S.L. 330.18 Art. 12Publication of the decisions of the Authority. 7 8 [S.L.

(1) The Authority shall publish on its official website, without undue delay, any administrative penalty or measure for infringements referred to in regulation 8(1), after the person on whom the penalty or measure was imposed has been informed of that decision. The publication shall include, at least, information on the type and nature of the infringement and the identity of the persons responsible for the infringement:

Provided that in cases where an appeal is made from a decision to impose an administrative penalty or other measure, the Authority shall, without undue delay, publish on its official website such information and any subsequent information on the status of the appeal and the outcome thereof. The Authority shall also publish any decision annulling a previous decision to impose an administrative penalty or other measure which has been published:

Provided further that the obligation to publish does not apply to decisions imposing measures that are of an investigatory nature.

(2) Notwithstanding sub-regulation (1), where the publication of the identity of the legal persons, or identity or personal data of natural persons, is considered by the Authority to be disproportionate following a case-by-case assessment conducted on the proportionality of the publication of such data, or where such publication would jeopardise the stability of financial markets or an ongoing investigation, the Authority shall:

(a) delay the publication of the decision to impose an administrative penalty or a measure until the moment where the reasons for non-publication cease to exist;

(b) publish the decision to impose a penalty or a measure on an anonymous basis in a manner which complies with Maltese law, if such anonymous publication ensures an effective protection of the personal data concerned; or

(c) not publish the decision to impose an administrative penalty or measure in the event that the options laid down in paragraphs (a) and (b) above are considered to be insufficient to ensure:

(i) that the stability of financial markets would not be put in jeopardy; and

(ii) the proportionality of the publication of such decisions with regard to measures which are deemed to be of a minor nature.

(3) The Authority shall inform the ESAs of all administrative penalties or measures imposed but not published in accordance with sub-regulation (2)(c), including any appeal in relation thereto and the outcome thereof. In the case of a decision to publish an administrative penalty or measure on an anonymous basis, the publication of the relevant data may be postponed for a reasonable period of time if it is envisaged that within that period the reasons for anonymous publication will cease to exist.

(4) The Authority shall ensure that any publication, in accordance with this regulation, shall remain on its official website for a period of at least five (5) years after its publication:

Provided that the personal data contained in the publication shall be kept on the official website of the Authority only for the period which is necessary in accordance with the applicable (PACKAGED RETAIL AND INSURANCE-BASED 330.18 INVESTMENT PRODUCTS (PRIIPS))

data protection legislation.