Recital 80

(80) The risk of an inadvertent breach of the disclosure requirements under Regulation (EU) No 596/2014 and associated administrative sanctions are an important factor that dissuades companies from seeking admission to trading. To avoid an excessive burden on companies, in particular SMEs, including micro enterprises, the final amount of sanctions for infringements committed by legal persons in relation to disclosure requirements should be proportionate to the size of the company. Article 30(2), points (j)(iii) and (iv), of Regulation (EU) No 596/2014 establishes a minimum of the maximum amount of the sanctions that can be imposed by a national competent authority for an infringement related to the disclosure regime. To ensure proportionality, such amounts should be determined, as a general rule, based on the total annual turnover of the company. Nevertheless, where by applying the maximum established in national law based on the total annual turnover, the final amount of the sanction imposed would be disproportionately low in light of the circumstances set out in Article 31 of Regulation (EU) No 596/2014, Member States should ensure that national competent authorities may increase the final amount of sanctions, by taking into account the maximum established in national law, as expressed in absolute amounts. In those cases, it is also appropriate to allow each Member State in its national law to apply a lower maximum level of sanctions for SMEs, as expressed in absolute amounts, as a way of ensuring their proportionate treatment. Nevertheless, a Member State should be allowed to establish in its national law the same maximum level as expressed in absolute amounts for all types of issuers.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-17 · Text as adopted (Official Journal); later amendments are not incorporated in this text.