S.L. 123.221 Art. 12Compliance monitoring.

The Commissioner may give notice in writing to any authorised registered mandatary to furnish him, within a reasonable time stated in such notice, not being less than twenty (20) days, such information as may be necessary in order to verify that such authorised registered mandatary is complying with the obligations established in these rules. Such requests shall be sent to that authorised registered mandatary either by electronic means to his verified email address or sent by post to the authorised registered mandatary’s registered address. Where any of the information requested is not submitted to the Commissioner within the time limit specified in the notice, the authorised registered mandatary shall be liable to an administrative penalty of not less than five hundred euro (€500) and not exceeding nineteen thousand, two hundred and fifty euro (€19,250):

Provided that where the Commissioner is satisfied that the default in respect of which the administrative penalties have been imposed were justifiable, the Commissioner may remit such administrative penalties in whole or in part as he may think fit. In every case the Commissioner shall inform the said authorised registered mandatary in writing:

Provided further that where an authorised registered mandatary repeatedly fails to carry out a function required under these rules, he shall cease to be an authorised registered mandatary, in such manner and form as the Commissioner may determine. For the purposes of this paragraph, "repeatedly" means more than two (2) failures of carrying out functions required under these rules.