S.L. 371.21 Art. 34Powers of the competent authority to impose administrative fines. Cap. 12.

(1) Without prejudice to the provisions of regulation

33, where the competent authority is satisfied that a person’s conduct amounts to a breach of any of the provisions of these regulations, or such person has failed to comply with a directive issued by the competent authority under these regulations, the competent authority may, by notice in writing and without recourse to a court hearing, impose on such person an administrative penalty which may not exceed one hundred and fifty thousand euro (€150,000) for each infringement or failure to comply as the case may be.

(2) Where the competent authority decides to impose an administrative fine, it shall notify the person on whom the fine is being imposed by means of a notice in writing.

(3) Where the person upon whom the notice referred to in sub- regulation (2) is served:

(a) fails to pay to the competent authority the amount of the administrative fine within a period of thirty (30) days of the service of the notice, and fails to appeal from the decision of the competent authority to the Financial Services Tribunal; or

(b) appeals to the Financial Services Tribunal and fails within a period of fifteen (15) days from the decision of the said Tribunal to pay the administrative fine as confirmed or as reduced by that Tribunal, then, in every case, the amount of the administrative fine, as originally imposed or as reduced, as the case may be, shall be due to the competent authority as a civil debt, and the provisions of sub-regulation (4) shall apply.

(4) A notice as is referred to in sub-regulation (2), or the decision of the Financial Services Tribunal, as the case may be, shall upon the service by judicial act of a copy thereof on the person indicated in the notice, constitute an executive title for all effects and purposes of Title VII of Part I of Book Second of the Code of Organization and Civil Procedure.