S.L. 376.8 Art. 41Administrative penalties.

(1) Without prejudice to any other provision of these regulations, the competent authority may impose an administrative penalty not exceeding one hundred and fifty thousand euro

(€150,000) on a payment service provider that has contravened a requirement imposed upon it by or under these regulations or any Rules issued thereunder.

(1A) Any administrative penalty imposed on a payment service provider in accordance with sub-regulation (1) shall be effective, proportionate and dissuasive.

(2) Where an administrative penalty has been imposed by the competent authority in terms of this regulation, an appeal shall lie to the Tribunal in accordance with regulation 43.

(3) Where the competent authority decides to impose an administrative penalty, it shall notify the person on whom the penalty is being imposed by means of a notice in writing.

(4) Where the person upon whom the notice referred to in sub-regulation (3) is served:

(a) fails to pay to the competent authority the amount of the penalty within a period of thirty days of the service of the notice, and fails to appeal from the decision of the competent authority to the Financial Services Tribunal; or

(b) appeals to the Financial Service Tribunal and fails within a period of fifteen days from the decision of the Tribunal to pay the administrative penalty as confirmed or as reduced by that Tribunal, then, in every case, the amount of the administrative penalty, as originally imposed or as reduced, as the case may be, shall be due to the competent authority as a civil debt, and the provisions of sub-regulation (5) shall apply.

(5) A notice as is referred to in sub-regulation (3), or the decision of the Financial Services Tribunal, as the case may be, shall, upon the service by judicial act of a copy thereof on the person indicated in the notice, constitute an executive title for all effects and purposes of Title VII of Part I of Book Second of the

Code of Organization and Civil Procedure.

(6) The imposition by the competent authority of an administrative penalty in terms of this regulation shall be without prejudice to any other consequences of the act or omission of the offender under civil or criminal law: Provided that in all cases where the competent authority imposes an administrative penalty in respect of anything done or omitted to be done by any person and such act or omission also constitutes a criminal offence, no proceedings may be taken or continued against the said person in respect of such criminal offence.