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Helmut Satzger - Harmonisierung strafrechtlicher Sanktionen in der Europäischen Union

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Helmut Satzger (ed.)

Harmonisierung strafrechtlicher Sanktionen in der Europäischen Union

Series: Schriften zum Internationalen und Europäischen Strafrecht

Volume 41 2020

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Pérez-Barberá, Verde, Basso Overview of criminal sanctions in Argentina S. 565-576

„… Overview of criminal sanctions in Argentina Gabriel Pérez-Barberá / Alejandra Verde / Marina Basso …” „… sanction and “security measures”2. 568 Legislative justification of punishment and sentencing3. 568 …” „… Legislative limits of punishment4. 569 Types of sanctions5. 570 Imprisonment5.1. 570 Fine5.2. 571 …”

Satzger, Linder, Neumann, Zimmermann Questionnaire – Harmonisation of Criminal Sanctions in the EU S. 769-792

„… Questionnaire – Harmonisation of Criminal Sanctions in the EU Helmut Satzger / Benedikt Linder …” „… guidelines for the future harmonisation of criminal sanctions in the EU. Addressee of these guidelines should …” „… implement EU legal acts and can possibly launch reforms of the law on national sanctions and of sanctioning …”

European Criminal Policy Initiative Category Model for the Harmonisation of Criminal Sanctions in Europe S. 707-742

„… Category Model for the Harmonisation of Criminal Sanctions in Europe European Criminal Policy …” „… Categorisation – the Term “Sanction”3.2.3. 726 Regulatory Density of the Category Model3.2.4. 727 Criteria …” „… sanctions in the European Union was developed following the tradition of a liberal, rule of law-based …”

Frände, Helenius, Suominen Country Report Finland S. 185-216

„… sanctionsf) 196 Sanctions that can only be imposed on certain groups of perpetrators 1.2.2. 197 Sanctions …” „… finnischen Länderberichts 186 The Finnish sanctioning system1. 187 Features of sanctions in a broad and in a …” „… strict sense1.1. 187 Sanctions in a broad sense provided for in the Finnish legal order1.2. 189 …”

Caeiro, Costa Country Report Portugal S. 379-426

„… sanctionsa) 395 Alternative (incl. substitutive) sanctionsb) 396 Accessory sanctionsc) 397 Confiscationd) 398 …” „… Länderberichts 381 The Portuguese sanctioning system1. 382 Sanctions lato sensu1.1. 382 Definition of ‘sanctions …” „… ’1.1.1. 382 Distinction between penal and administrative sanctions1.1.2. 384 Purposes of sanctions1.1.3 …”

Asp, Holmgren Country Report Sweden S. 455-488

„… Länderberichts 456 The Swedish System of Sanctions1. 459 Limitations imposed on the Legislature1.1. 459 …” „… Definition of Criminal Sanction1.2. 460 The Content of the Criminal Sanctions1.3. 461 The Punishments1.3.1 …” „… . 461 Finesa) 461 Imprisonmentb) 462 Other Sanctions for an Offence1.3.2. 464 Conditional Sentence and …”

Foffani, Viganò Country Report Italy S. 295-332

„… Länderberichts 296 The Italian System of Sanctions1. 297 Definition of criminal sanctions and relationship to …” „… other sanctions1.1. 297 General remarks1.1.1. 297 Criminal sanctions1.1.2. 299 Penaltiesa) 299 Security …” „… measuresb) 300 Non-criminal sanctions1.1.3. 301 Sanctions for legal persons: criminal or administrative …”

Bogdan Country Report Romania S. 427-454

„… Romanian sanctioning system1. 429 Definitions regarding criminal sanctions. The distinction of other …” „… sanctions 1.1. 429 The distinction from other sanctions1.2. 430 The content of criminal sanctions in a broad …” „… (additional and ancillary penalty) 1.3.4. 436 Preventive sanctions (security measures)1.3.5. 438 Sanctions …”

Elholm Country Report Denmark S. 77-108

„… of sanctions in Denmark1. 81 Definition of criminal sanction (penalty) – and “other legal …” „… consequences” of a criminal act 1.1. 81 Constitutional limitations1.2. 83 Sanctions (in a broad sense) provided …” „… Deprivation of rights1.3.3. 87 Protective/preventive sanctions1.3.4. 88 Other sanctions1.3.5. 89 Sanctions …”

Linder, Neumann, Pohlmann Comparative Conclusion S. 517-540

„… The Sanctioning Systems of the Legal Orders Examined1. 518 Definition of Criminal Sanctions and their …” „… Distinction from other Sanctions 1.1. 518 Consensus-based Core Elements of the Term “Criminal Sanction“ 1.1.1 …” „… . 518 Differentiation between One-track and Dual-track Systems1.1.2. 519 The Spectrum of Sanctions in …”

Nieto-Martín, Muñoz de Morales Romero, Rodríguez Yagüe Country Report Spain S. 149-184

„… Inhalt Zusammenfassung des spanischen Länderberichts 150 Sanction System1. 151 Criminal, administrative …” „… and disciplinary sanctions1.1. 151 Constitutional limits to criminal sanctions1.2. 153 Typology of …” „… sanctions1.3. 155 Deprivation of liberty1.3.1. 155 Life sentencea) 155 Prisonb) 156 Permanent traceabilityc …”

Satzger, Linder, Pohlmann Research Report S. 35-46

„… The guidelines on the harmonisation of criminal sanctions in Europe originate from the third major …” „… future harmonisation of criminal sanctions at the level of the European Union. With the help of a …” „… criminal law systems, the existence of administrative sanctions and their differentiation from criminal …”

Linder Results of the Complementary Investigations S. 641-664

„… information on the legal framework of sanctions in the different Member States and to examine whether the EU …” „… criminal sanctions, a complementary study of the threatened sanctions in the different Member States was …” „… different sanction systems. If one depicts the existing penalty frames using a bar chart,10 the diagrams of …”

Titelei/Inhaltsverzeichnis S. 1-20

„… .) Harmonisation of Criminal Sanctions in the European Union Nomos Schriften zum Internationalen und …” „… Harmonisation of Criminal Sanctions in the European Union Nomos BUT_Satzger_6081-7.indd 3 03.02.20 12:49 …” „… Harmonisation of Criminal Sanctions in the European Union Helmut Satzger (ed.) 803 pp. ISBN 978-3-8487-6081-7 …”

Bitzilekis, Kaiafa-Gbandi, Symeonidou-Kastanidou Länderbericht Griechenland S. 253-294

„… guilt-related criminal sanctions and safety measures, the latter of which can also be imposed on non-guilty …” „… offenders for preventive purposes. A criminal penalty is formally defined as a sanction provided for …” „… . Civil sanctions (e.g. damages, contractual penalty) and administrative sanctions are distinct from …”

Leblois-Happe, Frinchaboy Länderbericht Frankreich S. 217-252

„… monist system characterised by the fact that imposition of sanctions serves not only repressive, but also …” „… Criminal Procedure (Code de procédure pénale) and, in a broader sense, administrative sanctions, i.e. in …” „… the sector of banking and competition law. Main sanctions are monetary and custodial sentences, but …”

Satzger, Kaspar, Linder, Neumann Länderbericht Deutschland S. 109-148

„… system of sanctions in a broader sense comprises administrative as well as criminal sanctions. In …” „… offences he is obliged by fundamental rights to provide for criminal sanctions. The system of the latter …” „… ethically neutral. Criminal sanctions in the proper sense encompass imprisonment and fines as the two main …”

Zimmermann Strafrechtliche Sanktionen und das Recht der Europäischen Union: eine Bestandsaufnahme S. 577-614

„… Zimmermann Inhalt Abstract – Synopsis on criminal sanctions and EU law de lege lata 578 Einleitung1. 580 …” „… Schlussfolgerungen5. 610 Abstract – Synopsis on criminal sanctions and EU law de lege lata The influences of European …” „… Union law on criminal sanctions are manifold. In primary law, the fundamental freedoms in particular …”

European Criminal Policy Initiative Kategorienmodell zur Harmonisierung der strafrechtlichen Sanktionen in Europa S. 665-706

„… . 622 ff.; vgl. auch Study on minimum sanctions in the EU Member States, S. 187 (abrufbar unter …” „… kennen, bestehen hinsichtlich der Mindeststrafen ähnliche Dif- 2.2.2. a) 30 Study on minimum sanctions in …” „… wiegen können. So können in Polen nur Freiheitsstrafen bis zu mab) 32 Vgl. Study on minimum sanctions in …”

Satzger Strafzumessung in den USA S. 541-564

„… Europe - a large number of sometimes very conflicting sanction systems exist side by side, certain …” „… : so-called "Sentencing Guidelines" play an important role in the assessment of sanctions; in systematic terms …” „… , harmonisation of criminal sanctions and criminal law as a whole does not play a prominent role in the US. The …”

Fuchs, Zerbes, Stricker Länderbericht Österreich S. 47-76

„… , whereas administrative criminal law comprises sanctions imposed by administrative authorities. The …” „… legislator is in principle free to choose whether to use criminal or administrative sanctions, but …” „… guilt-related sanctions imposed by independent, irremovable and unremovable judges which have a stigmatising …”

Steinborn Länderbericht Polen S. 333-378

„… repressive one. The scope of sanctions in the broad sense includes imprisonment, monitoring measures and …” „… community service, alternative sanctions with deprivation of liberty, financial loss and …” „… “house arrest” with elec- Linder / Steinborn 334 tronic ankle monitor. Sanctions against legal persons …”

doi.org/10.5771/9783748902102

Justin Kotthaus - Binnenmarktrecht und externe Kapitalverkehrsfreiheit

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Justin Kotthaus

Binnenmarktrecht und externe Kapitalverkehrsfreiheit

Series: Studien zum Internationalen Wirtschaftsrecht - Studies on International Economic Law

Volume 6 2012

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Rechtsgrundlage für smart sanctions S. 197-201

„… sanctionsObschon durch die UN-Charta nur die Mitgliedstaaten selbst völkerrechtlich verpflichtet sind, erfolgt die …” „… gegen smart sanctionsSmart sanctions beinhalten massive Eingriffe in die Rechts- und …” „… Maßnahmen nach Art. 60 EGV unterlagen derKontrolle durch den EuGH.813smart sanctions auf Grundlage des …”

Rechtsschutz gegen smart sanctions S. 201-204

„… Gefährdungslage.Rechtsschutz gegen smart sanctionsSmart sanctions beinhalten massive Eingriffe in die Rechts- und …”

Vorwort S. 5-12

„… Finanzsanktionen nach der ehemaligen Rechtgrundlage des Art. 60Abs. 1 EGVI.195smart sanctions auf Grundlage des …” „… EGVII. 197Rechtsgrundlage für smart sanctions1. 198Rechtsschutz gegen smart sanctions2. 201Die …”

Finanzsanktionen nach der ehemaligen Rechtgrundlage des Art. 60 Abs. 1 EGV S. 195-197

„… Maßnahmen nach Art. 60 EGV unterlagen derKontrolle durch den EuGH.813smart sanctions auf Grundlage des …” „… werden als smart sanctions bezeichnet und nehmen schon seit geraumer Zeit in der Rechtspraxis eineII.808 …”

Literaturverzeichnis S. 225-236

„… 1998, S. 147 – 148Deja, Michal/Frau, Robert: Smart Sanctions des VN-Sicherheitsrats und Spielräume …” „… Sanctionsin der EU, in: ZEuS 2007, S. 1 – 69Mitschke, Wolfgang: Anwendung der Kapitalverkehrsfreiheit nach Art …”

doi.org/10.5771/9783845241326

Gordian N. Hasselblatt - Community Trade Mark Regulation

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Gordian N. Hasselblatt (ed.)

Community Trade Mark Regulation

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2015

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Sanctions S. 1004-1010

„… 2 9.1.580; Page size: 160.00mm 240.00mm Article 102 Sanctions 1. Where a Community trade mark …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 II. Sanctions …” „… sanctions (Art. 102 (2 …”

Applicable law S. 1000-1004

„… . 102 (2) – like Art. 102 (1) 2 – considers only the regulation of applicable law concerning ‘sanctions …” „… ) supersedes Art. 101 (2).1 7Art. 102 (2) thus determines the applicable law to the extent ‘sanctions’ for the …” „… of Art. 101 (2) as well, since these are not ‘sanctions’ in terms of Art. 102.7 The same applies to …”

Regulations governing use of the mark S. 812-814

„… , including sanctions. The regulations governing use of a mark referred to in Article 66 (2) must authorize …” „… , how they can become members and provide for sanctions. The minimum contents of regulations governing …” „… of the mark, including sanctions (sentence 1). This means that conditions of use of the mark …”

Luxembourg S. 1406-1413

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 2. Sanctions …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 c) Criminal sanctions …” „… ’) which rules on the legality of the concerned decision17. 2. Sanctions 34In CT infringement proceedings …”

Measures under Enforcement Directive 2004/48/EC S. 1262-1274

„… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 IX. Further national sanctions (Art. 16 …” „… under Art. 2 (1) and Art. 16, which allows the Member States to adopt further sanctions. 51 Art. 13 (2 …” „… particular circumstances, including prominent advertising. IX. Further national sanctions (Art. 16) 54Art. 16 …”

France S. 1340-1349

„… sanctions attached to such default, except where the communication was ordered by the tribunal under …” „… the ordering of criminal sanctions against the defendant by the Tribunal. It is much less frequent in …” „… criminal sanctions against the defendants by the tribunal, he usually prefers to (i) keep control over the …”

Denmark S. 1319-1328

„… & desist letter is sent without good cause, case law shows that courts would be reluctant to sanction …” „… claiming sanctions, damages or redress due to a legal wrong may be brought before the district court where …” „… under legal obligation to do so. If not complied with a court may impose sanctions by way of, for …”

Complementary application of national law relating to infringement S. 438-439

„… validity of CTMs, Community Trade Mark Courts, International Jurisdiction, Counter-claims and sanctions and …” „… mark shall be subject to the sanctions provided for in this Regulation, unless there are proper reasons …”

Entry into force S. 1259-1262

„… civil and criminal sanctions or the statute of limitations, or measures in relation to the competent …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 IX. Further national sanctions (Art. 16 …”

Austria S. 1274-1282

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 1. Sanctions …” „… to civil law and criminal law sanctions. In the following, an overview of both, civil law and …” „… law remedies 1. Sanctions 10According to Sections 51 to 59 of the Austrian Trade Mark Protection Act …”

Annex 4 Directive 2004/48/EC of the European Parliament and of the council S. 1542-1554

„… and remedies provided for under this Directive, criminal sanctions also constitute, in appropriate …” „… . CHAPTER III Sanctions by Member States Article 16 Sanctions by Member States Without prejudice to the …” „… may apply other appropriate sanctions in cases where intellectual property rights have been infringed …”

Portugal S. 1430-1434

„… decisions as a complementary sanction and a new framework for damages including legal costs. 3Our law …” „… directives about this topic. 8 At same time there is no special regime with or without sanctions for …”

Sweden S. 1465-1470

„… differences, the sanctions available under the Swedish Act on Company Names are similar to those provided …” „… Act. Sanctions under the Marketing Act include prohibition under penalty of a fine and damages. II …”

Poland S. 1425-1430

„… disputed in Poland. Art. 305 of the Industrial Property Act provides criminal sanctions for infringement of …” „… decisions as a complementary sanction and a new framework for damages including legal costs. 3Our law …”

Cyprus S. 1305-1311

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 d) Criminal sanctions …” „… . 27d) Criminal sanctions. Section 53A of the Trade marks Law, Cap. 268, as amended, provides that the …”

Annex 1 DIRECTIVE 2008/95/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL S. 1478-1488

„… period of five years, the trade mark shall be subject to the sanctions provided for in this Directive …” „… prior to that date attached sanctions to non-use of a trade mark during an uninterrupted period, the …” „… subparagraph of paragraph 1 shall be deemed to run from that date at the earliest. Article 11 Sanctions for …”

Community trade mark S. 28-62

„… similar/identical marks not binding . . . . . . . . . . 89 4. Criminal sanctions under national laws of the Member …” „… ; provisions on sanctions, remedies and enforcement of trade mark rights are also left to national law.89 But …”

Grounds for revocation S. 697-708

„… which it is registered, the Community trade mark shall be subject to the sanctions provided for in the …” „… during an uninterrupted period of five years. 12The main sanction for non-use of the trade mark is its …” „… providing the sanction of revocation for any trade mark that has not been put into genuine use ‘within a …”

Search S. 631-632

„… sanctions vis-a`-vis the national office or claim for recourse in favour of the applicant. Therefore, this …”

Publication of the application S. 632-633

„… forwarding of his application. Nor does the CDR provide for any sanctions vis-a`-vis the national office or …”

Use of a mark subject of an international registration S. 1235-1236

„… registration and, in the case of non-use, is subject to the same sanctions referred to in Art. 15 CTMR …”

Lithuania S. 1395-1406

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 2. Sanctions …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 c) Criminal sanctions …”

Index S. 1598-1627

„… enforcement of judgments 94 24 et seq. – sanctions see Sanctions by Community trade mark court – specific …”

Jurisdiction over infringement and validity S. 969-972

„… Community trade mark. These are all actions by which sanctions pursuant to Art. 102 can be sought based on …”

Provisional and protective measures S. 1010-1021

„… distinction between ‘sanctions’ and ‘all other matters’ will become obsolete as Art. 101 (2) determines the …” „… regulated in Art. 8 Dir. 2004/48 are not a sanction within the meaning of Art. 102 (2), so Art. 101 (2) is …”

Application for revocation or for a declaration of invalidity S. 725-729

„… sanction for failure to comply with the two-month deadline. Therefore, the request can only be declared …”

Conversion of a designation of the European Community through an international registration into a national trade mark application or into a designation of Member States S. 1231-1235

„… registration and, in the case of non-use, is subject to the same sanctions referred to in Art. 15 CTMR …”

Spain S. 1460-1465

„… differences, the sanctions available under the Swedish Act on Company Names are similar to those provided …”

Croatia S. 1297-1305

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 d) Criminal sanctions …”

Community collective marks S. 797-812

„… of the mark, including sanctions. The regulations governing use of a mark referred to in Article 66 …” „… , how they can become members and provide for sanctions. The minimum contents of regulations governing …”

Application of Regulation (EC) No 44/2011 S. 956-962

„… more convincing, however.14 This opinion does not differentiate between the sanctions regulated and not …”

Use of Community trade marks S. 439-465

„… , Community Trade Mark Courts, International Jurisdiction, Counter-claims and sanctions and in essence govern …” „… shall be subject to the sanctions provided for in this Regulation, unless there are proper reasons for …” „… be subject to sanctions which the CTMR provides for. Non-use may be justified only if there are …”

Latvia S. 1386-1395

„… party. It should be noted that the Latvian law does not provide for any sanctions or penalties for …”

Opposition S. 637-657

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116 5. Sanction …” „… . Sanction 117 If the opponent has not proven the existence, validity and scope of protection of his earlier …”

Examination of opposition S. 657-667

„… out his case under this law. 5. Sanction 117 If the opponent has not proven the existence, validity …”

Titelei/Inhaltsverzeichnis S. 1-27

„… ........................................................................................................... 973 Article 102 Sanctions …”

Counterclaims S. 988-1000

„… for which sanctions are imposed under Art. 96 (c) in conjunction with Art. 9 (3) are not acts of …”

Taking of evidence S. 846-860

„… credibility.58 64Where such statement carries the sanction of criminal liability, it is as such acceptable …”

Examination as to absolute grounds for refusal S. 615-631

„… Art. 51 CTMR (formerly Art. 50 CTMR) already constitutes a mechanism that sanctions a loss of …”

Annex 2 COMMISSION REGULATION (EC) No 2868/95 S. 1488-1533

„… , including sanctions; (g) where appropriate, the authorization referred to in the second sentence of Article …”

doi.org/10.5771/9783845258904

Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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Matthias Lehmann (ed.), Christoph Kumpan (ed.)

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

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Article 25 Sanctions S. 1029-1030

„… Parliament and the Council revoke the delegation. Article 25 Sanctions 1. Without prejudice to the right of …” „… Member States to impose criminal sanctions and without prejudice to their civil liability regime, Member …” „… can be taken or administrative sanctions be imposed against the persons responsible, where the …”

Article 70 Sanctions for infringements S. 362-368

„… non-discriminating. Article 70 Sanctions for infringements 1. Without prejudice to the supervisory powers including …” „… the right for Member States to provide for and impose criminal sanctions, Member States shall lay down …” „… rules on and ensure that their competent authorities may impose administrative sanctions and measures …”

Article 28 Administrative measures and sanctions S. 1216-1219

„… delegated act, together with the TD. Chapter VIA Sanctions and measures Article 28 Administrative measures …” „… and sanctions (1) Without prejudice to the powers of competent authorities in accordance with Article …” „… 24 and the right of Member States to provide for and impose criminal sanctions, Member States shall …”

Article 9 Sanctions for legal persons S. 637-640

„… referred to in Articles 3 to 6. Article 9 Sanctions for legal persons Member States shall take the …” „… , proportionate and dissuasive sanctions, which shall include criminal or non-criminal fines and may include other …” „… sanctions, such as: 53 Ibid, mn 6. 54 Market Abuse Directive, recital 16. Art. 9 MAD Carsten Gerner-Beuerle …”

Article 30 Administrative sanctions and other administrative measures S. 852-863

„… Chapter 5 Administrative measures and sanctions Article 30 Administrative sanctions and other …” „… administrative measures 1. Without prejudice to any criminal sanctions and without prejudice to the supervisory …” „… , provide for competent authorities to have the power to take appropriate administrative sanctions and other …”

Article 99 Sanctioning powers of competent authorities; minimum sanctions S. 1440-1442

„… permits such use.1 Article 99 Sanctioning powers of competent authorities; minimum sanctions 1. Without …” „… Member States to provide for and impose criminal sanctions, Member States shall lay down rules on …” „… administrative sanctions and other administrative measures to be imposed on companies and persons in respect of …”

Article 31 Exercise of supervisory powers and imposition of sanctions S. 863-865

„… 31 Exercise of supervisory powers and imposition of sanctions 1. Member States shall ensure that when …” „… determining the type and level of administrative sanctions, competent authorities take into account all …” „… powers to impose administrative sanctions and other administrative measures under Article 30, competent …”

Article 72 Exercise of supervisory powers and powers to impose sanctions S. 371-373

„… alia, the communication of decisions on (administrative and criminal) sanctions imposed but not …” „… published, aggregated data on all sanctions imposed, and all published decisions. The reporting obligations …” „… shall help ESMA to gain an oversight of sanctions imposed by Member States. Oversight is needed to …”

Article 71 Publication of decisions S. 368-371

„… MAR insofar as what is called a “pecuniary sanction” in MAR is referred to as a “fine” in MiFID II …” „… . Moreover, while the relevant provisions in MAR require the Member States to provide for sanctions of “at …” „… , say, 6% or 4%. This would undermine the efficiency of the EU sanctions regime, as it would (likely …”

Article 28 b Sanctioning powers S. 1219-1222

„… . Purpose Article 28 a defines the catalogue of breaches to which the sanctions laid down in Article 28 b …” „… least the following administrative measures and sanctions: (a) a public statement indicating the natural …” „… any repetition of that conduct; (c) administrative pecuniary sanctions of; (i) in the case of a legal …”

Article 29 Publication of decisions S. 1223-1226

„… I. Purpose Article 28 c complements the ‘sanctions and measures’ Chapter VIA by prescribing the …” „… type and the level of an administrative sanction or measure, which may or may not be one that is listed …” „… States shall provide that competent authorities are to publish every decision on sanctions and measures …”

Article 33 Exchange of information with ESMA S. 868-869

„… ,10 whose whistleblowing programme grants individual whistleblowers a share of the pecuniary sanction …” „… measure or sanction or a criminal sanction. In other words, a causal link between notification and …” „… sanction is required. The whistleblower will thus have to take a high risk: If the relevant information …”

Article 34 Publication of decisions S. 869-874

„… authorities in accordance with Articles 30, 31 and 32. ESMA shall publish data on criminal sanctions imposed …” „… sanctions or other administrative measures to the public, it shall simultaneously notify ESMA thereof. 4 …” „… . Where a published administrative or criminal sanction or other administrative measure relates to an …”

Article 29 S. 1093-1095

„… information regarding all administrative sanctions and measures imposed in accordance with Article 22 and …” „… , against which there is no appeal, imposing an administrative sanction or measure for infringements …” „… undue delay after the person on whom the sanction or measure was imposed has been informed of that …”

Article 24 S. 1091-1092

„… Member States may decide not to lay down rules for administrative sanctions as referred to in the …” „… first subparagraph for infringements which are subject to criminal sanctions under their national law …” „… , competent authorities shall cooperate closely to ensure that the administrative sanctions and measures …”

Article 99 a Minimum sanctioning S. 1442-1444

„… administrative pecuniary sanctions of at least EUR 5,000,000 or, in the Member States whose currency is not the …” „… undertaking; (f) in the case of a natural person, maximum administrative pecuniary sanctions of at least EUR …” „… pecuniary sanctions of at least twice the amount of the benefit derived from the infringement where that …”

Article 99 b Name and shame S. 1444-1445

„… decision against which there is no appeal imposing an administrative sanction or measure for infringements …” „… after the person on whom the sanction or measure was imposed has been informed of that decision. The …” „… sanction or measure until the reasons for non-publication cease to exist; (b) publish the decision to …”

Article 27 S. 1092-1093

„… undertaking. 3. Member States may provide for additional sanctions or measures and for higher levels of …” „… about the administrative sanction or measure, and informing them where to lodge complaints or submit …” „… claims for redress. Article 25 The competent authorities shall apply the administrative sanctions and …”

Article 22 S. 1090-1091

„… the right of Member States to provide for and impose criminal sanctions, Member States shall lay down …” „… rules establishing appropriate administrative sanctions and measures applicable to situations which …” „… implemented. Those sanctions and measures shall be effective, proportionate and dissuasive. 1 See definition …”

Article 32 Reporting of infringements S. 865-868

„… sult of existing criminal sanctions (see above → Art 30 mn 10), parallel criminal and …” „… administrative sanctions bearing very similar features are likely to be imposed simultaneously. Article 32 …” „… information is new, and that it results in the imposition of an administrative or criminal sanction, or the …”

Article 28 c Exercise of sanctioning powers S. 1222-1223

„… either as a discretionary decision or as a sanction that is triggered automatically by operation of law …” „… suspension order.12 Secondly, Member States may limit this sanction to extreme cases by providing in their …” „… ) clarifies that the voting right suspension is a minimum sanction only, and that Member States may provide …”

Article 99 d Protection of whistleblowers S. 1445-1447

„… . The harmonised sanctions regime shall ensure the same level of compliance in all Member States. Lesser …” „… sanctions in one Member State compared to another could weaken the effectiveness of the joint European …” „… provided by European competition law. II. Overview The harmonised sanctions system consists of: a …”

Article 2 Definitions S. 624-627

„… minimum standards regarding criminal sanctions for insider dealing and market manipulation. It constitutes …” „… the first attempt of the EU legislator to provide for a harmonised criminal sanctions regime. Under …” „… the 2003 market abuse regime, not all Member States provided for criminal sanctions, or indeed …”

Article 29 Disclosure of personal data to third countries S. 851-852

„… . 29 MAR Jörn Axel Kämmerer 851 1 2 3 4 Chapter 5 Administrative measures and sanctions Article 30 …” „… Administrative sanctions and other administrative measures 1. Without prejudice to any criminal sanctions and …” „… appropriate administrative sanctions and other administrative measures in relation to at least the following …”

Article 23 S. 1091

„… Member States may decide not to lay down rules for administrative sanctions as referred to in the …” „… first subparagraph for infringements which are subject to criminal sanctions under their national law …” „… , competent authorities shall cooperate closely to ensure that the administrative sanctions and measures …”

Article 25 S. 1092

„… undertaking. 3. Member States may provide for additional sanctions or measures and for higher levels of …” „… about the administrative sanction or measure, and informing them where to lodge complaints or submit …” „… claims for redress. Article 25 The competent authorities shall apply the administrative sanctions and …”

Article 26 S. 1092

„… undertaking. 3. Member States may provide for additional sanctions or measures and for higher levels of …” „… about the administrative sanction or measure, and informing them where to lodge complaints or submit …” „… claims for redress. Article 25 The competent authorities shall apply the administrative sanctions and …”

Article 69 Supervisory powers S. 358-362

„… criminal sanction (such as, pursuant to the ECtHR, administrative fines3 according to Article 70 of MiFID …” „… recognised by both European Union law4 and Article 6 ECHR).5 That principle prohibits sanctions of any kind …” „… administrative measures or sanctions pursuant to Article 70(6), the requirement of Article 70(5) appears to be …”

Introduction S. 644-650

„… instruments, the Market Abuse Regulation (the ‘Regulation’ or ‘MAR’) and a directive on criminal sanctions for …” „… the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse …” „… is problematic considering the importance of legal certainty and the formidable sanctions that a …”

Article 26 Right of appeal S. 1030-1031

„… may be, responsible for the information given in a prospectus. In general, sanctions apply to a broad …” „… to impose administrative sanctions in case of a breach of the Prospectus Directive is the competent …” „… Directive. Administrative sanctions applied as a result of a breach of the Prospectus Directive can mainly …”

Article 24 c Objections to delegated acts S. 1028-1029

„… Sanctions 1. Without prejudice to the right of Member States to impose criminal sanctions and without …” „… , that the appropriate administrative measures can be taken or administrative sanctions be imposed …” „… every measure or sanction that has been imposed for infringement of the provisions adopted pursuant to …”

Article 27 b Objections to delegated acts S. 1215-1216

„… delegated act, together with the TD. Chapter VIA Sanctions and measures Article 28 Administrative measures …” „… and sanctions (1) Without prejudice to the powers of competent authorities in accordance with Article …” „… 24 and the right of Member States to provide for and impose criminal sanctions, Member States shall …”

Article 6 Inciting, aiding and abetting, and attempt S. 629-637

„… , the scope of MAD 2014 was extended to include criminal sanctions for the unlawful disclosure of inside …” „… have discretion whether to impose criminal or non-criminal sanctions if the offence is committed by a …” „… requirement to impose criminal sanctions, at a minimum, for intentional conduct and in serious cases, and …”

Article 10 Jurisdiction Jörn Axel Kämmerer S. 640-644

„… requires the Member States to impose ‘effective, proportionate and dissuasive sanctions’. In determining …” „… whether a sanction satisfies these criteria, the same considerations apply as above with respect to …” „… natural persons (see paragraph 3). However, as mentioned in paragraph 1, sanctions do not have to be …”

Article 98 Powers of competent authorities; inquiry rights S. 1439-1440

„… permits such use.1 Article 99 Sanctioning powers of competent authorities; minimum sanctions 1. Without …” „… Member States to provide for and impose criminal sanctions, Member States shall lay down rules on …” „… administrative sanctions and other administrative measures to be imposed on companies and persons in respect of …”

Article 23 Powers of competent authorities S. 838-843

„… that some of the sanctions authorised by MAR qualify as criminal sanctions under the ECHR (e.g. severe …” „… administrative pecuniary sanctions),4 any investigation is subject to the principle of officiality and to the …” „… have found that EU law5 and Article 6 ECHR6 prohibit sanctions against natural persons for not …”

Articles 32 to 41 S. 937-939

„… establish penalties and administrative measures to sanction infringements of the SSR which are ‘effective …” „… thereof, as well as to inform ESMA annually about any sanctions imposed. Thus, Art 41 SSR lies between a …” „… . 1 See comment on → MAR. 2 Directive 2014/57/EU of 16 April 2014 on criminal sanctions for market …”

Article 28 a Breaches S. 1219

„… . Purpose Article 28 a defines the catalogue of breaches to which the sanctions laid down in Article 28 b …” „… least the following administrative measures and sanctions: (a) a public statement indicating the natural …” „… any repetition of that conduct; (c) administrative pecuniary sanctions of; (i) in the case of a legal …”

Article 11 Notification of acquisitions and disposals of qualifying holdings S. 53-58

„… . These powers include judicial orders, sanctions against directors and those responsible for management …” „… could use other sanctions specified in Art 70 MiFID, but not listed in Art 10(3) MiFID. Article 11 …” „… competent authorities, the Member States shall, regardless of any other sanctions to be adopted, provide …”

Article 28 S. 1093

„… information regarding all administrative sanctions and measures imposed in accordance with Article 22 and …” „… , against which there is no appeal, imposing an administrative sanction or measure for infringements …” „… undue delay after the person on whom the sanction or measure was imposed has been informed of that …”

Article 14 Prohibition of insider dealing and of unlawful disclosure of inside information S. 767-770

„… powers under Art 23 to ensure compliance, and may impose administrative sanctions or take other …” „… violated.1 Infringements of Art 14 do not give rise to criminal sanctions, but the 2014 Market Abuse …” „… . National laws must provide for criminal sanctions if a person engages in insider dealing (including …”

Index S. 1785-1803

„… , 15; MiFID II 70 4, 8 – against legal persons MiFID II 70 7 Administrative sanctions MAR 30 2, 7 et …” „… TD 28b 1 et seq. – sanctions TD 4 21 Approved Publication Arrangement MiFID II 63 14; MiFIR 20 3, 21 …” „… – official listing CARD 2 3 – sanctions CARD 17 1 et seq. – scope CARD 2 2 et seq. Central counterparty …”

Article 26 Cooperation with third countries S. 846-849

„… consolidated overview of the financial and spot markets, and shall detect and impose sanctions for cross-market …” „… authorities and ESMA).1 Context As regards administrative sanctions, Article 31(2) and Article 33 establish …” „… against the same persons. Still, the provision does not prohibit criminal sanctions imposed by the …”

Article 30 S. 1095-1096

„… application of sanctions across the EU and that penalties have a dissuasive effect the PRIIP …” „… can be determined.5 Member States may provide for additional sanctions or measures or for higher …” „… Authorities (‘ESAs’) about administrative sanctions and measures. The articles also regulate the collaboration …”

Articles 36 to 39 S. 1301-1303

„… miscellaneous provisions, such as sanctions and reporting requirements for ESMA and the Commission. Recitals …” „… to sanctions imposed by ESMA are governed by Art 6 Commission Delegated Regulation (EU) 946/2012. 1 …” „… Delegated Regulation (EU) 946/2012, the limitation period for sanctions imposed by ESMA pursuant to Arts 36a …”

Article 7 Criminal penalties for natural persons S. 637

„… referred to in Articles 3 to 6. Article 9 Sanctions for legal persons Member States shall take the …” „… , proportionate and dissuasive sanctions, which shall include criminal or non-criminal fines and may include other …” „… sanctions, such as: 53 Ibid, mn 6. 54 Market Abuse Directive, recital 16. Art. 9 MAD Carsten Gerner-Beuerle …”

Article 8 Liability of legal persons S. 637

„… referred to in Articles 3 to 6. Article 9 Sanctions for legal persons Member States shall take the …” „… , proportionate and dissuasive sanctions, which shall include criminal or non-criminal fines and may include other …” „… sanctions, such as: 53 Ibid, mn 6. 54 Market Abuse Directive, recital 16. Art. 9 MAD Carsten Gerner-Beuerle …”

Article 1 Subject matter S. 650

„… its disposal under Art 23, and which can impose administrative sanctions and other administrative …” „… Directive that requires Member States to impose criminal sanctions for insider dealing, the unlawful …” „… Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse (Market Abuse Directive …”

Article 21 S. 1090

„… the right of Member States to provide for and impose criminal sanctions, Member States shall lay down …” „… rules establishing appropriate administrative sanctions and measures applicable to situations which …” „… implemented. Those sanctions and measures shall be effective, proportionate and dissuasive. 1 See definition …”

Article 21 Disclosure or dissemination of information in the media S. 833-835

„… International Constitutional Law 217; van Erp J, ‘Naming without shaming: the publication of sanctions in the …” „… Unternehmens- und Gesellschaftsrecht 801; Riley A, ‘Modernising cartel sanctions: effective sanctions for price …” „… , ‘The Effectiveness of Insider-Trading Sanctions’ (1992) 35 Journal of Law and Economics 149; Siems M …”

Article 25 Obligation to cooperate S. 844-846

„… sanctions for infringements of the provisions of this Regulation referred to in that Article, they shall …” „… and overlap when applying administrative sanctions and other administrative measures to those …” „… States with respect to facilitating the recovery of pecuniary sanctions. 7. Without prejudice to Article …”

Article 12 Assessment procedures S. 58-61

„… Sanctions (Art 11(4) MiFID) In the event of non-compliance, NCAs shall have the same enforcement …” „… comments on → Art 10(3)). Those sanctions supplement those that the NCAs may impose, if the investment firm …” „… national law implementing the → Transparency Directive (see comments there), and those sanctions which …”

Article 20 S. 1089-1090

„… sanctions, Member States shall lay down rules establishing appropriate administrative sanctions and measures …” „… measures to ensure that they are implemented. Those sanctions and measures shall be effective …”

Article 99 e Reporting of penalties to ESMA S. 1447-1448

„… limits are utilised. e) the requirement to publish the sanction as well as the sanctioned entity, with …” „… ) of UCITSD aims at transparency regarding sanctions against intermediaries. This is important since …” „… impose sanctions because of the concomitant entry in the list. Article 100 Consumer complaints and …”

Article 22 Competent authorities S. 835-838

„… without shaming: the publication of sanctions in the Dutch financial market’ (2011) 5 Regulation …” „… Gesellschaftsrecht 801; Riley A, ‘Modernising cartel sanctions: effective sanctions for price fixing in the European …” „… Effectiveness of Insider-Trading Sanctions’ (1992) 35 Journal of Law and Economics 149; Siems M and Nelemans M …”

Titelei/Inhaltsverzeichnis

„… and of the Council of 16 April 2014 on criminal sanctions for market abuse (OJ L 173, 12.6.2014, p …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 69 358 Sanctions for infringements …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 71 368 Exercise of supervisory powers and powers to impose sanctions …”

Article 13 Accepted market practices S. 756-767

„… ) and the Proposal for a Directive of the European Parliament and of the Council on criminal sanctions …” „… or criminal sanctions.16 This view is contrary to the goal of establishing a single rulebook and the …” „… defence’, para 28). 18 Depending on the type of administrative sanction that can be imposed …”

Article 18 Insider lists S. 799-808

„… writing the legal and regulatory duties entailed and is aware of the sanctions applicable to insider …” „… Art. 18 MAR Wolf-Georg Ringe 799 117 aware of the sanctions applicable to insider dealing and unlawful …” „… regulatory duties entailed and be made aware of the sanctions applicable to insider dealing and unlawful …”

Article 17 S. 588-590

„… Art 12 LCD) pertains to sanctions for non-compliance with post-admission obligations. 1. 2. 1 Cf …” „… official listing of securities Art. 17 CARD Jessica Schmidt 589 2 3 4 5 6 States provide for sanctions …” „… which are effective, proportionate and dissuasive.8 Moreover, the adoption and publication of sanctions …”

Articles 42 to 48 S. 939-941

„… rules on penalties and administrative measures as sanctions for infringements of the SSR which are …” „… , List of administrative measures and sanctions, available online under https …” „… :// www.esma.europa.eu/sites/default/files/library/list_of_administrative_measures_and_sanctions.pdf. Chapter VII-IX Delegated acts, implementing acts and final provisions Arts 42 to 48 SSR Klaus …”

Article 15 Prohibition of market manipulation S. 770-772

„… each national competent authority (Art 22) and may result in administrative sanctions or other …” „… criminal sanctions can apply jointly, provided the administrative proceedings are not qualified as criminal …” „… individual case, and the supply or 2. 1. 4 Otherwise, imposing both administrative and criminal sanctions on …”

Article 10 Shareholders and members with qualifying holdings S. 50-53

„… situation. Such measures may include applications for judicial orders or the imposition of sanctions against …” „… shareholders and close links. These powers include judicial orders, sanctions against directors and those …” „… exlcusive; the NCA could use other sanctions specified in Art 70 MiFID, but not listed in Art 10(3) MiFID …”

Article 113 S. 622-623

„… criminal sanctions for market abuse (OJ L 173, 12.6.2014, p. 179-189) Article 1 Subject matter and scope 1 …” „… . This Directive establishes minimum rules for criminal sanctions for insider dealing, for unlawful …”

Articles 27 to 31 S. 934-937

„… establish penalties and administrative measures to sanction infringements of the SSR which are ‘effective …” „… thereof, as well as to inform ESMA annually about any sanctions imposed. Thus, Art 41 SSR lies between a …” „… . 1 See comment on → MAR. 2 Directive 2014/57/EU of 16 April 2014 on criminal sanctions for market …”

Article 64 S. 614-615

„… capitalisation of reserves (this is, for example, the case in Germany: see cf § 33(4) EGAktG). Sanctions for …” „… non-compliance With respect to sanctions for non-compliance with post-admission obligations, see above → Art 17 …”

Article 5 Market manipulation S. 628-629

„… , the scope of MAD 2014 was extended to include criminal sanctions for the unlawful disclosure of inside …” „… have discretion whether to impose criminal or non-criminal sanctions if the offence is committed by a …”

Articles 65-104 Art. 65-104 S. 615-616

„… ) EGAktG). Sanctions for non-compliance With respect to sanctions for non-compliance with post-admission …”

Article 1 Subject matter and scope S. 623-624

„… and of the Council of 16 April 2014 on criminal sanctions for market abuse (OJ L 173, 12.6.2014, p …” „… sanctions for insider dealing, for unlawful disclosure of inside information and for market manipulation to …”

Article 27 Professional secrecy S. 849-850

„… does not apply to sanctions imposed by different States.5 Article 31(2), however, contains specific …” „… rules for cooperation among authorities for the purpose of preventing excessive sanctions imposed by …”

Article 100 Consumer complaints and alternative dispute resolution S. 1448-1449

„… at transparency regarding sanctions against intermediaries. This is important since any intermediary …” „… competent authority for grossly negligent conduct, competent authorities might hesitate to impose sanctions …”

Article 18 S. 590-591

„… States provide for sanctions which are effective, proportionate and dissuasive.8 Moreover, the …” „… adoption and publication of sanctions must respect the fundamental rights set out in Arts 7 (respect for …”

Article 24 Cooperation with ESMA S. 843-844

„… judicial authorities insofar as an infringement entails criminal sanctions is contained in Article 25(1 …” „… accordance with Article 30(1), second subparagraph, to lay down criminal sanctions for infringements of the …”

Article 8 Insider dealing S. 692-705

„… prohibition against insider dealing applied, at least for purposes of administrative sanctions, without the …” „… case of administrative sanctions because, ‘in the light of the nature of the infringements at issue and …” „… the degree of severity of the sanctions which may be imposed’, such sanctions had to be qualified as …”

Article 2 Scope S. 650-654

„… its disposal under Art 23, and which can impose administrative sanctions and other administrative …” „… Directive that requires Member States to impose criminal sanctions for insider dealing, the unlawful …” „… Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse (Market Abuse Directive …”

Articles 40 to 41 S. 1303-1304

„… for sanctions imposed by ESMA pursuant to Arts 36a(2)(d), (e), (f), (i) CRA Regulation is three years …” „… , and five years for the remaining sanctions listed in Art 36 a CRA Regulation. The relevant period …”

Article 16 Additional information S. 1177-1179

„… addition, Member States need to implement effective administrative sanctions according to Articles 28-28 c …” „… ) sanctions must be available in each Member State (see Article 28a(a)). 2 Cf. ESMA, Mapping, para 14. See …”

Article 7 Responsibility and liability S. 1135-1137

„… serious, the minimum catalogue of Article 28b(1) sanctions must be available in each Member State …” „… the TD. Note, however, that the requirements for administrative sanctions under Articles 28 a and 28 b …”

Article 14 S. 1174-1176

„… implement effective administrative sanctions according to Articles 28-28 c for breaches of Article 14. As a …” „… breach of Article 14 is considered a serious breach, the minimum catalogue of Article 28b(1) sanctions …”

Article 25 Professional secrecy and cooperation between Member States S. 1208-1210

„… ensure that sanctions or measures produce the desired results, and shall coordinate their action when …” „… 28-28 c, the NCAs are to cooperate to verify that their sanctions and measures are effective. Further …”

Article 6 Report on payments to governments S. 1131-1135

„… States need to implement effective administrative sanctions according to Articles 28-28 c. As a breach of …” „… ) sanctions must be available in each Member State (see Article 28a(a)). Article 7 Responsibility and …”

Article 57 Position limits and position management controls in commodity derivatives S. 317-334

„… provide that competent authorities can apply their powers to impose sanctions under this Directive for the …” „… Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse (market abuse directive …” „… 54 55 National law of the Member States must provide sanctions for the infringement of position …”

Introduction and overview S. 874-881

„… /2013/74 (cited as ESMA/2013/74); ESMA, List of administrative measures and sanctions applicable in Member …” „… (cited as ESMA, List of administrative measures and sanctions); ESMA, Guidelines compliance table …” „… States) shall establish in order to sanction persons that infringe the SSR (Arts 32-41). Chapters VII-IX …”

Article 35 Establishment of a branch S. 227-233

„… a reason for a sanction. If the home NCA detects violations of provisions that are supervised by the …” „… charge of sanctioning. Only where the host NCA remains inactive, the home NCA may sanction those …”

Article 1 Subject matter and scope S. 1099-1104

„… breach, an order to cease a particular conduct, administrative pecuniary sanctions and the suspension of …” „… ) as regards depositary functions, remuneration policies and sanctions [2014] OJ L257/186. 29 See UCITS …”

Article 4 Annual financial reports S. 1118-1124

„… addition, Member States need to implement effective administrative sanctions according to Articles 28-28 c …” „… ) sanctions must be available in each Member State (see Article 28a(a)). III. Delegated lawmaking powers …”

Article 5 Half-yearly financial reports S. 1124-1131

„… administrative sanctions according to Articles 28-28 c. As a breach of Article 5 is considered a serious breach …” „… , the minimum catalogue of Article 28b(1) sanctions must be available in each Member State (see → Art 28 …”

Article 18 Entry into force S. 1784-1785

„… , 15; MiFID II 70 4, 8 – against legal persons MiFID II 70 7 Administrative sanctions MAR 30 2, 7 et …”

Article 68 Mandatory disclosure instruments S. 1409-1410

„… whilst the harmonised rules do not impose requirements regarding sanctions in terms of misleading or …”

Article 10 Acquisition or disposal of major proportions of voting rights S. 1148-1155

„… IV. Enforcement Member States are required to implement effective administrative sanctions …” „… ) sanctions must be available in each Member State. Further, Member States must provide for the possibility of …”

Article 35 a Civil Liability S. 1294-1301

„… rise to administrative sanctions but may now result in civil liability, as well. It covers all types of …” „… overview Purpose Articles 36 to 39 CRA Regulation contain miscellaneous provisions, such as sanctions and …”

Article 67 Designation of competent authorities S. 357-358

„… : van Erp J, ‘Naming without shaming: the publication of sanctions in the Dutch financial market’ (2011 …”

Article 16 S. 587-588

„… LCD) pertains to sanctions for non-compliance with post-admission obligations. 1. 2. 1 Cf. Gebhardt …”

Article 30 Transitional provisions S. 1226-1227

„… , or where, in the event that the sanction is imposed on a natural person, publication of personal data …”

Article 78 Data protection S. 378-379

„… Member States have chosen, in accordance with Article 70, to lay down criminal sanctions for …”

Article 87 Cooperation and exchange of information with ESMA S. 386-387

„… . 4. Any measure adopted pursuant to paragraphs 1, 2 or 3 involving sanctions or restrictions on the …”

Article 31 Marketing of units or shares of EU AIFs in the home Member State of the AIFM S. 1529-1530

„… AIFM. Therefore, it is up to national law to decide from an administrative law point which sanctions …”

Article 9 Notification of the acquisition or disposal of major holdings S. 1140-1148

„… . Enforcement Member States are required to implement effective administrative sanctions according to Articles …” „… considered a serious breach according to Article 28a(b), the minimum catalogue of Article 28b(1) sanctions …”

Article 25 Obligation to maintain records S. 494-495

„… . This explains why no sanctions for its violation are provided. ESMA can merely step in when an NCA …”

Article 33 S. 1096-1097

„… provide for administrative sanctions for infringements of this Regulation. 2. The Commission shall assess …”

Article 73 Reporting of infringements S. 373-375

„… reporting mechanism is lacking or where an employee is likely to face sanctions for reporting actual or …”

Article 81 Exchange of information S. 381-383

„… proper functioning of trading venues; (c) to impose sanctions; (d) in administrative appeals against …”

Article 69 Minimum content of mandatory disclosures S. 1410-1412

„… whilst the harmonised rules do not impose requirements regarding sanctions in terms of misleading or …”

Article 79 Obligation to cooperate S. 379-381

„… , to lay down criminal sanctions for infringements of the provisions referred to in that Article, they …”

Article 86 Precautionary measures to be taken by host Member States S. 384-386

„… 1, 2 or 3 involving sanctions or restrictions on the activities of an investment firm or of a …”

Article 34 S. 1097-1099

„… for all Member States to provide for administrative sanctions for infringements of this Regulation. 2 …”

Article 108 Delineation of supervisory powers S. 1460-1462

„… sanctions must be immediately reported to all competent authorities potentially interested.1 The rest of Art …”

Article 30 Asset stripping S. 1527-1529

„… up to national law to decide from an administrative law point which sanctions, including fines, may …”

Article 24 Obligation to uphold integrity of markets S. 492-494

„… participants. This explains why no sanctions for its violation are provided. ESMA can merely step in when an …”

Article 2 Definitions S. 1104-1114

„… securities (UCITS) as regards depositary functions, remuneration policies and sanctions [2014] OJ L257/186 …” „… functions, remuneration policies and sanctions [2014] OJ L257/186. 21 See UCITS Directive, recital 5 and …”

Foreword to Articles 24 to 30 Foreword to Arts 24 to 30 S. 155-157

„… Member States to provide for civil law sanctions, with the exception of a single provision on private …”

Article 24 Competent authorities and their powers S. 1204-1208

„… and investigative powers, competent authorities shall cooperate to ensure that sanctions or measures …”

Article 1 Scope and UCITS definition S. 1304-1317

„… functions, remuneration policies and sanctions (‘UCITSD V’), OJ 2014 L 257/186. Cf. Alshaleel, ‘Undertakings …” „… use, the level of information exchange among authorities, and the sanctions available for unlawful …”

Article 48 Systems resilience, circuit breakers and electronic trading S. 268-292

„… for imposing sanctions, the initial due diligence, the annual risk-based assessment of members, the …” „… members that failed the annual risk-based assessment and any sanctions imposed must be recorded for at …” „… the Commission Delegated Regulation (EU) 2017/584. The criteria for imposing any sanctions must be set …”

Article 44 Authorisation and applicable law S. 247-252

„… 2014 on criminal sanctions for market abuse (market abuse directive), 12 June 2014 (OJ EU L 173/179 …”

Article 13 Approval of the prospectus S. 999-1004

„… according to their national legislation (for example, sanctions under Art 25 of the Prospectus Directive as …”

Article 63 Requirements for the management body of a data reporting services provider S. 341-347

„… powers and sanctions compared to those for data reporting service providers. Double reporting of the same …”

Article 66 Organisational requirements S. 351-357

„… procedures Bibliography: van Erp J, ‘Naming without shaming: the publication of sanctions in the Dutch …”

Article 46 General provisions S. 560-566

„… 8 9 10 11 12 firm is not an EU-supervised entity. The sanctions for non-compliance are equally …”

Article 17 Public disclosure of inside information S. 778-799

„… on Criminal Sanctions for Market Abuse: European capital markets law and new global trends in …” „… entailed and is aware of the sanctions applicable to insider dealing and unlawful disclosure of inside …”

Article 45 Requirements for the management body of a market operator S. 252-262

„… leaving the undertaking, (f) any sanctions (fines, suspensions etc.) by a professional body regarding …”

Introduction S. 941-951

„… securities (UCITS) as regards depositary functions, remuneration policies and sanctions [2014] OJ L257/86 …”

Article 17 Algorithmic trading S. 120-134

„… benefits. Sanctioning See comments on → Art 69 MiFID for sanctions. The provision in Art 69(2) para 3 MiFID …”

Article 11 Market soundings S. 718-730

„… interpreted as not giving rise to any sanctions insofar as noncompliance by that person is concerned. The …”

Article 12 Market manipulation S. 730-756

„… person receiving the market sounding should be interpreted as not giving rise to any sanctions insofar as …”

Article 16 Organisational requirements S. 65-120

doi.org/10.5771/9783845279893

Peter Kindler, Jan Lieder - European Corporate Law

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Silja Maul, Larissa Furtwengler Article 17 Sanctions S. 1023-1024

„… Sanctions Member States shall determine the sanctions to be imposed for infringement of the national …” „… into effect. The sanctions thus provided for shall be effective, proportionate and dissuasive. Member …” „… sanctions to be imposed for infringement of the national measures adopted pursuant to this Directive. In …”

Silja Maul, Larissa Furtwengler Article 18 Committee procedure S. 1024-1025

„… I. General Features Overview Art 17 obliges the Member States to determine sanctions to be imposed …” „… States have to take measures to guarantee the enforcement of the sanctions. Background The Directive lays …” „… . Regarding sanctions of the infringement of regulations that were implemented in national law but deriving …”

Dieter Leuering Article 2 [Legitimacy] S. 842-846

„… formation of a single-member company, Member States may not provide for separate sanctions for the …” „… the unification of the shares. Special provisions and sanctions, Art 2 (2) Background As can be seen …” „… even before the Directive entered into force, but subjected them to special restrictions and sanctions …”

Jan Lieder, Martin Bialluch Article 10 Proxy voting S. 959-966

„… of the transposed provisions, sanctions may be laid down for the board members, such as fines …” „… holders’ duties, effective, proportionate and dissuasive sanctions and penalties for breach of duty shall …” „… . 10). VI. Sanctions The SRD has not provided specific provisions for sanctions on proxy holders. The …”

Jan P. Brosius Article 77 Reduction in the subscribed capital and the minimum capital S. 367-368

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 V. Sanctions …” „… 76. V. Sanctions The Commission explicitly stated that, as usually, it remains to the discretion of …” „… Member States to provide for sanctions in case of a breach of the principle laid down in Article 77.3 VI …”

Silja Maul, Larissa Furtwengler Article 16 The right of sell-out S. 1022-1023

„… months of the time of acceptance (Art 7). Article 17 Sanctions Member States shall determine the …” „… sanctions to be imposed for infringement of the national measures adopted pursuant to this Directive and …” „… shall take all necessary steps to ensure that they are put into effect. The sanctions thus provided for …”

Jan Lieder, Martin Bialluch Article 14 b Measures and penalties S. 973-974

„… harmonising sanctions for breaches of the requirements imposed under national law on the different parties …” „… European lawmaker is leaving the details of these sanctions to the discretion of the Member States.3 …” „… civil or sometimes of special (public) sanctions law could already be sufficient to enable the …”

Jan P. Brosius Article 4 Compulsory information to be provided in the statutes or instruments of incorporation or separate documents S. 79-83

„… the discretion of each Member State if sanctions are to be imposed for the event that disclosures …” „… 44 mn. 62 et seq.) such imposition of sanctions or comparable legal consequences by the Member States …” „… State if sanctions are to be imposed for the event that disclosures pursuant to Article 4 are not or …”

Jan Lieder, Martin Bialluch Article 14 a Committee procedure S. 973

„… harmonising sanctions for breaches of the requirements imposed under national law on the different parties …” „… European lawmaker is leaving the details of these sanctions to the discretion of the Member States.3 …”

Jan P. Brosius Article 5 Authorisation for commencing business S. 83-85

„… that it is to the discretion of each Member State if sanctions are to be imposed for the event that …” „… Art 44 mn. 62 et seq.) such imposition of sanctions or comparable legal consequences by the Member …”

Jan P. Brosius Article 78 Redemption of subscribed capital without reduction S. 368-370

„… should be viewed in conjunction with the provisions laid down in Article 76. V. Sanctions The Commission …” „… explicitly stated that, as usually, it remains to the discretion of Member States to provide for sanctions in …”

Jan Lieder, Martin Bialluch Article 14 Voting results S. 971-973

„… sanctions for breaches of the requirements imposed under national law on the different parties covered by …” „… lawmaker is leaving the details of these sanctions to the discretion of the Member States.3 Conceivable …”

Jan Lieder, Martin Bialluch Article 9 b Information to be provided in and right to vote on the remuneration report S. 931-943

„… published in accordance with → Art 9 b. VIII. Sanctions Article 14 b requires Member States to stipulate …” „… policy and only requires a shareholder vote as such, Member States do not have to provide for sanctions …” „… requirements in advance of the general meeting under Article 5(4) SRD. V. Enforcement and Sanctions (Para. 5 …”

Jan Lieder, Martin Bialluch Article 9 Right to ask questions S. 914-919

„… principles of EU law. IV. Sanctions for Violations of the Right on Information The initial version of the …” „… , Article 14b(1) SRD obliges Member States to impose sanctions that must be “effective, proportionate and …”

Jan P. Brosius Article 3 Compulsory information to be provided in the statutes or instruments of incorporation S. 73-79

„… if sanctions are to be imposed for the event that disclosures pursuant to Article 2 are not or …” „… sanctions or comparable legal consequences by the Member States are indispensable. VI. Minimum Provision …”

Hanno Merkt Accounting and Auditing Law of the European Union S. 809-835

„… appropriate sanctions as referred to in Art 30 SAD (see infra 7.) b) c) 2. 3. a) (i) 102 Cf. Recital 34 SAR …” „… entailed in Art 26(3) through (9) SAR. Chapter VII – Investigations and sanctions (Art 30-30 f SAD) The SAD …” „… investigations and sanctions to detect, correct and prevent inadequate execution of the statutory audit, Art 30(1 …”

Article 67 Subscription, acquisition or holding of shares by a company in which the public limited liability company holds a majority of the voting rights or on which it can exercise a dominant influe... S. 322-330

„… other company acquired them; this sanction shall be inapplicable only where the members of the …” „… the price at which it has acquired them. However, this sanction does not apply where the members of …”

Klaus Bader, Andreas Börner Article 135 General provisions on division operations S. 688-690

„… the merger (i.e. by imposing sanctions which only have the aim of (financially) destroying the …”

Jan P. Brosius Article 76 Derogation from safeguards for creditors in case of reduction in the subscribed capital S. 365-367

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 V. Sanctions …”

Tobias de Raet Article 134 Validity S. 686-688

„… imposing sanctions which only have the aim of (financially) destroying the respective company). CHAPTER III …”

Jan Lieder, Martin Bialluch Article 15 Transposition S. 974-976

„… ) sanctions law could already be sufficient to enable the enforcement of shareholder rights as required by …”

Dieter Leuering Article 3 [Disclosure] S. 846-848

„… sanctions that encourage compliance and do not undermine the essential purpose of the Directive, namely the …”

Dieter Leuering Article 5 [Self-dealing] S. 850-852

„… sanctions for infringements, it is recommended that national legislators to take action. Relaxation of the …”

Article 59 No subscription of own shares S. 283-286

„… in contrary to the prohibition laid down in Article 59 (1) and (2). Compared to the sanction of …”

Jan P. Brosius Article 58 Serious loss of the subscribed capital S. 280-283

„… of (effective) sanctions.22 12 Kalss, in: Koppensteiner, Österreichisches und europäisches …”

Jan Lieder, Martin Bialluch Article 9 a Right to vote on the remuneration policy S. 919-931

„… reports, which must be published in accordance with → Art 9 b. VIII. Sanctions Article 14 b requires …” „… provide for sanctions in case of repeated refusal of the remuneration policy by shareholders. A freeze of …”

Jan P. Brosius Foreword to Arts 44-85 S. 204-223

„… council of 16 April 2014 on criminal sanctions for market abuse (market abuse directive), OJ No L 173 …” „… . In particular, only in a few cases the provisions of the Second Directive provide for sanctions or …” „… pointed out that it would be to the discretion of the Member States to provide for sanctions in case of a …”

Index S. 1029-1055

„… III 10 18 – sanctions III 10 21 – time limits III 10 8 – validity in private law III 10 16 Public …” „… III 9c 42 – sanctions and enforcement III 9c 46 – subsidiaries III 9c 17 f., 37 f. – systematic …” „… expert 86i 6 – right to dispose of the sahres 86i 8 – substantive protection 86i 8 Sanctions III 9 16 …”

Jan Lieder, Martin Bialluch Article 9 c Transparency and approval of related party transactions S. 943-959

„… (double) announcement is required.98 VII. Enforcement and Sanctions Article 9 c SRD itself, like most …” „… 958 Jan Lieder and Martin Bialluch 43 44 45 46 of the transposed provisions, sanctions may be laid …”

Titelei/Inhaltsverzeichnis

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 16 1022 Sanctions …”

Peter Kindler Introduction S. 1-65

„… company law have developed as functional substitutes, such as administrative and criminal sanctions in the …”

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