S.L. 370.44 ст. 7Administrative Penalties and other specific administrative measures.

(1) Without prejudice to any other regulatory and investigatory powers of the competent authority, the competent authority shall, by notice in writing and without recourse to a court hearing, exercise its supervisory powers and its powers to impose maximum administrative penalties as follows :

(a) in the case of a legal person, the administrative pecuniary sanction of up to a maximum of five million euro (€5,000,000) or 10% of the total annual turnover of the legal person according to the last available accounts approved by the management body:

Provided that where the legal person is a parent undertaking or a subsidiary of the parent undertaking which has to prepare consolidated financial accounts in accordance with Directive 2013/34/EU of the European Parliament and of the Council, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with the relevant Union law in the area of accounting according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking;

(b) in the case of a natural person, the administrative pecuniary sanction of up to a maximum of five million euro (€5,000,000);

(c) as an alternative to paragraphs (a) and (b), the maximum administrative pecuniary sanctions shall be equivalent to at least twice the amount of the benefit derived from the infringement where that benefit can be determined, even if it exceeds the maximum amount of five million euro (€5,000,000).

(2) Without prejudice to powers vested in the competent authority in accordance with Directive 2009/65/EC or 2011/61/EU, as applicable, the competent authority, while respecting the principle of proportionality, shall impose an administrative penalty in terms of sub-regulation (1) and take the appropriate administrative measures referred to in sub-regulation (3) where an MMF or the manager of an MMF:

(a) fails to comply with any of the requirements, in infringement of Articles 9 to 16 and 17 to 21, 23 to 26 or 29 to 34 of the MMF Regulation or any other provision of the MMF Regulation;

(b) fails to comply with any provisions of the Act, and, or regulations and, or Rules made thereunder implementing the provisions of the MMF Regulation;

(c) has obtained authorisation through false statements or any other irregular means, in infringement of Article 4 or 5 of the MMF Regulation;

(d) uses the designation 'money market fund', 'MMF' or of another designation that suggests that a UCITS or AIF is an MMF, in infringement of Article 6 of the MMF Regulation.

(3) In the cases referred to in sub-regulation (2), the competent authority of the MMF shall, as appropriate:

(a) take administrative measures in terms of the Act and, or any regulations made thereunder and in terms of these regulations to ensure that the MMF or the manager of an MMF concerned complies with the relevant provisions;

(b) withdraw an authorisation granted in accordance with Article 4 or 5 of the MMF Regulation.