S.L. 371.5 Art. 3Supervisory powersandpowers to impose penalties.

The competent authority shall exercise its supervisory powers and its powers to impose penalties in such a way as to ensure full and complete adherence to the requirements and obligations arising out of the Act and any regulations made and

Banking Rules issued thereunder, out of binding legal instruments issued under the CRD and out of the CRR, either directly or in collaboration with overseas regulatory authorities, in terms of law and as warranted by the relevant circumstances, and shall take all measures necessary to ensure that such administrative penalties are implemented.