S.L. 330.6 Art. 23Penalties. Cap. 12.

(1) Where a mixed financial holding company or a regulated entity authorised in Malta, or the respective manager, secretary, director or other person responsible therefor, contravenes or fails to comply with the provisions of these regulations, the Authority may, by notice in writing and without recourse to a court hearing, impose on such person, as the case may be, an administrative penalty which may not exceed the sum of one hundred and sixteen thousand and five hundred euro (€116,500).

(2) Any administrative penalty imposed by the Authority in terms of sub-regulation (1) in respect of a regulated entity authorised in Malta shall be without prejudice to:

(a) the imposition of any penalties or other measures by the Authority under the relevant sectoral rules; and

(b) the commencement of criminal proceedings and the imposition of criminal sanctions for breaches of the sectoral rules.

(3) Within a period of thirty (30) days from the date of service of a notice imposing an administrative penalty in accordance with sub-regulation (1), a person upon whom the notice is served may appeal to the Tribunal against the decision of the Authority in accordance with regulation 22.

(4) Where a notice as referred to in sub-regulation (1) has not been appealed or, where such notice has been appealed, within fifteen (15) days of the determination of such appeal, the administrative penalty as contained in the notice or as reduced by the decision of the Tribunal shall be due to the Authority and upon the service of a copy of the notice or the decision, as the case may be, by means of a judicial act on the person indicated in the notice or decision, the said notice or decision shall 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.