s.22Failure to comply with requirement imposed by a direction
22
Section 22Part 7 — Enforcement: Offences

Failure to comply with requirement imposed by a direction

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Subject to subsection (2), a person who fails to comply with a requirement imposed by a direction under this Law commits an offence.
A person has not committed an offence under subsection (1) if he took all reasonable steps and exercised all due diligence to ensure compliance with the requirement.
In deciding whether a person has committed an offence under this section, the court shall consider whether the person followed any relevant guidance that 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 or other supervisory body or by the professional body as suitable in its opinion to bring the guidance to the attention of persons likely to be affected by it.
A person who commits an offence under subsection (1) is liable —
on summary conviction, to a fine of fifty thousand dollars; or
on conviction on indictment, to a fine of seventy thousand dollars or imprisonment for a term of three years, or to both.
A person who is convicted of an offence under this section is not liable to a penalty under section 19 in respect of the same offence.

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