S.L. 345.30 Art. 9Administrative penalties, other administrative measures and appeals. Cap. 330.

(1) Without prejudice to any other power assigned to the competent authority under the Act, these regulations and, or any other law, where a person falling within the scope of these regulations fails to comply with any of the provisions of these regulations or any Rules issued under the Act, which further implement these regulations, the competent authority may, by notice in writing and without recourse to a court hearing impose on such person an administrative penalty which may not exceed one hundred and fifty thousand euro (€150,000) for each breach or failure to comply, as the case may be, or any other administrative measure, as it may deem necessary.

(2) Administrative penalties that may be imposed by the competent authority, may be imposed in the form of a fixed penalty, a daily penalty, or both.

(3) The provisions of article 16(4) of the Malta Financial Services Authority Act shall apply mutatis mutandis with respect to any administrative penalty imposed by the competent authority under sub-regulation (1).

(4) The imposition by the competent authority of an administrative penalty or any other administrative measure in terms of these regulations shall be without prejudice to any other consequence emanating from the act or omission of the offender under civil or criminal law:

Provided that in all cases where the competent authority imposes an administrative penalty in respect of anything done or omitted to be done by any person, and such act or omission also constitutes a criminal offence, no proceedings may be taken or continued against the said person in respect of such criminal offence.

(5) Without prejudice to sub-regulation (1), where the obligations imposed in terms of the Act, these regulations or Capital Markets Rules issued thereunder, apply to an issuer or to any other legal entity, in the event of a breach of any provision thereof, administrative penalties and other measures may also be imposed, subject to the conditions established in national law, on the members of the administrative, management or supervisory bodies of the legal entity concerned, and on other individuals who are responsible for the breach under national law.

(6) A right of appeal to the Financial Services Tribunal shall lie from the decisions taken by the competent authority under these regulations and the provisions of articles 42 and 44 of the Act shall apply mutatis mutandis.