Art. 114 Publication of decisions | MiCA regulation | MiCA

This article governs the public disclosure of enforcement decisions by competent authorities.

It flows directly from Article 111, which establishes the power to impose administrative penalties, and sets out the rules for how those decisions must be published.

The default rule is that penalty decisions go on the competent authority's official website, but the article carves out a structured set of exceptions allowing authorities to defer, anonymise, or withhold publication in specific circumstances, such as where publication would be disproportionate, jeopardise an ongoing investigation, or threaten financial market stability.

Important points:

Competent authorities are required to publish penalty decisions on their official websites, including details of the infringement type and the identity of those responsible, but decisions of a purely investigatory nature are exempt from this requirement.
Competent authorities may defer, anonymise, or withhold publication on a case-by-case basis where full disclosure would be disproportionate, jeopardise an investigation, threaten financial market stability, or concern a minor measure.
Competent authorities must keep published decisions on their websites for at least five years, while personal data may only be retained for as long as required under applicable data protection rules.

1. A decision imposing administrative penalties and other administrative measures for an infringement of this Regulation in accordance with Article 111 shall be published by competent authorities on their official websites without undue delay after the natural or legal person subject to that decision has been informed of that decision. The publication shall include at least information on the type and nature of the infringement and the identity of the natural or legal persons responsible. Decisions imposing measures that are of an investigatory nature need not be published.
1. Where the publication of the identity of the legal entities, or the identity or personal data of natural persons, is considered by the competent authority to be disproportionate following a case-by-case assessment conducted on the proportionality of the publication of such data, or where such publication would jeopardise an ongoing investigation, competent authorities shall take one of the following actions:
  1. defer the publication of the decision to impose an administrative penalty or other administrative measure until the moment where the reasons for non-publication cease to exist;
  2. publish the decision to impose an administrative penalty or other administrative measure on an anonymous basis in a manner which is in conformity with national law, where such anonymous publication ensures the effective protection of the personal data concerned;
  3. not publish the decision to impose an administrative penalty or other administrative measure in the event that the options provided for in points (a) and (b) are considered insufficient to ensure:
    that the stability of financial markets is not jeopardised;
    the proportionality of the publication of such a decision with regard to measures which are deemed to be of a minor nature.
2. In the case of a decision to publish an administrative penalty or other administrative measure on an anonymous basis, as referred to in the first subparagraph, point (b), the publication of the relevant data may be deferred for a reasonable period where it is foreseen that within that period the reasons for anonymous publication will cease to exist.
1. Where the decision to impose an administrative penalty or other administrative measure is under appeal before the relevant courts or administrative bodies, competent authorities shall publish, immediately, on their official website such information and any subsequent information on the outcome of such appeal. Moreover, any decision annulling a previous decision to impose administrative penalty or other administrative measure shall also be published.
1. Competent authorities shall ensure that any publication in accordance with this Article remains on their official website for a period of at least five years after its publication. Personal data contained in the publication shall be kept on the official website of the competent authority only for the period which is necessary in accordance with the applicable data protection rules.