Cap. 476 Art. 25Minister’s power to make regulations.

(1) The Minister may, acting on the advice of the competent authority, make regulations to better implement the provisions of this Act, and to better transpose the Market Abuse

Directive and to better implement the provisions of the Market

Abuse Regulation. Regulations made under this article, and strictly related to transposition or implementation as aforesaid, may provide that any provision of this Act or of any other law shall not apply to matters falling under the regulations, and that in so far as any of the provisions of the regulations are inconsistent with the provisions of this Act or of any other law, such provisions in any such regulations shall prevail.

(2) Regulations made under this article, may be made subject to such exemptions or conditions as may be specified therein, may make different provision for different cases, circumstances or purposes and may give to the competent authority such powers of adaptation and revocation of the regulations as may also be so specified.

(3) Where regulations have been made in terms of this article, the competent authority may issue Rules within the meaning of article 21 for the better carrying out and to better implement the provisions of the regulations.

(4) Regulations made under this article may impose:

(a) administrative penalties which may not exceed one hundred and fifty thousand euro (€150,000) for each infringement or failure to comply, as the case may be;

(b) criminal punishments in respect of any offence which shall not exceed a fine (multa) of one hundred and fifty thousand euro (€150,000) or imprisonment for a term not exceeding one year, or both such fine and imprisonment; and

(c) administrative penalties and fines higher than one hundred and fifty thousand euro (€150,000), in respect of any contravention of or failure to comply with any regulations made under this Act where necessary for the purpose of transposing or giving effect to any of the provisions of the Market Abuse Directive or the Market Abuse Regulation.

(5) Regulations made under this article may also provide for the assignment of power and authority to the competent authority in order to enable it to ensure that the provisions of the regulations are properly implemented.