S.L. 331.10 Art. 9Administrative penalties. 

(1) Where a trustee, in accordance with regulation 3

or regulation 3A, contravenes or fails to comply with any of the provisions of these regulations, the Authority may impose an administrative penalty which may not exceed one hundred and fifty thousand euro (€150,000) for each breach or failure to comply, as the case may be.

(2) Without prejudice to sub-regulation (1), where the (REGISTER OF BENEFICIAL OWNERS)

Authority is obliged to take action in accordance with regulation 6C(3), by updating the beneficial ownership information in the register itself where discrepancies are reported to it in accordance with regulation 6C(2), the Authority may impose an administrative penalty which may not exceed one hundred thousand euro (€100,000) on the trustee concerned.

(3) A trustee shall not be held liable in accordance with these regulations if it is demonstrated that the trustee had exercised all due diligence to comply with the provisions of these regulations and the default was not due to negligence or fault on the part of the trustee or any of its officers, as may be applicable.

(4) Where any person, for the purposes of requesting access to the beneficial ownership information held in the register in accordance with regulations 6 and 6A, furnishes information, documentation, or makes a statement or declaration which is known by such person to be inaccurate, false or misleading in any material respect, or recklessly furnishes information, documentation, or makes a statement which is inaccurate, false or misleading in any material respect, the Authority may impose an administrative penalty which may not exceed one hundred and fifty thousand euro (€150,000).

(5) The provisions of article 51(7) of the Act shall apply to any administrative sanction or measure, of mutatis mutandis whatever type, including administrative penalties, reprimands or warnings imposed or decided by the Authority under these regulations or Rules made thereunder.

(6) Without prejudice to article 55 of the Act, any person who is aggrieved by a decision of the Authority to impose an administrative penalty in accordance with this regulation may appeal against the decision to the Financial Services Tribunal within such period and under such conditions as are established in article 21 of the Malta

Financial Services Authority Act.