S.L. 345.22 ст. 4Administrative penalties and other administrative measures. Cap. 345. Cap. 345.

(1) Without prejudice to article 39A of the

Financial Markets Act, to any regulations made under the Financial

Markets Act and to the supervisory powers of the competent authority referred in regulation 3, the competent authority shall impose administrative penalties and other administrative measures in respect of breaches of:

(a) the provisions of the Financial Markets Act and, or of regulations and, or Financial Market Rules issued thereunder transposing the provisions of MiFID; and

(b) the provisions of MiFIR.

(2) The administrative penalties and other measures taken pursuant to sub-regulation (1) shall be effective, proportionate and dissuasive.