S.L. 378.10 чл. 23AAdministrative penalties - powers of the MFSA.

(1) Without prejudice to the provisions of regulation 23, where a credit intermediary fails to comply with any of the conditions imposed in an admission, and, or where the MFSA is satisfied that a person’s conduct amounts to a breach of any of the provisions of these regulations transposing the MCD, or any Credit

Intermediaries’ Rules issued thereunder, or such person has failed to comply with a directive issued by the MFSA under these regulations, the MFSA may, by notice in writing and without recourse to a court hearing, impose on such person an administrative penalty of not less than one thousand euro (€1,000) and not exceeding forty-five thousand euro (€45,000): Provided that in determining the amount of the administrative penalty referred to in this sub-regulation, the MFSA shall be guided by the considerations referred to in regulation 23(4):

Provided that the Director General shall not in any manner request the imposition of a penalty in respect of the same act or omission.

(2) Where the MFSA decides to impose an administrative penalty, it shall notify the person on whom the administrative penalty is being imposed by means of a notice in writing.

(3) Where the person upon whom the notice referred to in sub-regulation (2) is served -

(a) fails to pay to the MFSA the amount of the administrative penalty within a period of thirty days of the service of the notice, and fails to appeal from the decision of the MFSA to the Financial Services Tribunal; or

(b) appeals to the Financial Services Tribunal and fails within a period of fifteen days from the decision of the said Tribunal to pay the administrative penalty as confirmed or as reduced by that Tribunal, then, in every case, the amount of the administrative penalty, as originally imposed or as reduced, as the case may be, shall be due to the MFSA as a civil debt, and the provisions of sub-regulation

(4) shall apply.

(4) A notice as is referred to in sub-regulation (2), or the decision of the Financial Services Tribunal, as the case may be, shall upon the service by judicial act of a copy thereof on the person indicated in the notice, constitute an executive title for all effects and purposes of Title VII of Part I of Book Second of the Code of Organization and Civil Procedure.