Conditional imposition of fine
Conditional imposition of a fine seeks to obligate the party on whom the fine is imposed to fulfil an obligation.
The Financial Supervisory Authority (FIN-FSA) may impose conditional fines for example on
- the FIN-FSA's supervised entities,
- other financial market participants and
- certain natural persons operating in the financial markets, such as brokers and parties subject to the obligation to disclose major holdings.
Conditional imposition of a fine always presupposes a failure to comply with legal provisions concerning financial markets, or regulations issued by virtue thereof, or a situation where the supervised entity has failed to comply with it own articles of association or by-laws or the terms of its authorisation; provided also that such negligence is not minor.
A conditional fine may be imposed in connection with a public reprimand or warning. In determining the size of the fine, account must be taken of the seriousness of the negligence and the solvency of the party on whom the fine is imposed.
Conditional imposition of a fine as a sanction is a procedure involving two phases. First, a decision will be made on the conditional imposition of a fine. Later, if the negligence continues, payment of the fine will be ordered.
27 July 2009