s.19Power to impose civil penalties
19
Section 19Part 6 — Enforcement: Civil Penalties

Power to impose civil penalties

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The Financial Reporting Authority may, subject to subsection (2), impose a penalty of such amount as it considers appropriate on a person who fails to comply with a requirement imposed by —
a direction under this Law; or
a condition of a licence under section 13,
and for this purpose, "appropriate" means effective, proportionate and dissuasive.
The Financial Reporting Authority shall not impose a penalty if it is satisfied that the person took all reasonable steps and exercised all due diligence to ensure compliance with the requirement.
In deciding whether to impose a penalty for failure to comply with a requirement, the Financial Reporting Authority shall consider whether the person followed any relevant guidance which was at the time —
issued by the Financial Reporting Authority or by a professional body whose members, whether wholly or partly, operate in the financial sector; and
published in a manner approved by the Financial Reporting Authority as suitable in its opinion to bring the guidance to the attention of persons likely to be affected by it.
A person on whom a penalty is imposed under this section is not liable to be proceeded against for an offence under section 22 in respect of the same failure.
A penalty imposed by the Financial Reporting Authority pursuant to this section shall not exceed forty thousand dollars, unless such higher penalty is presented to and confirmed by the Grand Court.
Where the Financial Reporting Authority presents a higher penalty to the Grand Court for confirmation, the Grand Court may —
confirm the penalty imposed by the Financial Reporting Authority; or
vary the penalty as it considers appropriate, having regard to the seriousness of the failure.
A penalty imposed by the Financial Reporting Authority under this section is payable to the Government for its use and is recoverable in civil proceedings by the Financial Reporting Authority as a debt due to the Government.

Defined Terms

appropriate

Cross References

Referenced By