FINES AND PENALTIES FOR OFFENCES g S.L.376.02 1
SUBSIDIARY LEGISLATION 376.02
FINES AND PENALTIES FOR OFFENCES 
REGULATIONS
29th November, 2002
LEGAL NOTICE 357 of 2002, as amended by Legal Notice 386 of 2003.
Citation.
Offences Regulations.
Interpretation.
Cap. 376.
"competent authority" means the body nominated under article
12(1) of the Act; and
"Financial Institutions Directive" means any directive issued by
the competent authority under article 13(2) of the Act;
Cap. 330.
"Tribunal for Financial Services" means the Financial Services
Tribunal established under article 21(1) of the Malta Financial
Services Authority Act.
Penalty.
contravened a provision of the Act appearing in the first column of
the First Schedule shall be liable to the payment of the
corresponding fine ( multa ) laid down in the second column of the
said Schedule or to the corresponding period of imprisonment laid
down in the third column thereof or to both such fine and
imprisonment.
(2) Without prejudice to any regulatory provisions of the Act
and to any regulatory provision under any other law, for any failure
by any person to comply with a provision of the Act appearing in
the first column of the Second Schedule consisting in the
corresponding act or omission described in the second column
thereof, the competent authority may impose by way of an
administrative penalty, the corresponding sum appearing in the
third column of the said Schedule.
Appeal.
Tribunal against any decision of the competent authority imposing
upon him an administrative penalty in accordance with the
provisions of regulation 3(2).
(2) Subject to the provisions of subregulation (3), the
provisions of article 21 of the Act shall apply  mutatis mutandis  to
any appeal made under this regulation.
(3) Any appeal under this regulation shall, in all cases, suspend
the execution of the decision appealed from and the decision of the
Financial Services Tribunal on any such appeal shall be final.
2 g S.L.376.02 FINES AND PENALTIES FOR OFFENCES
Penalties which are enforceable by prosecution in the courts of Malta
Any person found guilty of an offence under any other provision of the Act or any
regulations made thereunder which is not specifically provided for in this Schedule, shall be
liable to a fine of not less than Lm100 and not more than Lm10,000 or to imprisonment for a
term not exceeding one year, or to both such fine and imprisonment together.
Amended by:
L.N. 386 of 2003. FIRST SCHEDULE Regulation 3(1)
First Column Second Column Third Column
Provision Fine ( Multa ) Imprisonment
Art 22(1) unless otherwise
specified hereunder
not less than Lm 400 but
not more than Lm 100,000
not less than three months
but not more than one year
Art 22(1)( a ) with reference
to Art 3(1)
not less than Lm 2,000 but
not more than Lm 200, 000
not less than six months
but not more than one year
Art 22(1)( a ) with reference
to Art 8(2)
not less than Lm 100
Art 22(1)( a ) with reference
to Art 9(2)
not less than Lm 100
Art 22(1)( a ) with reference
to each failure under Art
14(8) and (11)
not less than Lm 40 but not
more than Lm 400
not less than one week but
not more than one month
Art 22(1)( a ) with reference
to Art 22(1) and (2)
not less than Lm 200 but
not more than Lm 4,000
not more than two months
Art 22(1)( a ) with reference
to Art 25(2)
not less than Lm 200 but
not more than Lm 4,000
not more than two months
Art 22(1)( c ) not less than Lm 200 but
not more than Lm 2000
Art 22(1)( d ) not less than Lm 200 but
not more than Lm 2,000
Art 22(1)( e ) not less than Lm 200 but
more than Lm 2,000
Art 22(1)( f ) not less than Lm 40 but not
more than Lm 4,000
not less than one month
but not more than one year
FINES AND PENALTIES FOR OFFENCES g S.L.376.02 3
Administrative penalties which may be imposed by the competent authority
without recourse to a court hearing
Any person who breaches any other provision of the Act or any rules or regulations made
thereunder or any directives, and which may give rise to the imposition of an administrative
penalty not otherwise specifically provided for in this Schedule, shall be liable to a penalty of
not less than Lm100 and not more than Lm10,000 or to a penalty of up to Lm 100 for every
week (or part thereof) the contravention continues, or to both such penalties, as the case may
be.
SECOND SCHEDULE Amended by:L.N. 386 of 2003.
Regulation 3(2)
First Column Second Column Third Column
Provision Act or Omission Penalty
Art 22(1)( a ) with reference
to Art 3(3)
failure to pay licence fee Lm 10 per week or part
thereof
Art 22(1)( a ) with reference
to Art 5(1)( a )
failure of own funds of
financial institution to
attain prescribed level
within period determined
by competent authority
Lm 20 per week or part
thereof
Art 22(1)( a ) with reference
to Art 7A
failure to notify competent
authority of change in
information
Lm 10 per week or part
thereof
Art 22(1)( a ) with reference
to Art 8
failure to inform competent
authority of opening of new
branch, etc., in Malta or
abroad
Lm 100
Art 22(1)( a ) with reference
to Art 14
failure to notify the
competent authority with
the required particulars or
information
Lm 100 for every week or
part thereof the failure
continues
Art 22(1)( a ) with reference
to Art 10
prohibited transactions by
financial institution
Lm 50 for every week or
part thereof the transaction
continues
Art 22(1)( a ) with reference
to Art 18(1)
failure to appoint auditor Lm 100 for every
reference to week or part
thereof the failure
continues
Art 22(1)( a ) with reference
to Art 18(3)
failure to give notice as
required
Lm 5 for every week or
part thereof the failure
continues
Art 22(1)( a ) with reference
to Art 18(4)
failure to change auditors Lm 100 for every week or
part thereof the failure
continues
Art 22(1)( a ) with reference
to Art 24
disqualified officer who
acts or continues to act as
officer of financial
institution
Lm 100 for every week or
part thereof the failure
continues
Art 22(1)( b ) failure to abide with the
conditions or restrictions of
a licence
Lm 40 for every week or
part thereof the failure
continues
