Investment Services Act (Cap. 370), article 16A

16A. (1) Without prejudice to any other powers assigned to the competent authority in terms o f this Act, where a licence holde r or the manager, secretary, director o r any other person responsibl e for a licence holder contravenes or fails to comply with any of the conditions imposed in a licence, and, or where the competent authority is satisfied that a pe rson’s conduct amounts to a bre ach of any of the provisions of this Act, regulations, Investment Serv ices Rules or Conduct of Business Rules issued thereunder, including failure to cooperate in an investigation, the competent authority may by notice in writing and without recourse to a court hearin g impose on the licence holder, manager, secretary, director, and , or Cap. 330. any other person as the case may be, an administrative penalty which may not exceed one hundred and fifty thousand euro (€150,000) for each infringement or failure to comply, as the c ase may be.The provisions of article 16 (4) of the Malta Financial Services Authority Act shall apply mutatis mutandis. (2) Administrative penalties or other measures that may be imposed by the competent author ity on licence holders or others , as may be specified, may be imposed in the form of a fixed penalty , a daily penalty, or both. (3) The imposition by the competent authority of an administrative penalty in terms of this article shall be withou t prejudice to any other consequence of the act or omission of th e 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 person in respect of such criminal offence. (4) The competent authority may, by means of a public statement, disclose the name o f the person sanctioned, the particular breach of the provision of this Act, regulations, Investment Services Rules or Conduct of Business Rules issued thereunder, and the penalty or administrative measure imposed. The competent authority shall withhold such public disclosure where it deems that such disclosure would seriously jeopardise the finan cial INVESTMENT SERVICES [CAP. 370. 49 markets, be detrimental to the interests of investors or cause disproportionate damage to the parties involved. (5) Where the competent authorit y has made a public statement in terms of sub-article (4), it shall simultaneously report tha t fact to ESMA. (6) The competent authority shall annually provide ESMA with aggregated information about all the administrative measures an d sanctions imposed in accordance with this article and shall upo n request provide the necessary information on the application of administrative measures and imposition of penalties in the case of breaches of the provisions adopted in the implementation of the AIFM Directive . Supervisory measures related to financial holding companies and mixed financial holding companies. Added by: LXXII.2021.18.