S.L. 345.29 Art. 6Publication of decisions.

(1) The competent authority shall publish any decision imposing an administrative penalty or other administrative measures which it shall take under these regulations on its official website, without undue delay, after the person on whom the penalty was imposed has been notified of such decision. The publication shall include information on the type and nature of the infringement and the identity of the persons responsible:

Provided that the competent authority is not obliged to publish such information when the administrative measures imposed are of an investigatory nature:

Provided further that where the competent authority publishes a decision imposing an administrative penalty or other administrative measures against which there is an appeal before the Financial Services Tribunal or the relevant judicial authorities, the competent authority shall immediately add on its official website that information and, at later stages, any subsequent related information on the outcome of such appeal:

Provided further that any decision of the Financial Services Tribunal or other judicial decision annulling a decision of the competent authority imposing an administrative penalty or other administrative measures shall also be published.

(2) Where the competent authority, following a case-by-case assessment, considers that the publication of the identity of legal persons or of the identity and personal data of natural persons, as the case may be, would:

(a) be disproportionate, including risks in relation to the protection of personal data;

(b) jeopardise the stability of financial markets; or

(c) jeopardise the pursuit of an ongoing investigation;

the competent authority shall adopt one (1) of the following solutions in respect of the decision imposing an administrative penalty or other administrative measures:

(i) defer the publication of the decision until all the reasons for non-publication cease to exist;

(ii) publish the decision on an anonymous basis where such anonymous publication ensures the effective protection of the personal data concerned; or

(iii) refrain from publishing the decision, where the options referred to in sub-paragraphs (i) and (ii) are considered to be insufficient to ensure:

- that the stability of financial markets would not be put in jeopardy; or

- the proportionality of the publication of such a decision with regard to measures which are deemed to be of a minor nature.

(3) In the case of a decision to publish an administrative penalty or other administrative measures on an anonymous basis in terms of sub-paragraph (ii) of sub-regulation (2), the publication of the relevant data may be postponed for a reasonable period where it is expected that within that period the reasons for anonymous publication will cease to exist.

(4) The competent 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 any personal data contained in the publication shall be limited to what is necessary for the purposes of the specific case and shall be kept on the official website of the competent authority only for the period which is necessary in accordance with the applicable data protection laws.