> For the complete documentation index, see [llms.txt](https://www.mica.wtf/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.mica.wtf/mica.wtf/mifir/title-via-esma-powers-and-competences-art.-38a-38o/38h.md).

# Art. 38h — Fines

1. Where ESMA, in accordance with [Article 38k(5)](/mica.wtf/mifir/title-via-esma-powers-and-competences-art.-38a-38o/38k.md), finds that a person listed in [Article 38b(1)](/mica.wtf/mifir/title-via-esma-powers-and-competences-art.-38a-38o/38b.md), point (a), has intentionally or negligently not complied with any of the requirements laid down in [Article 22](/mica.wtf/mifir/title-iii-transparency-for-systematic-internalisers-and-investment-firms-trading-otc-and-tick-size-r/22.md) to 22c, or in Title IVa, it shall adopt a decision imposing a fine in accordance with paragraph 2 of this Article.

   An infringement shall be considered to have been committed intentionally if ESMA finds objective factors which demonstrate that a person acted deliberately to commit the infringement.
2. The maximum amount of the fine referred to in paragraph 1 shall be EUR 200000 or, in the Member States whose currency is not the euro, the corresponding value in the national currency.
3. When determining the level of a fine pursuant to paragraph 1, ESMA shall take into account the criteria set out in [Article 38g(2)](/mica.wtf/mifir/title-via-esma-powers-and-competences-art.-38a-38o/38g.md).


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