S.L. 345.17 Art. 11Administrative penalties.

Where a person acting as a central counterparty or trade repository and, or who is responsible for clearing and bilateral risk-management requirements for OTC derivatives and, or who is responsible for reporting requirements for derivative contracts contravenes or fails to comply with any provisions of the EMIR Regulation, these regulations and any Financial Markets Rules issued thereunder, the competent authority may, by notice in writing and without recourse to a court hearing, impose on such person an administrative penalty not exceeding one hundred and fifty thousand euro (€150,000).