S.L. 376.2 Art. 4Appeal.

(1) Any person may appeal to the Financial Services

Tribunal against any decision of the competent authority imposing upon him an administrative penalty in accordance with the provisions of regulation 3(2).

(2) Subject to the provisions of subregulation (3), the provisions of article 21 of the Act shall apply mutatis mutandis to any appeal made under this regulation.

(3) Any appeal under this regulation shall, in all cases, suspend the execution of the decision appealed from and the decision of the Financial Services Tribunal on any such appeal shall be final. FIRST SCHEDULE

Regulation 3(1)

Penalties which are enforceable by prosecution in the courts of Malta Column Second Column Third Column Provision Fine (Multa) Imprisonment unless otherwise not less than €931.75 but not less than three months hereunder not more than €232,937.34 but not more than one year with reference not less than €4,658.75 but not less than six months not more than €465,874.68 but not more than one year with reference not less than €232.94

with reference not less than €232.94

with reference not less than €93.17 but not not less than one week but failure under Art more than €931.75 not more than one month (11) with reference not less than €465.87 but not more than two months and (2) not more than €9,317.49 with reference not less than €465.87 but not more than two months not more than €9,317.49 not less than €465.87 but not more than €4,658.75 not less than €465.87 but not more than €4,658.75 not less than €465.87 but more than €4,658.75 not less than €93.17 but not not less than one month more than €9,317.49 but not more than one year found guilty of an offence under any other provision of the Act or any made thereunder which is not specifically provided for in this Schedule, shall be of not less than €232.94 and not more than €23,293.73 or to imprisonment for a exceeding one year, or to both such fine and imprisonment together. SECOND SCHEDULE Amended L.N. Regulation 3(2) Substituted L.N. Administrative penalties which may be imposed by the competent without recourse to a court hearing First Column Second Column Third Provision Act or Omission Penalty Art 22(1)(a) with reference failure to pay licence fee €23.29 per to Art 3(3) thereof Art 22(1)(a) with reference failure of own funds of €46.59 per to Art 5(1)(a) financial institution to thereof attain prescribed level within period determined by competent authority Art 22(1)(a) with reference failure to notify competent €23.29 per to Art 7A authority of change in thereof information Art 22(1)(a) with reference failure to inform competent €232.94 to Art 8 authority of opening of new branch, etc., in Malta or abroad Art 22(1)(a) with reference failure to notify the €232.94 for to Art 14 competent authority with part thereof the required particulars or continues information Art 22(1)(a) with reference prohibited transactions by €116.47 for to Art 10 financial institution part thereof continues Art 22(1)(a) with reference failure to appoint auditor €232.94 to Art 18(1) reference thereof continues Art 22(1)(a) with reference failure to give notice as €11.65 for to Art 18(3) required part thereof continues Art 22(1)(a) with reference failure to change auditors €232.94 for to Art 18(4) part thereof continues Art 22(1)(a) with reference disqualified officer who €232.94 for to Art 24 acts or continues to act as part thereof officer of financial continues institution Art 22(1)(b) failure to abide with the €93.17 for conditions or restrictions of part thereof a licence continues

Any person who breaches any other provision of the Act or any rules or regulations thereunder or any directives, and which may give rise to the imposition of an penalty not otherwise specifically provided for in this Schedule, shall be liable not less than €232.94 and not more than €23,293.73 or to a penalty of up to €232.94 week (or part thereof) the contravention continues, or to both such penalties, be.