Cap. 647 Art. 48Publication of decisions.

(1) A decision imposing an administrative penalty and, or taking other administrative measures for a breach of the MiCA Regulation, this Act and, or any regulations made and, or Rules issued thereunder in accordance with article 46 shall be published by the competent authority on its official website without undue delay after the natural or legal person subject to such decision has been informed of the said decision:

Provided that the publication referred to in this sub-article shall include at least information on the type and nature of the breach and the identity of the natural or legal persons responsible:

Provided further that decisions imposing or taking measures that are of an investigatory nature may not be published.

(2) Where the publication of the identity of the legal entities, or the identity or personal data of natural persons, is considered by the competent authority to be disproportionate following a case-by-case assessment conducted on the proportionality of the publication of such data, or where such publication would jeopardise an ongoing investigation, the competent authority shall take one of the following actions:

(a) defer the publication of the decision to impose an administrative penalty or other administrative measure until the moment where the reasons for non-publication cease to exist;

(b) publish the decision to impose an administrative penalty or other administrative measure on an anonymous basis in a manner which is in conformity with national law, where such anonymous publication ensures the effective protection of the personal data concerned; or

(c) not publish the decision to impose an administrative penalty or other administrative measure in the event that the options provided for in paragraphs (a) and (b) are considered insufficient to ensure:

(i) that the stability of financial markets is not jeopardised; and

(ii) the proportionality of the publication of such a decision with regard to measures which are deemed to be of a minor nature:

Provided that where the competent authority decides, in accordance with paragraph (b), to publish an administrative penalty or other administrative measure on an anonymous basis, the publication of the relevant data may be deferred for a reasonable period where it is foreseen that within that period the reasons for anonymous publication will cease to exist.

(3) Where the decision to impose an administrative penalty or any other administrative measure is subject to appeal before a national judicial, administrative or other authority, the competent authority shall immediately also publish on its official website information on the status of the appeal and on the outcome thereof, and any decision annulling a preceding decision of the competent authority to impose an administrative penalty or any other administrative measure shall also be published.

(4) The competent authority shall ensure that any publication in accordance with this article remains on its official website for a period of at least five (5) years after its publication:

Provided that personal data contained in the publication shall be kept on the official website of the competent authority only for as long as is necessary for the purposes of public interest and transparency.