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

39FA. (1) If the competent authority proposes to impose an administrative penalty or any other administrative measure on a ny person in terms of article 39CA, it shall give such person a no tice in writing of its intention to do so, setting out the reasons for the decision it proposes to take and specifying a period, being a period of not less than forty-eight (48) hours and not longer than thirty (30) cal endar days, in which the recipient of the notice may make representat ions in writing to the competent authority giving reasons why the propo sed decision should not be taken, and the competent authority shall consider any representation so made before arriving at a final decision: Provided that the competent authority shall not be required to notify its intention to impose an administrative measure whi ch is not an administrative penalty where urgent action is necessary to p revent significant losses to third parties or significant damage to th e financial system: Provided further that, where the competent authority does not notify its intention to impose an administrative measure in terms of this sub-article, the person conc erned shall, as soon as possib le after the adoption of the administrativ e measure, be given the opport unity to make representations in writing to the competent authority givi ng reasons why the decision should not have been taken, and where necessary, that measure shall be revised. (2) The competent authority shall as soon as practicable notify its decision in writing to any person on whom an administrative penalty or an administrative measure has been imposed in terms of article 39CA. Any such decision shall be reasoned. Publication of decisions. Added by: XLVI.2021.48. Amended by: IX.2023.17; XI.2025.17. 39G . (1) The competent authority shall publish any decision imposing an administrative penalty or any other measure on its website immediately after the person subject to that decision h as been informed of that decision. 70 CAP. 345.] FINANCIAL MARKETS (2) The information published pursuant to sub-article (1), shall specify the type and nature of the breach, the identity of the person subject to the decision and any other information which the com petent authority deems relevant. (3) The provisions of sub-articles (1) and (2) shall not apply t o decisions of the competent author ity imposing measures that are of an investigatory nature. (4) Where the competent authority considers, following a case- by-case assessment, that the publication of the identity of the legal person subject to the decision, o r the personal data of a natur al person, would be disproportionate, or where such publication would jeopardise an ongoing investigation or the stability of the financial markets, the competent authority shall: (a) defer publication of the d ecision until the reasons for that deferral cease to exist; or (b) publish the decision on an anonymous basis where such publication ensures ef fective protection of the personal data concerned and, where appropriate, postpone publication of the relevant data for a reasonable period of time wh ere it is foreseeable that the reasons for anonymou s publication will cease to exist during that period; or (c) not publish the decision in the event that the competent authority is of the opinion that publication in accordance with paragraphs (a) or (b) will be insufficient to ensure: (i) that the stability of financial markets is not jeopardised; or (ii) the proportionality of the publication of such decisions with regard to measures which are deemed to be of a minor nature. (5) Where the decision is subject to an appeal before a national judicial, administrative or other authority, the competent auth ority shall also publish immediately on its website such information and any subsequent information on the outcome of such an appeal. Any decision annulling a decision of the competent authority to imp ose an administrative penalty or any ot her administrative measure shal l also be published. (6) Any decision that is published in accordance with this article shall remain accessible on the website of the competent authority for a period of at least five (5) years after its pub lication; Provided that personal data contained in any such decision shall be retained on the website of the competent authority for the period which is necessary, in accordance with the applicable da ta protection legislation. FINANCIAL MARKETS [CAP. 345. 71 (7) This article shall not apply to administrative penalties an d administrative measures impos ed in terms of article 39CA. Publication of administrative penalties and administrative measures in relation to covered bonds. Added by: IX.2023.18.