FINES AND PENALTIES FOR OFFENCES REGULATIONS

FINES AND PENALTIES FOR OFFENCES

SUBSIDIARY LEGISLATION 376.02

FINES AND PENALTIES FOR OFFENCES

REGULATIONS

29th November, 2002

LEGAL NOTICE 357 of 2002, as amended by Legal Notices 386 of 2003

and 425 of 2007.

The title of these regulations is the Fines and Penalties for

Offences Regulations.

L.N. 386 of 2003.

Regulation 3(1)

Substituted by

L.N. 425 of 2007.

Penalties which are enforceable by prosecution in the courts of Malta

First Column

Second Column

Third Column

Provision

Fine (Multa)

Imprisonment

Art 22(1) unless otherwise

not less than €931.75 but

not less than three months

specified hereunder

not more than €232,937.34

but not more than one year

Art 22(1)(a) with reference

not less than €4,658.75 but

not less than six months

to Art 3(1)

not more than €465,874.68

but not more than one year

Art 22(1)(a) with reference

not less than €232.94

to Art 8(2)

Art 22(1)(a) with reference

not less than €232.94

to Art 9(2)

Art 22(1)(a) with reference

not less than €93.17 but not

not less than one week but

to each failure under Art

more than €931.75

not more than one month

14(8) and (11)

Art 22(1)(a) with reference

not less than €465.87 but

not more than two months

to Art 22(1) and (2)

not more than €9,317.49

Art 22(1)(a) with reference

not less than €465.87 but

not more than two months

to Art 25(2)

not more than €9,317.49

Art 22(1)(c)

not less than €465.87 but

not more than €4,658.75

Art 22(1)(d)

not less than €465.87 but

not more than €4,658.75

Art 22(1)(e)

not less than €465.87 but

more than €4,658.75

Art 22(1)(f)

not less than €93.17 but not

not less than one month

more than €9,317.49

but not more than one year

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 €232.94 and not more than €23,293.73 or to imprisonment for a

term not exceeding one year, or to both such fine and imprisonment together.

FINES AND PENALTIES FOR OFFENCES

In these regulations, unless the context otherwise requires -

"Act" means the Financial Institutions Act;

"competent authority" means the body nominated under article

12(1) of the Act; and

"Financial Institutions Directive" means any directive issued by

the competent authority under article 13(2) of the Act;

"Tribunal for Financial Services" means the Financial Services

Tribunal established under article 21(1) of the Malta Financial

Services Authority Act.

Amended by

L.N. 386 of 2003.

Regulation 3(2)

Substituted by

L.N. 425 of 2007.

Administrative penalties which may be imposed by the competent authority

without recourse to a court hearing

First Column

Second Column

Third Column

Provision

Act or Omission

Penalty

Art 22(1)(a) with reference

failure to pay licence fee

€23.29 per week or part

to Art 3(3)

thereof

Art 22(1)(a) with reference

failure of own funds of

€46.59 per week or part

to Art 5(1)(a)

financial institution to

thereof

attain prescribed level

within period determined

by competent authority

Art 22(1)(a) with reference

failure to notify competent

€23.29 per week or part

to Art 7A

authority of change in

thereof

information

Art 22(1)(a) with reference

failure to inform competent

€232.94

to Art 8

authority of opening of new

branch, etc., in Malta or

abroad

Art 22(1)(a) with reference

failure to notify the

€232.94 for every week or

to Art 14

competent authority with

part thereof the failure

the required particulars or

continues

information

Art 22(1)(a) with reference

prohibited transactions by

€116.47 for every week or

to Art 10

financial institution

part thereof the transaction

continues

Art 22(1)(a) with reference

failure to appoint auditor

€232.94

for

every

to Art 18(1)

reference to week or part

thereof the failure

continues

Art 22(1)(a) with reference

failure to give notice as

€11.65 for every week or

to Art 18(3)

required

part thereof the failure

continues

Art 22(1)(a) with reference

failure to change auditors

€232.94 for every week or

to Art 18(4)

part thereof the failure

continues

Art 22(1)(a) with reference

d i s qu a l i f i e d o ff i c e r w ho

€232.94 for every week or

to Art 24

acts or continues to act as

part thereof the failure

officer of financial

continues

institution

Art 22(1)(b)

f ail ure t o abide wit h the

€93.17 for every week or

conditions or restrictions of

part thereof the failure

a licence

continues

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 €232.94 and not more than €23,293.73 or to a penalty of up to €232.94 for every

week (or part thereof) the contravention continues, or to both such penalties, as the case may

be.

(1) Any person found guilty of an offence for having

contravened a provision of the Act appearing in the first column of

the First Schedule shall be liable to the payment of the

corresponding fine (multa) laid down in the second column of the

said Schedule or to the corresponding period of imprisonment laid

down in the third column thereof or to both such fine and

imprisonment.

(2) Without prejudice to any regulatory provisions of the Act

and to any regulatory provision under any other law, for any failure

by any person to comply with a provision of the Act appearing in

the first column of the Second Schedule consisting in the

corresponding act or omission described in the second column

thereof, the competen t auth ori ty m ay im pose b y way of an

administrative penalty, the corresponding sum appearing in the

third column of the said Schedule.

(1) Any person may appeal to the Financial Services

Tribunal against any decision of the competent authority imposing

upon him an adm inistrative penalty in accordance with the

provisions of regulation 3(2).

(2) Subject to the provisions of subregulation (3), the

provisions of article 21 of the Act shall apply mutatis mutandis to

any appeal made under this regulation.

(3) Any appeal under this regulation shall, in all cases, suspend

the execution of the decision appealed from and the decision of the

Financial Services Tribunal on any such appeal shall be final.

FINES AND PENALTIES FOR OFFENCES

Amended by