provisions whose breach must be sanctionable and the minimum sanctions, including public statements, cease-and-desist orders, withdrawal of authorisation, management bans and fines whose maximum must be at least EUR 5 million or 10% of annual turnover for legal persons (EUR 5 million for natural persons), or at least twice the profit gained or loss avoided.