Cap. 345 Art. 39FANotice of administrative penalties and measures in relation to covered bonds.

(1) If the competent authority proposes to impose an administrative penalty or any other administrative measure on any person in terms of article 39CA, it shall give such person a notice in writing of its intention to do so, setting out the reasons for the decision it proposes to take and specifying a period, being a period of not less than forty-eight (48) hours and not longer than thirty (30) calendar days, in which the recipient of the notice may make representations in writing to the competent authority giving reasons why the proposed decision should not be taken, and the competent authority shall consider any representation so made before arriving at a final decision:

Provided that the competent authority shall not be required to notify its intention to impose an administrative measure which is not an administrative penalty where urgent action is necessary to prevent significant losses to third parties or significant damage to the financial system:

Provided further that, where the competent authority does not notify its intention to impose an administrative measure in terms of this sub-article, the person concerned shall, as soon as possible after the adoption of the administrative measure, be given the opportunity to make representations in writing to the competent authority giving reasons why the decision should not have been taken, and where necessary, that measure shall be revised.

(2) The competent authority shall as soon as practicable notify its decision in writing to any person on whom an administrative penalty or an administrative measure has been imposed in terms of article 39CA. Any such decision shall be reasoned.