S.L. 370.27 Art. 8Administrative penalties.

(1) Where the Maltese manager of a qualifying social entrepreneurship fund contravenes or fails to comply with any provisions of the EU Regulation, these regulations and any Investment Services Rules issued thereunder, the competent authority may, by notice in writing and without recourse to a court hearing, impose on such manager an administrative penalty not exceeding one hundred and fifty thousand euro (€150,000).

(2) The competent authority shall notify the European Commission and ESMA of the provisions on administrative penalties and measures applicable to breaches of the provisions of the EU Regulation, the Act, these regulations and any Investment Services Rules issued thereunder by 16 May 2015. The competent authority shall also notify the European Commission and ESMA of any subsequent amendment thereto.