S.L. 371.19 Art. 3Supervisory powersandpowers to impose penalties. Cap. 370. Cap. 371.

The competent authority shall exercise its supervisory powers and its powers to impose penalties, in such a way as to ensure full and complete adherence to the requirements and obligations arising out of the Investment Services Act or the Banking Act and any regulations, Investment Services Rules and Conduct of Business Rules issued by the competent authority and MiFIR, either directly or in collaboration with European regulatory authorities and with overseas regulatory authorities, in terms of law as warranted by the relevant circumstances and shall take all measures necessary to ensure that such administrative penalties are implemented.