Cap. 632 Art. 18Administrative penalties,andother measures.

(1) In the case of a breach of any of the provisions of this

Act, or of any regulations or directives issued under it, the competent authority shall have the power to issue administrative penalties and reprimands, and to take such other measures as it may deem appropriate according to the circumstances of the case.

(2) The competent authority shall have the power to take, or impose, at least the following administrative penalties and other measures for breaches of the provisions of the rules under this Act or any regulations or directives issued under it:

(a) a notice requiring the person responsible for the breach to cease the conduct and to abstain from any repetition of that conduct, which notice shall also be communicated to any other regulatory or supervisory authority to whose regulation such person may be subject;

(b) a public statement which indicates the person responsible and the nature of the breach, published on the website of the competent authority;

(c) a temporary prohibition, of up to three (3) years’ duration, banning the insolvency practitioner or registered firm from acting as an insolvency practitioner in terms of article 4(2); and

(d) the imposition of administrative penalties in accordance with article 9(1)(j).

(3) When determining the type and level of administrative penalties and other measures mentioned in sub-article (2) or otherwise in terms of this Act, the competent authority shall take into account all relevant circumstances, including, without limitation to:

(a) the gravity and the duration of the breach;

(b) the degree of responsibility of the responsible person;

(c) the financial strength of the responsible person, by reference to the annual income or total turnover thereof, as the case may be;

(d) the level of cooperation of the responsible person with the competent authority; and

(e) previous breaches by the responsible legal or natural person.