Cap. 345 Art. 39AAdministrative penalties and other measures.

(1) Without prejudice to any other powers conferred to it by this Act or any other law, where the competent authority is satisfied that a person’s conduct amounts to a breach of any of the provisions of

Part III, or any regulations, or Capital Markets Rules issued thereunder, or that a person has contravened or failed to comply with any condition, obligation, requirement or directives made or given by the competent authority under any of the provisions of this Act or any regulations or Capital Markets Rules issued thereunder, including failure to co-operate in an investigation, the competent authority may by notice in writing and without recourse to a court hearing impose on such person an administrative penalty which may not exceed one hundred and fifty thousand euro (€150,000) for each breach or failure to comply, as the case may be, or any other administrative measure, as it may deem necessary.

(2) Administrative penalties that may be imposed by the competent authority, may be imposed in the form of a fixed penalty, a daily penalty, or both:

Provided that the administrative penalties imposed by the competent authority in accordance with this article shall be effective, proportionate and dissuasive.

(3) The provisions of article 16(4) of the Malta Financial Services Authority Act shall apply mutatis mutandis with respect to any administrative penalty imposed by the competent authority under sub-article (1).

(4) The imposition by the competent authority of an administrative penalty or any other administrative measure in terms of this article shall be without prejudice to any other consequence emanating from 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.