90. Administrative Fine

Past version: effective from 23/12/2012 - 20/08/2014
To view other versions open the versions tab on the right

(1) The DFSA may fine a person where such person contravenes:
(a) a Rule made by the DFSA; or
(b) a provision of any legislation administered by the DFSA except for Articles 30 and 35.
(2) Where the DFSA considers that a person has contravened a provision of the Rules or legislation under Article 90(1), it may impose by written notice given to the person a fine, in respect of the contravention, of such amount as it considers appropriate but not exceeding:
(a) $20,000 in the case of a natural person; or
(b) $100,000 in the case of a body corporate;
in respect of each contravention.
(3) The DFSA may exercise its power under Article 90(1) only if it has given the relevant person a suitable opportunity to make representations in person and in writing to the DFSA in relation to the proposed fine.
(4) Upon deciding to impose a fine upon a person, the DFSA must without delay inform the person in writing of:
(a) such decision and the reasons for such decision;
(b) the date on which the decision is to take effect; and
(c) the date by which payment of the fine must be made.
(5) If the person has not paid the full amount of the fine within the period specified in the notice, the DFSA may recover so much of the fine as remains outstanding as a debt due, together with costs.