REMIT penalties and fines after REMIT II
Penalties under REMIT are national, but since REMIT II the regulation sets how high the maximum fines must at least go. For a company, the ceiling for manipulation and insider trading must reach at least 15% of annual turnover.
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The ceilings
Article 18(5) requires that, for legal persons, the maximum administrative fine is at least 15% of total annual turnover for breaches of Articles 3 and 5, at least 2% for Articles 4 and 15, and at least 1% for Articles 8 and 9, but not more than 20%. Where the company benefited, the fine must be at least equal to the benefit.
For natural persons, Article 18(4) sets the maxima at least at EUR 5,000,000 for Articles 3 and 5, EUR 1,000,000 for Articles 4 and 15 and EUR 500,000 for Articles 8 and 9, capped at 20% of yearly income.
These are floors for the maximum, not minimum fines: a member state's law must allow a fine at least that high, and the regulator sets the amount case by case. Article 18(7) lists what it must take into account, including the gravity and duration of the breach, the degree of responsibility, financial strength, profits gained or losses avoided, cooperation, previous breaches and measures taken to prevent repetition.
Other measures
Article 18(3) requires regulators to be able to order a breach to end, order disgorgement of profits gained or losses avoided, issue public warnings, impose periodic penalty payments and impose fines. Separately, ACER can impose daily periodic penalty payments, 3% of average daily turnover for a company, to compel someone under its investigation to submit to an inspection or supply information.
What the record shows
Most published decisions concern conduct before REMIT II applied, under the national regimes that preceded these ceilings. ACER's register stated a total of EUR 240,682,566 across its table on 14 October 2026, with the largest single set from ANRE's January 2024 wash trade decisions. Many decisions are under appeal, and some have been annulled.
Sources
- Regulation (EU) No 1227/2011 (REMIT), consolidated text including Regulation (EU) 2024/1106 (Regulation)
Sources read on 15 October 2026. This guide summarises the regulation and ACER’s non-binding guidance for orientation; it is not legal advice, and the decisions it cites are the deciding authorities’ findings, some of them under appeal.