finally i would also say response mercigiti that regarding the level of the penalties the specifications for the text you will adopt and go into detail on it asthma will these penalties and 
Finally, I would also say in response to Mr Szegedi that, regarding the level of the penalties, the specifications for ESMA in the text that you will be adopting go into detail on this, and that ESMA will apply these penalties in accordance with the proportionality principle.
Finally, I would also say response Mr Szegedi that, regarding the level of the penalties, the specifications for the text you will adopting go into detail on and ESMA will these penalties in accordance with principle.