> 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/38j.md).

# Art. 38j — Disclosure, nature, enforcement and allocation of fines and periodic penalty payments

1. ESMA shall disclose to the public every fine and periodic penalty payment that has been imposed pursuant to [Articles 38h](/mica.wtf/mifir/title-via-esma-powers-and-competences-art.-38a-38o/38h.md) and [38i](/mica.wtf/mifir/title-via-esma-powers-and-competences-art.-38a-38o/38i.md) unless such disclosure to the public would seriously jeopardise the financial markets or cause disproportionate damage to the parties involved. Such disclosure shall not contain personal data within the meaning of Regulation (EU) 2018/1725 of the European Parliament and of the Council.
2. Fines and periodic penalty payments imposed pursuant to [Articles 38h](/mica.wtf/mifir/title-via-esma-powers-and-competences-art.-38a-38o/38h.md) and [38i](/mica.wtf/mifir/title-via-esma-powers-and-competences-art.-38a-38o/38i.md) shall be of an administrative nature.
3. Where ESMA decides to impose no fines or penalty payments, it shall inform the European Parliament, the Council, the Commission, and the competent authorities of the Member State concerned accordingly and shall set out the reasons for its decision.
4. Fines and periodic penalty payments imposed pursuant to [Articles 38h](/mica.wtf/mifir/title-via-esma-powers-and-competences-art.-38a-38o/38h.md) and [38i](/mica.wtf/mifir/title-via-esma-powers-and-competences-art.-38a-38o/38i.md) shall be enforceable.

   Enforcement shall be governed by the rules of procedure in force in the Member State in the territory of which it is carried out.
5. The amounts of the fines and periodic penalty payments shall be allocated to the general budget of the European Union.


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