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

39B. (1) Notwithstanding the provisions of article 39A, the competent authority may impose administrative penalties and oth er administrative measures as mentioned in sub-article (2), where it considers that: (a) an issuer has failed to make public, in a correct and complete manner and within the required time limit, any regulated information as required in this Act and the Capital Market Rules; or (b) any other person subject to the Capital Markets Rules has failed to notify, within the required time limit, the acquisition or disposal of a major holding in accordance with the Capital Markets Rules. (2) Notwithstanding the provisions of article 39A, the competent authority shall have the power to impose the followin g administrative penalties and othe r administrative measures for the breaches indicated i n sub-article (1): (a) a public statement indicating the natural person or the legal entity responsible and the nature of the breach; (b) an order requiring the natural person or the legal entity responsible to cease the conduct constituting the breach and to desist from any repetition of that conduct; (c) in the case of a legal entity, administrative penalties of: (i) up to ten million euro (€10,000,000), or up to 5% of the total annual turnover according to the last available annual accounts approved by the management body; where the legal entity is a parent undertaking or a subsidiary of a parent undertaking which has to prepare consolidated financial accounts pursuant to Directive 2013/ 34/EU , the relevant total turnover shall be the total annual turnover or the corresponding type of income pursuant to the relevant accounting Directives according to the last available FINANCIAL MARKETS [CAP. 345. 63 consolidated annual accounts approved by the management body of the ultimate parent undertaking; or (ii) up to twice the amount of the profits gained or any losses avoided because of the breach, where those can be determined, whichever is higher; (d) in the case of a natural per son, administrative penalties of: (i) up to two million euro (€ 2,000,000); or (ii) up to twice the amount of the profits gained or any losses avoided because of the breach, where those can be determined, whichever is higher. (3) Without prejudice to the provisions of sub-article (2), the competent authority may suspend the exercise of voting rights attached to shares in the event of any breach as referred to in sub- article (1)(a). (4) The administrative penalties and other administrative measures taken by the competent authority in terms of this arti cle shall be effective, proportionate and dissuasive. Administrative penalties and other measures for breaches of the Prospectus Regulation . Added by: XLVI.2021.48. Amended by: LXXI.2021.12.