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12 September 2018 Supervision Supervision label Supervision Q&A

Question:

What is a repeated offence and what does this mean for the amount of a fine or penalty?

Answer:

Under the law, a repeated offence is involved if an instance of non-compliance occurs within a period of five years after an administrative fine was imposed on the non-compliant party for the same offence.

In the event of a repeated offence, the amount of the fine or penalty (as determined after taking into account the gravity and/or duration of the non-compliance and the degree of culpability) must be doubled under the law.

Sector(s)

  • Banks
  • Clearing institutions
  • Collective investment schemes
  • Insurers
  • Investment firms
  • Payment institutions
  • Pension funds
  • Trust offices