Article 50Administrative penalties and remedial measures

1. Competent authorities shall have all supervisory, investigatory and sanctioning powers necessary to fulfil their duties under this Regulation.

2. The powers referred to in paragraph 1 shall include at least the following powers to:

(a)

have access to any document or data held in any form that the competent authority considers relevant for the performance of its duties and receive or take a copy of it;

(b)

carry out on-site inspections or investigations, which shall include but shall not be limited to;

(i)

summoning representatives of the financial entities for oral or written explanations on facts or documents relating to the subject matter and purpose of the investigation and to record the answers;

(ii)

interviewing any other natural or legal person who consents to be interviewed for the purpose of collecting information relating to the subject matter of an investigation;

(c)

require corrective and remedial measures for breaches of the requirements of this Regulation.

3. Without prejudice to the right of Member States to impose criminal penalties in accordance with Article 52, Member States shall lay down rules establishing appropriate administrative penalties and remedial measures for breaches of this Regulation and shall ensure their effective implementation.

Those penalties and measures shall be effective, proportionate and dissuasive.

The article continues in the official text.