Penalties for Offences (Amendment) Regulations, 2003

L.N. 385 of 2003

BANKING ACT

(CAP. 371)

Penalties for Offences (Amendment) Regulations, 2003

IN exercise of the powers conferred by article 35 of the Banking

Act, the Minister of Finance and Economic Affairs, after consultation

with the Malta Financial Services Authority, has made the following

regulations>–

(1) The title of these regulations is the Penalties for Offences

(Amendment) Regulations, 2003, and shall be read and construed as

one with the Penalties for Offences Regulations, 1999, hereinafter

referred to as “the principal regulations”.

(2) These regulations shall come into force on the 5th

December, 2003.

In the First Schedule to the principal regulations, immediately

after the final paragraph there shall be added the following>–

“Any person found guilty of an offence under any other

provision of the Act or any rules or regulations made thereunder

which is not specifically provided for in this Schedule, shall be

liable to a fine of not less than Lm100 and not more than Lm30,000

or to imprisonment for a term not exceeding two years, or to both

such fine and imprisonment.”.

In the Second Schedule to the principal regulations,

immediately after the final paragraph thereof there shall be added the

following>–

“Any person who breaches any other provision of the Act or

any rules or regulations made thereunder or of any directives and

which may give rise to the imposition of an administrative penalty

not otherwise specifically provided for in this Schedule, shall be

liable to a penalty of not less than Lm100 and not more than

Lm30,000 and to a penalty of not more than Lm25 for every day

the default continues, or to both such penalties together, as the

case may be.”.

Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press