September 18
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Dolores Utrilla
9th September 2021
Banking & Finance Human Rights Internal Market Justice & Litigation

Court of Justice clarifies procedural requirements for the imposition of administrative penalties by national authorities in the financial sector

In response to two requests for a preliminary ruling by the Austrian Federal Administrative Court (Bundesverwaltungsgericht), the Court of Justice has issued two separate judgments in Adler Real Estate and Others (cases C-546/18 and C-605/18), providing crucial clarifications on the competence and the procedure for the imposition of financial administrative penalties by national supervisory authorities under Article 47 of the Charter, Directive 2004/25 and Directive 2004/19.

Case C-546/18

The first case (C-546/18) relates to the sanctions imposed by the Austrian Takeover Commission (Übernahmekommission) on a number of individuals for infringement of the rules on mandatory takeover bids. The problematic issue here is that, u


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