S.L. 376.10 Art. 37Administrative penalties, other administrative measures and appeals.

(1) Without prejudice to any other power assigned to the competent authority in accordance with the Act, these regulations 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 Credit Intermediaries Rules and Financial Institutions Rules issued thereunder which further implement these regulations, the competent authority may, by notice in writing impose on such person an administrative penalty and other administrative measures in accordance with article 23 of the Act, as applicable.

(2) A right of appeal to the Financial Services Tribunal shall lie from the decisions which the competent authority shall take in accordance with these regulations and the provisions of article 21 of the Act shall apply mutatis mutandis.