MiCA Article 112 — held text

MiCA Article 112 — held text Article 112 Exercise of supervisory powers and powers to impose penalties 1.

Competent authorities, when determining the type and level of an administrative penalty or other administrative measure to be imposed in accordance with Article 111, shall take into account all relevant circumstances, including, where appropriate:

(a) the gravity and the duration of the infringement;

(b) whether the infringement has been committed intentionally or negligently;

(c) the degree of responsibility of the natural or legal person responsible for the infringement;

(d) the financial strength of the natural or legal person responsible for the infringement, as indicated by the total turnover of the responsible legal person or the annual income and net assets of the responsible natural person;

(e) the importance of the profits gained or losses avoided by the natural or legal person responsible for the infringement, insofar as those can be determined;

(f) the losses for third parties caused by the infringement, insofar as those can be determined;

(g) the level of cooperation of the natural or legal person responsible for the infringement with the competent authority, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by that person;

(h) previous infringements of this Regulation by the natural or legal person responsible for the infringement;

(i) measures taken by the person responsible for the infringement to prevent its repetition;

(j) the impact of the infringement on the interests of holders of crypto-assets and clients of crypto-asset service providers, in particular retail holders.

2.

In the exercise of their powers to impose administrative penalties and other administrative measures under Article 111, competent authorities shall cooperate closely to ensure that the exercise of their supervisory and investigative powers, and the administrative penalties and other administrative measures that they impose, are effective and appropriate.

They shall coordinate their action in order to avoid duplication and overlaps when exercising their supervisory and investigative powers and when imposing administrative penalties and other administrative measures in cross-border cases.

32023R1114

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