Cap. 345 Art. 39DAdministrative penalties and other measuresinrespect of members of a legal entity.

Where obligations imposed in terms of the Prospectus

Regulation, this Act or any regulations or Capital Markets Rules issued thereunder, apply to the issuer or to any other legal entity, in the event of a breach of any provision thereof, administrative penalties and other measures can also be imposed, subject to the conditions laid down in national law, on the members of the administrative, management or supervisory bodies of the legal entity concerned, and on other individuals who are responsible for the breach under national law:

Provided that this article shall not apply to breaches of any of the provisions of Part IV or any regulations or Covered Bonds bis Rules issued thereunder.