What if I don't carry out? LFPIORPI: about whom responsibility lies
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Episode 04 Series LFPIORPI
The LFPIORPI It's a law with real consequences - and what many don't know about is that they have to be punished as an abstract entity but rather about their Natural person listed as an obligation. That means that the commercial director, compliance manager or designated partner can face fines personally.
Article 54 LFPIORPI lays down a step-by-step scheme of sanctions ranging from financial fines to suspension of activity or cancellation of authorization to operate. The level of the sanction depends on the type of non-compliance, its gravity and whether there was intention.
What many objects have to do with them are spontaneous regularization window:: if an obligation detects a breach and reports it to the authority before a review begins, it can have a reduction of up to 50% in economic sanctions. It's a tool that exists under the law - but that requires action before an audit arrives, not after.
What you'll learn in this episode
- 1To whom are the LFPIORPI - and why isn't it just about the company
- 2What are Section 54's fine ranges by type of non-compliance
- 3What spontaneous regularization is and how it can reduce up to 50% of a sanction
- 4What non-compliance can result in revocation or cancellation of enabling
Download complete series guide
All that explain the 5 episodes in a quick reference PDF. Take them to your computer, use them at a compliance meeting, have them at your best.
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