S.L. 373.4 Art. 13Administrative penalties.

(1) Any trader or notary who fails to comply with any lawful requirement in accordance with these regulations, or with any procedures and instructions issued by the Unit in accordance with regulation 12, shall be liable to an administrative penalty of not more than five thousand euro (€5,000) which shall be imposed by the Unit without recourse to a court hearing, in accordance with policies and procedures established by the Board of Governors referred to in the Act.

(2) Notwithstanding the provisions of sub-regulation (1), the Unit may, where circumstances so warrant, issue a warning in writing instead of an administrative penalty.