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

39F. (1) If the competent authority proposes to impose an administrative penalty on any person under any of the provision s of this Act, it shall give such person a notice in writing of its inten tion to do so, setting out the reasons for t he decision it proposes to tak e. (2) Every notice given under sub- article (1), shall state that t he recipient of the notice may, within fifteen (15) days from the service thereof, make representations in writing to the competent autho rity giving reasons why the proposed de cision should not be taken, a nd the competent authority shall consid er any representation so made b efore arriving at a final decision. (3) The competent authority shall as soon as practicable notify its final decision in writing to any person to whom notice is t o be given under sub-article (1). Notice of administrative penalties and measures in relation to covered bonds. Added by: IX.2023.16.