EUROPEAN COMMISSION Brussels, XXX COM(2012) 360 ... - BVVM

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where the legal person is a subsidiary of a parent undertaking, the relevant total annual turnover shall be the total annual turnover resulting from the consolidated accounts of the ultimate parent undertaking in the preceding business year; (f) in case of a natural person, administrative pecuniary sanctions of up to 5 000 000 EUR, or in the Member States where the Euro is not the official currency, the corresponding value in the national currency on the date of entry into force of this Directive; and Where the benefit derived from the breach can be determined, Member States shall ensure that the maximum level is no lower than twice the amount of that benefit. Article 29 Effective application of sanctions 1. Member States shall ensure that when determining the type of administrative sanctions or measures and the level of administrative pecuniary sanctions, the competent authorities shall take into account all relevant circumstances, including: (a) the gravity and the duration of the breach; (b) the degree of responsibility of the responsible natural or legal person; (c) the financial strength of the responsible natural or legal person, as indicated by the total turnover of the responsible legal person or the annual income of the responsible natural person; (d) the importance of profits gained or losses avoided by the responsible natural or legal person, insofar as they can be determined; (e) the losses for third parties caused by the breach, insofar as they can be determined; (f) the level of cooperation of the responsible natural or legal person with the competent authority; and (g) previous breaches by the responsible natural or legal person. 2. EIOPA shall issue guidelines addressed to the competent authorities in accordance with Article 16 of Regulation No (EU) 1094/2010 on the types of administrative measures and sanctions and level of administrative pecuniary sanctions. 3. This Directive shall not affect the power of the host Member States to take appropriate measures to prevent or to penalise irregularities committed within their territories which are contrary to legal or regulatory provisions adopted in the interest of the general good. This shall include the possibility of preventing offending insurance or reinsurance intermediaries from initiating any further activities within their territories. EN 62 EN
Article 30 Reporting of breaches 1. Member States shall ensure that the competent authorities establish effective mechanisms to encourage reporting of breaches of national provisions implementing this Directive to the competent authorities. 2. Those arrangements shall include at least: (a) specific procedures for the receipt of reports and their follow-up; (b) appropriate protection for employees of insurance or reinsurance undertakings or intermediaries who denounce breaches committed within them; and (c) protection of personal data concerning both the person who reports the breaches and the natural person who is allegedly responsible for a breach, in compliance with the principles laid down in Directive 95/46/EC. Article 31 Submitting information to EIOPA in relation to sanctions 1. Member States shall provide EIOPA annually with aggregated information regarding all administrative measures or administrative sanctions imposed in accordance with Article 26. EIOPA shall publish this information in an annual report. 2. Where the competent authority has disclosed an administrative measure or administrative sanction to the public, it shall contemporaneously report that fact to EIOPA. 3. EIOPA shall develop draft implementing technical standards on procedures and forms for submitting information as referred to in this Article. EIOPA shall submit those draft implementing technical standards to the Commission by [XX/ insert concrete date 6 months after entry into force/application of this Directive]. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1094/2010. EN 63 EN
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EUROPEAN COMMISSION Proposal for a
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participants involved in the sellin
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Overall, the estimate of the admini
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Article 1 enlarges the scope of IMD
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intermediation activities on an anc
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Page 15 and 16: Whereas: new (1) A number of amend
Page 17 and 18: einsurance intermediaries in the in
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Page 23 and 24: intermediary or undertaking should
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Page 49 and 50: (d) the procedure is free of charge
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EUROPEAN COMMISSION Brussels, XXX COM(2012) 360 ... - BVVM

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