Oireachtas Joint and Select Committees
Thursday, 7 July 2016
Select Committee on Finance, Public Expenditure and Reform, and Taoiseach
Single Resolution Board (Loan Facility Agreement) Bill 2016: Committee Stage
11:00 am
Eoghan Murphy (Dublin Bay South, Fine Gael)
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The 15% is for the administrative sanction of a legal person. It is stated specifically in section 41(1)(l) of SI 349 of 2016 on the European Union market abuse regulations of 2016. Section 41(1)(l) states:
subject to Regulation 47(2), where the assessee is a legal person, a direction to pay to the Bank a monetary penalty not exceeding—
(i) in the case of a contravention of Article 14 or 15 of the Market Abuse Regulation, €15,000,000 or 15 per cent of the total annual turnover of the legal person according to the last available accounts approved by the management body
It is already there in writing in the statutory instrument we have.