(16)

Articles 65 and 66 are replaced by the following: ‘Article 65 Administrative penalties, periodic penalty payments and other administrative measures 1. Without prejudice to the supervisory powers of competent authorities referred to in Article 64 of this Directive and the right of Member States to provide for and impose criminal penalties, Member States shall lay down rules on administrative penalties, periodic penalty payments and other administrative measures in respect of breaches of national provisions transposing this Directive, of Regulation (EU) No 575/2013 and of decisions taken by a competent authority on the basis of those provisions or that Regulation, and shall take all measures necessary to ensure that they are implemented. The administrative penalties, periodic penalty payments and other administrative measures shall be effective, proportionate and dissuasive. 2. Member States shall ensure that where the obligations referred to in paragraph 1 of this Article apply to institutions, financial holding companies and mixed financial holding companies, competent authorities may, in the event of a breach of national provisions transposing this Directive, of Regulation (EU) No 575/2013 or of decisions taken by a competent authority on the basis of those provisions or that Regulation, apply administrative penalties, periodic penalty payments and other administrative measures to members of the management body, senior management, key function holders, other members of staff whose professional activities have a material impact on the institution’s risk profile as referred to in Article 92(3) of this Directive and to other natural persons, provided they are responsible for the breach under national law. 3. The application of periodic penalty payments shall not prevent competent authorities from imposing administrative penalties or other administrative measures for the same breach. 4. Competent authorities shall have all the information gathering and investigatory powers necessary for the exercise of their functions. Those powers shall include: 5. By way of derogation from paragraph 1, where the legal system of a Member State does not provide for administrative penalties, this Article may be applied in such a manner that the penalty is initiated by the competent authority and imposed by a judicial authority, while ensuring that those legal remedies are effective and have an equivalent effect to the administrative penalties imposed by competent authorities. In any event, the penalties imposed shall be effective, proportionate and dissuasive. The Member States referred to in the first subparagraph shall communicate to the Commission the measures of national law which they adopt pursuant to this paragraph by 10 January 2026 and, without delay, any subsequent amendments thereto. Article 66 Administrative penalties, periodic penalty payments and other administrative measures for breaches of authorisation requirements and requirements for acquisitions or divestiture of material holdings, material transfers of assets and liabilities, mergers or divisions 1. Member States shall ensure that their laws, regulations and administrative provisions provide for administrative penalties, periodic penalty payments and other administrative measures at least where: 2. Member States shall ensure that in the cases referred to in paragraph 1, the measures that can be applied include at least the following: For the purposes of the first subparagraph, point (b), Member States may set a higher maximum amount for periodic penalty payments to be applied per day of breach. By way of derogation from the first subparagraph, point (b), Member States may apply periodic penalty payments on a weekly or monthly basis. In that case, the maximum amount of periodic penalty payments to be applied for the relevant weekly or monthly period when a breach takes place shall not exceed the maximum amount of periodic penalty payments that would apply on a daily basis in accordance with that point for the relevant period. Periodic penalty payments may be imposed on a given date and start applying at a later date. 3. The total annual net turnover referred to in paragraph 2, point (a)(i), of this Article shall be the sum of the following items, determined in accordance with Annexes III and IV to Commission Implementing Regulation (EU) 2021/451 (*15): For the purposes of this Article, the basis for the calculation shall be the most recent yearly supervisory financial information which produces an indicator above zero. Where the legal person referred to in paragraph 2 of this Article is not subject to Implementing Regulation (EU) 2021/451, the relevant total annual net turnover shall be the total annual net turnover or the corresponding type of income in accordance with the applicable accounting framework. Where the undertaking concerned is part of a group, the relevant total annual net turnover shall be the total annual net turnover resulting from the consolidated account of the ultimate parent undertaking. 4. The average daily net turnover referred to in paragraph 2, point (b)(i), shall be the total annual net turnover referred to in paragraph 3 divided by 365. (*14) Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011 (OJ L 333, 27.12.2022, p. 1)." (*15) Commission Implementing Regulation (EU) 2021/451 of 17 December 2020 laying down implementing technical standards for the application of Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to supervisory reporting of institutions and repealing Implementing Regulation (EU) No 680/2014 (OJ L 97, 19.3.2021, p. 1).’;" the power to require the following natural or legal persons to provide all the information that is necessary in order for competent authorities to carry out their tasks, including the information required to be provided at recurring intervals and in specified formats for supervisory and related statistical purposes: institutions established in the Member State concerned; financial holding companies established in the Member State concerned; mixed financial holding companies established in the Member State concerned; mixed-activity holding companies established in the Member State concerned; persons belonging to the entities referred to in points (i) to (iv); third parties to whom the entities referred to in points (i) to (iv) of this point have outsourced functions or activities, including ICT third-party service providers referred to in Chapter V of Regulation (EU) 2022/2554 of the European Parliament and of the Council (*14); the power to conduct all necessary investigations of any person referred to in points (a)(i) to (vi) established or located in the Member State concerned where necessary to carry out the tasks of the competent authorities, including the power to: require the submission of documents; examine the books and records of the persons referred to in points (a)(i) to (vi) and take copies or extracts from such books and records; obtain written or oral explanations from any person referred to in points (a)(i) to (vi) or their representatives or staff; interview any other person who consents to be interviewed for the purpose of collecting information relating to the subject matter of an investigation; and conduct, subject to other conditions set out in Union law, all necessary inspections at the business premises of the legal persons referred to in points (a)(i) to (vi) and any other undertaking included in consolidated supervision where a competent authority is the consolidating supervisor, subject to the prior notification of the competent authorities concerned; if an inspection requires authorisation by a judicial authority under national law, such authorisation shall be applied for. activities as a credit institution are commenced without obtaining prior authorisation in breach of Article 8 of this Directive; at least one of the activities referred to in Article 4(1), point (1)(b), of Regulation (EU) No 575/2013 is carried out by an entity that meets the threshold indicated in that point and that is not authorised as a credit institution, except for entities requesting the waiver under Article 8a of this Directive; the business of taking deposits or other repayable funds from the public is conducted without being authorised as a credit institution in breach of Article 9 of this Directive; a qualifying holding in a credit institution is acquired, directly or indirectly, or further increased, directly or indirectly, such that the proportion of the voting rights or of the capital held would reach or exceed the thresholds referred to in Article 22(1) of this Directive or the credit institution would become the subsidiary of the acquirer, without notifying in writing the competent authorities of the credit institution in relation to which the acquirer seeks to acquire or increase the qualifying holding, during the assessment period, or against the opposition of the competent authorities, in breach of that Article; a qualifying holding in a credit institution is disposed of, directly or indirectly, or reduced as a result of which the proportion of the voting rights or of the capital held would fall below the thresholds referred to in Article 25 of this Directive or the credit institution would cease to be a subsidiary of the legal person disposing of the qualifying holding, without notifying in writing the competent authorities, in breach of that Article; a financial holding company or mixed financial holding company within the scope of Article 21a(1) of this Directive fails to apply for approval in breach of that Article or breaches any other requirement set out in that Article; a proposed acquirer within the meaning of Article 27a(1) of this Directive fails to notify the relevant competent authority of a direct or indirect acquisition of a material holding, in breach of that Article; any of the entities referred to in Article 27d of this Directive fails to notify the relevant competent authority of a direct or indirect disposal of a material holding that exceeds 15 % of the eligible capital of that entity; any of the entities referred to in Article 27f(1) of this Directive executes a material transfer of assets and liabilities without notifying the competent authorities, in breach of that Article; any of the entities referred to in Article 27i(1) of this Directive carries out a merger or division in breach of that Article. administrative penalties: in the case of a legal person, administrative pecuniary penalties of up to 10 % of the total annual net turnover of the undertaking; in the case of a natural person, administrative pecuniary penalties of up to EUR 5 million or, in the Member States whose currency is not the euro, the corresponding value in the national currency on 17 July 2013; administrative pecuniary penalties of up to twice the amount of the profits gained or losses avoided because of the breach, where those profits gained or losses avoided can be determined; periodic penalty payments: in the case of a legal person, periodic penalty payments of up to 5 % of the average daily net turnover, which, in the case of an ongoing breach, the legal person shall be obliged to pay per day of breach until compliance with an obligation is restored; the periodic penalty payment may be imposed for a period of up to six months from the date set out in the decision of the competent authority requiring the termination of a breach and imposing the periodic penalty payment; in the case of a natural person, periodic penalty payments of up to EUR 50 000 or, in the Member States whose currency is not the euro, the corresponding value in the national currency on 9 July 2024, which, in the case of an ongoing breach, the natural person shall be obliged to pay per day of breach, until compliance with an obligation is restored; the periodic penalty payment may be imposed for a period of up to six months from the date set out in the decision of the competent authority requiring the termination of a breach and imposing the periodic penalty payment; other administrative measures: a public statement which identifies the natural person, institution, financial holding company, mixed financial holding company or intermediate EU parent undertaking responsible and the nature of the breach; an order requiring the natural or legal person responsible to cease the conduct and to desist from a repetition of that conduct; suspension of the voting rights of the shareholder or shareholders held responsible for the breaches referred to in paragraph 1; subject to Article 65(2), a temporary ban against a member of the management body or any other natural person who is held responsible for the breach from exercising functions in institutions. interest income; interest expenses; expenses on share capital repayable on demand; dividend income; fee and commission income; fee and commission expenses; gains or losses on financial assets and liabilities held for trading, net; gains or losses on financial assets and liabilities designated at fair value through profit or loss, net; gains or losses from hedge accounting, net; exchange differences (gain or loss), net; other operating income; other operating expenses.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04 · Text as adopted (Official Journal); later amendments are not incorporated in this text.