S.L. 330.7 Art. 25Administrative penalties.

(1) In the event of liability arising in terms of regulation

24 the competent authority may by notice in writing and without recourse to a court hearing impose on the supplier, or the manager, secretary, director or other person responsible for the supplier’s activity as, the case may be, an administrative penalty which may not exceed ninety-three thousand and one hundred and seventy-four euros and ninety-four cents (93,174.94).

(2) Within a period of thirty days beginning with the date of service of a notice imposing an administrative penalty in accordance with subregulation (2), a person upon whom the notice is served may appeal to the Financial Services Tribunal against the decision of the competent authority in accordance with article 21 of the Act.

(3) Where a notice as referred to in subregulation (2) has not been appealed or where such notice has been appealed within fifteen days of the determination of such appeal, the administrative penalty as contained in the notice or as reduced by the decision of the Financial Services Tribunal shall be due to the competent authority and upon the service of a copy of the notice or the decision as the case may be, by means of a judicial act on the person indicated in the notice or decision, the said notice or decision shall constitute an executive title for all effects and purposes of Title VII of Part I of Book Second of the Code of

Organization and Civil Procedure.