Cap. 345 Art. 39CAdministrative penalties and other measures for breaches of the Prospectus Regulation .

(1) Notwithstanding the provisions of article 39A, the competent authority may impose administrative penalties and other administrative measures as mentioned in sub-article (2), where it considers that:

(a) a person’s conduct amounts to a breach of Article 3,

Article 5, Article 6, Article 7(1) to (11), Article 8,

Article 9, Article 10, Article 11(1) and (3), Article 14(1) and (2), Article 15(1), Article 16(1), (2) and (3), Article 17, Article 18, Article 19(1) to (3), Article 20(1), Article 21(1) to (4) and (7) to (11), Article 22(2) to (5), Article 23 (1), (2), (3) and (5), and, or Article 27 of the Prospectus Regulation; and, or

(b) a person has failed to co-operate or comply in an investigation or with an inspection or request covered by Article 32.

(2) Notwithstanding the provisions of article 19, the competent authority shall have the power to impose the following administrative penalties and other administrative measures for the breaches indicated in sub-article (1):

(a) a public statement indicating the natural person or the legal entity responsible and the nature of the breach;

(b) an order requiring the natural person or legal entity responsible to cease the conduct constituting the breach;

(c) maximum administrative penalties of twice the amount of any profits gained or losses avoided because of the breach in cases where they can be determined;

(d) in the case of a legal person, maximum administrative pecuniary sanctions of up to five million euro (€ 5,000,000), or up to 3% of the total annual turnover of that legal person, according to the last applicable financial statements approved by the management body; where the legal person is a parent undertaking or a subsidiary of a parent undertaking which is required to prepare consolidated financial accounts in accordance with Directive 2013/34/EU, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with the relevant European Union law in the area of accounting according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking;

(e) in the case of a natural person, administrative pecuniary sanctions of up to seven hundred thousand euro (€700,000).

(3) The administrative penalties and other measures taken by the competent authority in terms of this article shall be effective, proportionate and dissuasive.