Cap. 637 чл. 23Administrative penalties and other measures.   Cap. 330.

(1) The competent authority may impose administrative penalties and other administrative measures as mentioned in sub-article (2), where it considers that:

(a) a person’s conduct amounts to an infringement of any of the provisions of the ECSP Regulation, this Act or any regulations or Rules issued thereunder; or

(b) a person has contravened or failed to comply with any condition, obligation, requirement or directives made or given by the competent authority under any of the provisions of the ECSP Regulation, this Act or any regulations or Rules issued thereunder, including failure to co-operate with an investigation or an inspection or any request made by the competent authority under article 19.

(2) The competent authority shall have the power to impose the following administrative penalties and other administrative measures for the infringements indicated in sub-article (1):

(a) a public statement indicating the natural or legal person responsible for the infringement, and the nature of such infringement;

(b) an order requiring the natural or legal person to cease the conduct constituting the infringement and to desist from a repetition of that conduct;

(c) a ban preventing any member of the management body of the legal person responsible for the infringement, or any other natural person held responsible for the infringement, from exercising management functions in crowdfunding service providers;

(d) administrative penalties which shall not exceed twice the amount of the benefit derived from the infringement where that benefit can be determined, even if it exceeds the maximum amounts set out in paragraph (e);

(e) in the case of a legal person, administrative penalties which shall not exceed five hundred thousand euro (€500,000), or of up to five (5%) of the total per centum annual turnover of that legal person according to the last available financial statements approved by the management body:

Provided that where the legal person is a parent undertaking or a subsidiary of a parent undertaking which is required to prepare consolidated financial statements in accordance with Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/ 349/EEC, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with the relevant Union law in the area of accounting according to the last available consolidated financial statements approved by the management body of the ultimate parent undertaking;

(f) in the case of a natural person, administrative penalties which shall not exceed five hundred thousand euro (€500,000).

(3) Administrative penalties that may be imposed by the competent authority in accordance with this article, may be imposed in the form of a fixed penalty, a daily penalty, or both.

(4) Administrative penalties and other administrative measures taken by the competent authority in terms of this article shall be effective, proportionate, dissuasive and duly justified.

(5) The provisions of article 16(4) of the Malta Financial

Services Authority Act shall apply mutatis mutandis with respect to any administrative penalty imposed by the competent authority under this article.

(6) Without prejudice to the provisions of this article, where obligations imposed in terms of the ECSP Regulation, this Act or any regulations or Rules issued thereunder, apply to a legal person, in the event of an infringement of any provision thereof, administrative penalties and other measures may also be imposed, subject to the conditions laid down in national law, on the members of the administrative, management or supervisory bodies of the legal entity concerned, and on other individuals who are responsible for the infringement under national law.

(7) The imposition by the competent authority of an administrative penalty or any other administrative measure in terms of this article shall be without prejudice to any other consequence emanating from the act or omission of the offender in terms of civil or criminal law:

Provided that in all cases where the competent authority imposes an administrative penalty in respect of anything done or omitted to be done by any person, and such act or omission also constitutes a criminal offence, no proceedings may be taken or continued against the said person in respect of such criminal offence.