S.L. 330.9 Art. 111Administrative penalties and other administrative measures.

(1) The Authority and the Resolution Committee, as the case may be, may impose administrative penalties and other administrative measures in respect of breaches of the provisions of the Act and these regulations and, or of any Rules issued under the Act transposing the BRRD, and shall take all measures necessary to ensure that they are implemented.

(2) The administrative penalties and other administrative measures taken pursuant to sub-regulation (1) shall be effective, proportionate and dissuasive.

(3) Where the obligations arising under this regulation apply to credit institutions, financial institutions and Union parent undertakings, in the event of a breach of any such obligation or of a failure to comply with a directive issued by, as the case may be, the Authority or the Resolution Committee under the Act, or any regulations or Rules issued thereunder transposing the BRRD, the Authority and, or the Resolution Committee may, subject to the conditions laid down in Maltese law, by notice in writing and without recourse to a court hearing, impose administrative penalties on directors, and on other natural persons who under Maltese law are responsible for the breach or for the failure to comply with any such directive.