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Part B Commentary, 5 Administrative Measures and Sanctions, Art.31: Exercise of supervisory powers and imposition of sanctions

Edited By: Marco Ventoruzzo

From: Market Abuse Regulation: Commentary and Annotated Guide (2nd Edition)

Edited By: Marco Ventoruzzo, Sebastian Mock

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 17 July 2024

Enforcement — Market abuse — Market Abuse Directive (MAD) — Regulated activities — Statutory duty — European Securities and Markets Authority (ESMA)

This chapter covers the exercise of supervisory powers and the imposition of sanctions as laid out in Article 31. This Article is meant to supplement the long list of possible sanctions and the high maximum fines of Article 30. By introducing further measures, Article 31 avoids the risk of increasing legal uncertainty. Article 31(1) therefore introduces a minimum set of criteria that competent authorities should use in choosing the type of sanctions and setting the level of any pecuniary sanctions. Article 31(2) requires the competent authorities of the various Member States to cooperate ‘[i]n the exercise of their powers to impose administrative sanctions and other administrative measures under Article 30’ with regard to supervision, investigation, and sanctioning.

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