Article 111

Path:
Bank Recovery and Resolution Directive (BRRD) > TITLE VIII > Article 111
Title:
Article 111
Description: 
Specific provisions
Main content: 
1. Member States shall ensure that their laws, regulations and administrative provisions provide for penalties and other administrative measures at least in respect of the following situations:
 
(a) failure to draw up, maintain and update recovery plans and group recovery plans, infringing Article 5 or 7;
 
(b) failure to notify an intention to provide group financial support to the competent authority infringing Article 25;
 
(c) failure to provide all the information necessary for the development of resolution plans infringing Article 11;
 
(d) failure of the management body of an institution or an entity referred to in point (b), (c) or (d) of Article 1(1) to notify the competent authority when the institution or entity referred to in point (b), (c) or (d) of Article 1(1) is failing or likely to fail, infringing Article 81(1).
 
2. Member States shall ensure that, in the cases referred to in paragraph 1, the administrative penalties and other administrative measures that can be applied include at least the following:
 
(a) a public statement which indicates the natural person, institution, financial institution, Union parent undertaking or other legal person responsible and the nature of the infringement;
 
(b) an order requiring the natural or legal person responsible to cease the conduct and to desist from a repetition of that conduct;
 
(c) a temporary ban against any member of the management body or senior management of the institution or the entity referred to in point (b), (c) or (d) of Article 1(1) or any other natural person, who is held responsible, to exercise functions in institutions or entities referred to in point (b), (c) or (d) of Article 1(1);
 
(d) in the case of a legal person, administrative fines of up to 10 % of the total annual net turnover of that legal person in the preceding business year. Where the legal person is a subsidiary of a parent undertaking, the relevant turnover shall be turnover resulting from the consolidated accounts of the ultimate parent undertaking in the preceding business year;
 
(e) in the case of a natural person, administrative fines of up to EUR 5 000 000, or in the Member States where the Euro is not the official currency, the corresponding value in the national currency on 2 July 2014;
 
(f) administrative fines of up to twice the amount of the benefit derived from the infringement where that benefit can be determined.