S.L. 330.18 Art. 8Powers of the Authority. 5 6 [S.L.

(1) This regulation shall apply to infringements of

Article 5(1), Articles 6 and 7, Article 8(1) to (3), Article 9, Article 10(1), Article 13(1), (3) and (4) and Articles 14 and 19 of the PRIIPs Regulation.

(2) Without prejudice to the generality of regulation 7, the Authority shall have the power to impose, in accordance with Maltese law, at least the following administrative penalties and measures for the infringements indicated in sub-regulation (1):

(a) an order prohibiting the marketing of a PRIIP;

(b) an order suspending the marketing of a PRIIP;

(c) a public warning indicating the person responsible for, and the nature of, the infringement;

(d) an order prohibiting the provision of a key information document which does not comply with the requirement of Articles 6, 7, 8 or 10 of the PRIIPs Regulation and requiring the publication of a new version of a key information document;

(e) in the case of a legal person, administrative penalties of up to five million euro (€5,000,000) or of up to three per cent (3%) of the total annual turnover of that legal person according to the last available financial statements approved by the management body or, where the profits gained or losses avoided because of the infringement can be determined, up to twice the amount of the profits gained or losses avoided:

Provided that, where the legal person is a parent undertaking or a subsidiary of a parent undertaking which is required to prepare consolidated financial statements in accordance with Directive 2013/34/EU, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with the relevant Union law in the area of accounting according to the last available consolidated financial statements approved by the management body of the ultimate parent undertaking; and

(f) in the case of a natural person, administrative penalties of up to seven hundred thousand euro (€700,000), or, where the profits gained or losses avoided because of the infringement can be determined, up to twice the amount of the profits gained or losses avoided.

(3) Where the Authority has imposed one or more administrative penalties or measures in accordance with sub-regulation (2), the Authority shall have the power to issue, or require the PRIIP manufacturer or person advising on, or selling, the PRIIP to issue, a direct communication to the retail investor concerned, providing such retail investor with information on the administrative penalty or measure, and informing such investor where to submit complaints or claims for redress.

(4) In the exercise of its powers under these regulations, the Authority shall cooperate closely with other competent authorities to ensure that the administrative penalties and measures produce the results pursued by the PRIIPs Regulation and coordinate their action in order to avoid possible duplication and overlap when applying administrative penalties and measures to cross-border cases. For the purposes of this sub-regulation, "competent authorities" shall mean the body designated by a Member State or EEA State other than Malta, in accordance with Article 4(8) of the PRIIPs Regulation to supervise the requirements that the PRIIPs Regulation places on PRIIP manufacturers and the persons advising on, or selling, the PRIIP. (PACKAGED RETAIL AND INSURANCE-BASED 330.18 INVESTMENT PRODUCTS (PRIIPS))