Fines and Penalties for Offences (Amendment) Regulations, 2003

L.N. 386 of 2003

FINANCIAL INSTITUTIONS ACT

(CAP. 376)

Fines and Penalties for Offences (Amendment) Regulations, 2003

IN exercise of the powers conferred by article 22 of the Financial

Institutions 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 Fines and Penalties

for Offences (Amendment) Regulations, 2003, and shall be read and

construed as one with the Fines and Penalties for Offences Regulations,

2002, 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 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 Lm10,000 or to

imprisonment for a term not exceeding one year, or to both such

fine and imprisonment together.”.

In the Second Schedule to the principal regulations,

immediately after the final paragraph, there shall be added the following>

“Any person who breaches any other provision of the Act

or any rules or regulations made thereunder or 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

Lm10,000 or to a penalty of up to Lm 100 for every week (or part

thereof) the contravention continues, or to both such penalties, as

the case may be.”.

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