There is a wide consensus in European capital market law that a sound legal framework for the financial sector should rest on a strong supervisory and sanctioning regime. According to this rationale and following the paradigm of competition law, the new legal framework in European capital market law provides for high-magnitude pecuniary sanctions. The new sanctioning regime does not entail special provisions for issuers. However, sanctions imposed on legal entities are of a higher magnitude than sanctions imposed on natural persons. We claim that the imposition of high-magnitude pecuniary sanctions on issuers for violations of capital market law provisions as such does not have the deterrent effect that it is thought to have and, under specific circumstances, can work against the protection of investors. Moreover, the sanctioning provisions of competition law must be examined carefully before being considered as a paradigm for the structure of sanctions against issuers under capital market law. Furthermore, we claim that in cases where innocent investors are harmed, capital market law should resolve the dilemma between entity and manager liability by choosing the latter.

中文翻译：

---

欧洲资本市场法对发行人的金钱制裁：伤害受保护的投资者？

欧洲资本市场法已达成广泛共识，即健全的金融部门法律框架应建立在强有力的监督和制裁制度之上。根据这一基本原理并遵循竞争法范式，欧洲资本市场法中的新法律框架规定了高额罚款。新的制裁制度并没有对发行人作出特别规定。然而，对法人实施的制裁比对自然人实施的制裁更为严重。我们声称，对违反资本市场法规定的发行人实施高额罚款并没有像人们认为的那样具有威慑作用，并且在特定情况下可能不利于保护投资者。而且，在将竞争法的制裁规定作为资本市场法下对发行人制裁结构的范式之前，必须仔细审查竞争法的制裁规定。此外，我们主张，在无辜投资者受到伤害的情况下，资本市场法应通过选择后者来解决主体责任与管理人责任之间的困境。