S.L. 373.3 Art. 8Supervision and enforcement.

(1) The Unit shall be responsible to monitor that credit and financial institutions meet their obligations under these regulations and any procedures and guidance issued under regulation 5.

(2) For the purposes of carrying out its functions under sub-regulation (1), the Unit may exercise any of the powers granted to it under article 26 of the Act as well as carry out data quality checks on the data and information provided by credit and financial institutions for inclusion in the register as it may deem fit and give such directions as may be necessary to redress any issues identified with respect to such data and information.

(3) In accordance with article 13 of the Act, any credit or financial institution who contravenes any provision of these regulations or of any procedure or guidance issued in terms of regulation 5, as well as any direction given by the Unit, shall be liable to an administrative penalty of not less than two hundred fifty euro (€250) and not more than forty-six thousand five hundred euro (€46,500) in respect of every separate breach.

(4) Notwithstanding the provisions of sub-regulation (3), the Unit may:

(a) with respect to minor contraventions and where the circumstances so warrant, impose an administrative penalty below the minimum established by these regulations but not less than two hundred and fifty euro (€250) or issue a reprimand in writing instead of an administrative penalty;

(b) with respect to serious, repeated or systematic contraventions, impose administrative sanctions that in total are not to exceed one million euro (€1,000,000);

(c) instead of or in conjunction with the imposition of any administrative penalty as envisaged under this regulation, require the credit or financial institution to take any action or measure to remedy such contravention or to ensure compliance with the provisions of these regulations or any procedures issued by the Unit.

(5) Administrative measures under these regulations shall be imposed by the Unit without recourse to a court hearing and in accordance with policies and procedures established by the Board of Governors referred to in the Act, with the Unit being able to impose penalties either as a one-time fixed penalty or as a daily cumulative penalty or both:

Provided that an administrative penalty imposed on a daily cumulative basis shall not be less than two hundred and fifty euro (€250) and the accumulated penalty shall not exceed the maximum set out under sub-regulations (3) and (4)(b), as may be applicable.

(6) Articles 13A to 13C, both inclusive, of the Act shall be equally applicable in relation to any administrative measure imposed on a credit or financial institution for any contravention of these regulations or of any procedures or guidance issued in terms of regulation 5.