Financial Markets Act (Cap. 345), article 39A

39A. (1) Without prejudice to any other powers conferred to it by this Act or any other law, whe re the competent authority is satisfied that a person’s conduct amounts to a breach of any of the provi sions of Part III, or any regulations, or Capital Markets Rules issued thereunder, or that a person has contravened or failed to compl y with any condition, obligation, requi rement or directives made or gi ven by the competent authority under any of the provisions of this Act or any regulations or Capital Markets Ru les issued thereunder, includi ng failure to co-operate in an inves tigation, the competent author ity may by notice in writing and without recourse to a court hearing im pose on such person an administrative pe nalty which may not exceed one hundred and fifty thousand euro (€150,000) for each breach or f ailure to comply, as the case may be, or any other administrative meas ure, as it may deem necessary. (2) Administrative penalties that may be imposed by the competent authority, may be imposed in the form of a fixed pena lty, a daily penalty, or both: Provided that the administrative penalties imposed by the competent authority in accordance with this article shall be ef fective, proportionate and dissuasive. Cap. 330.(3) The provisions of article 16(4) of the Malta Financial Services Authority Act shall apply mutatis mutandis with respect to any administrative penalty imposed by the competent authority under sub- 62 CAP. 345.] FINANCIAL MARKETS article (1). (4) The imposition by the competent authority of an administrative penalty or any ot her administrative measure in t erms of this article shall be without prejudice to any other consequenc e emanating from the act or omission of the offender under civil or criminal law: Provided that in all cases where the competent authority imposes an administrative penalty in respect of anything done o r omitted to be done by any person, and such act or omission also constitutes a criminal offence, no proceedings may be taken or continued against the said pers on in respect of such criminal o ffence. Administrative penalties and other measures for breaches relating to transparency obligations. Added by: XLVI.2021.48. Amended by: LXXI.2021.11; XI.2025.16.