S.L. 330.14 Art. 7Supervisory powersandpowers to impose administrative penalties and other administrative measures.

(1) The competent authority shall exercise its supervisory powers and its powers to impose administrative penalties and other administrative measures, in such a way as to ensure full and complete adherence to the requirements and obligations arising out of the Act, any regulations issued thereunder, any Rules issued by the competent authority and the Securitisation Regulation, either directly, in collaboration with other authorities or by applications to the competent judicial authorities, in terms of the law as warranted by the relevant circumstances.

(2) The competent authority shall ensure that administrative penalties and other administrative measures imposed on subject persons are effectively implemented.

(3) The administrative penalties and other administrative measures imposed on subject persons shall be effective, proportionate and dissuasive.

(4) When determining the type of administrative penalties or other administrative measures and the level of administrative penalties to be imposed on subject persons, the competent authority shall take into account the extent to which the breach is intentional or results from negligence and all other relevant circumstances including, where appropriate:

(a) the materiality, gravity and the duration of the breach;

(b) the degree of responsibility of the natural or legal person responsible for the breach;

(c) the financial strength of the natural or legal person responsible for the breach;

(d) the importance of profits gained or loses avoided by the natural or legal person responsible for the breach insofar as they can be determined;

(e) the losses for third parties caused by the breach insofar as they can be determined;

(f) the level of co-operation of the natural or legal person responsible for the breach with the competent authority;

(g) previous breaches by the natural or legal person responsible for the breach.

(5) Where obligations imposed in terms of the Act, any regulations issued thereunder, any Rules issued by the competent authority or the Securitisation Regulation apply to a subject person which is a legal person, the competent authority may impose administrative penalties and other administrative measures on members of the management body of such legal entity and to other individuals who are responsible for the breach of such obligations.