Cap. 330 Art. 20APower to make regulations.

(1) The Minister, acting on the advice of the Authority, may make regulations to transpose, implement and give effect to.

the provisions and requirements of Directives, Regulations and any other legislative measures of the European Union requiring transposition and, or implementation, as they may be amended from time to time, including any implementing measures that have been or may be issued thereunder and relating to licence holders and others as may be specified therein; regulations made under this paragraph, and strictly related to transposition or implementation as aforesaid, may provide that any provision of this Act or of any other law shall not apply to matters falling under the regulations, and that in so far as any of the provisions of the regulations are inconsistent with the provisions of this Act or of any other law, said provisions in any such regulations shall prevail.

(2) The Minister, acting on the advice of the Authority, may make regulations to give better effect to the provisions of this Act, and without prejudice to the generality of the foregoing may, by such regulations, prescribe anything that is to be or which may be prescribed and provide for any matter consequential, incidental to or connected with any of the above matters.

(2A) The Minister, acting on the advice of the Authority, may make regulations to impose such fees and charges in respect of any request, application or other matter that may be submitted to the Authority under this or any other Act, including the fees and charges in respect of any permission, licence, authorisation, exemption or other benefit, as well as any fees and charges in respect of the Authority’s regulatory, supervisory or investigative functions under this or any other law, including the Authority’s function to provide training, knowledge and education on all matters relating to financial services.

(3) Where regulations have been made in terms of this article, the Authority may issue Rules for the better carrying out of, and to better implement, the provisions of the regulations.

(4) Regulations made under this article may impose:

(a) administrative penalties which may not exceed one hundred and fifty thousand euro (€150,000) for each infringement or failure to comply, as the case may be;

(b) punishments or other penalties in respect of any offence, not exceeding a fine (multa) of one hundred and fifty thousand euro (€150,000) or imprisonment for a term not exceeding one year, or both such fine and imprisonment; and

(c) administrative penalties and fines higher than one hundred and fifty thousand euro (€150,000), where deemed necessary or appropriate for any contravention of or failure of compliance with any EU Directive or EU Regulation or of any regulations made under this article to transpose or to give effect to any EU Directive or EU Regulation.