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Preamble
Recitals 72
Title I - SUBJECT MATTER, SCOPE AND DEFINITIONS (Article 1-3) 3
Title II - BENCHMARK INTEGRITY AND RELIABILITY (Article 4-16) 13
Title III - REQUIREMENTS FOR DIFFERENT TYPES OF BENCHMARKS (Article 17-25) 18
Title IV - TRANSPARENCY AND CONSUMER PROTECTION (Article 27-28a) 3
Title V - USE OF BENCHMARKS IN THE UNION (Article 29-33) 5
Title VI - AUTHORISATION, REGISTRATION AND SUPERVISION OF ADMINISTRATORS (Article 34-48n) 29
- Chapter 1 - Authorisation and registration (Article 34-36) 3
- Chapter 2 - Supervisory cooperation (Article 37-39) 3
- Chapter 3 - Role of competent authorities (Article 40-48) 9
- Chapter 4 - ESMA powers and competences (Article 48a-48n) 14
  - Section 1 - Competences and procedures (Article 48a-48d) 4
  - Section 2 - Administrative sanctions and other administrative measures (Article 48e-48h) 4
  - Section 3 - Procedures and review (Article 48i-48k) 3
    
    Article 48i - Procedural rules for taking supervisory measures and imposing fines
    
    Article 48j - Hearing of the persons subject to investigations
    
    Article 48k - Review by the Court of Justice
  - Section 4 - Fees and delegation (Article 48l-48n) 3
Title VII - DELEGATED AND IMPLEMENTING ACTS (Article 49-50) 2
Title VIII - TRANSITIONAL AND FINAL PROVISIONS (Article 51-59) 9
Annexes 3
Amending acts 6

Article 48k - Review by the Court of Justice

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Article 48k

Review by the Court of Justice

The Court of Justice shall have unlimited jurisdiction to review decisions whereby ESMA has imposed a fine or a periodic penalty payment. It may annul, reduce or increase the fine or periodic penalty payment imposed.

Official text · consolidated version 01/01/2026 (in force) Open full page ↗