Cap. 476 Art. 24Offences, punishments and remedies.

(1) Any person who contravenes or fails to comply with any of the provisions of article 6, 6A, 8, 14, 15, 16, 17A, 18 or 19

shall be guilty of an offence.

(2) Any person who for the purposes of, or pursuant to, any of the provisions of this Act or of any rules or regulations made thereunder, or any condition, obligation, requirement, directive or order made or given as aforesaid, furnishes information or makes a statement which he knows to be inaccurate, false or misleading in any material respect, or recklessly furnishes information or makes a statement which is inaccurate, false or misleading in any material respect, shall be guilty of an offence.

(3) Any person who by any statement, promise or forecast which he knows to be misleading, false or deceptive, or by any dishonest concealment of material facts, or by the reckless making (whether dishonest or otherwise) of any statement, promise or forecast which is misleading, false or deceptive, induces or attempts to induce another person to enter into or offer to trade in financial instruments shall be guilty of an offence.

(4) Any person who with intent to avoid detection of the commission of an offence under this Act removes, destroys, conceals or fraudulently alters any book, document or other paper, shall be guilty of an offence.

(5) (a) A natural person found guilty of an infringement of sub-articles (2) to (4) or under the provisions of articles 6, 6A, 8, 14, 15, 16 or 17A shall be liable on conviction to a fine (multa) of not less than five thousand euro (€5,000) and not exceeding five million euro (€5,000,000) or up to three times the profit made or the loss avoided by virtue of the offence, whichever is the greater, or to imprisonment for a term not exceeding six years or to both such fine and imprisonment.

(b) A legal person found guilty of an infringement of sub-articles (2) to (4) or under the provisions of article 6, 6A, 8, 14, 15, 16 or 17A shall be liable on conviction to a fine (multa) of not less than five thousand euro (€5,000) and not exceeding fifteen million euro (€15,000,000) or up to three times the profit made or the loss avoided by virtue of the offence, whichever is the greater, or to:

(i) exclusion from entitlement to public benefits or aid;

(ii) temporary or permanent disqualification from the practice of commercial activities;

(iii) placing under judicial supervision;

(iv) judicial winding-up;

(v) temporary or permanent closure of establishments which have been used for committing the offence, or to both such fine and any or all of the measures mentioned in sub-paragraphs (i) to (v).

(c) Legal persons can be held liable for infringements of any of the provisions of the Act referred to in paragraph (b) committed for their benefit by any person, acting either individually or as part of an organ of the legal person, and having a leading position within the legal person based on:

(i) a power of representation of the legal person;

(ii) an authority to take decisions on behalf of the legal person; or

(iii) an authority to exercise control within the legal person.

(d) Legal persons shall also be held liable where the lack of supervision or control, by a person referred to in paragraph (c), has made possible the commission of an offence referred to in articles 6, 6A and 8 for the benefit of the legal person by a person under its authority.

(e) The liability of legal persons under this sub-article shall not exclude criminal proceedings against natural persons who are involved as perpetrators, inciters or accessories in the offences referred to in articles 6, 6A and 8.

(6) Any person who acts in contravention of an attachment order mentioned in article 18 shall, on conviction, be liable to a fine (multa) not exceeding twelve thousand euro (€12,000) or to imprisonment for a period not exceeding twelve months or to both such fine and imprisonment: Provided that where the offence consists in the payment or delivery to any person by the garnishee of any moneys or other movable property attached as provided in article 18(1)(a) or in the transfer or disposal by the suspect of any movable or immovable property in contravention of article 18(1)(c), the fine shall always be at least twice the value of the money or property in question.

(7) Any addressee of an order regarding the freezing of funds who acts in contravention of a court order mentioned in article 19 shall on conviction, be liable to a fine (multa) not exceeding twelve thousand euro (€12,000) or to imprisonment for a period not exceeding twelve months, or to both such fine and imprisonment, and any act so made in contravention of such court order shall be null and without effect at law.

(8) A person whose actions are found to amount to market abuse whether under criminal or administrative proceedings under this Act shall be liable to pay compensation to any person suffering a loss from such action in the amount as may be determined by the Tribunal.

(9) Any person suffering a loss as a consequence of a transaction in relation to financial instruments, entered into with a person whose actions have been determined as amounting to market abuse under this Act, may apply for compensation, payable to him by the said person, to the Tribunal. On such application, the Tribunal shall determine the extent to which the applicant suffered a loss and the applicable amount of compensation which is due to him: Provided that an action for compensation shall be barred by the lapse of two years from the date on which the administrative decision or judgement finding that person liable to pay compensation has committed market abuse has become final and conclusive: Provided further that the right to claim compensation under this sub-article shall not prejudice the rights of the person claiming compensation under any other law.

(10) There shall be an appeal on questions of law only from a decision of the Tribunal taken pursuant to this article to the Court of Appeal (Inferior Jurisdiction).

(11) Where the Tribunal has determined an amount of compensation to be paid in terms of sub-article (9) and where this decision has not been appealed or, where such decision has been appealed within fifteen days of the determination of such appeal, the compensation as determined in the decision of the Tribunal shall be due and upon the service of a copy of notice of the decision by means of a judicial act on the person indicated in the decision, the decision shall 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.