Investment Funds, Companies and Miscellaneous Provisions Act 2005

Penalties.

21.—(1) A person guilty of an offence under this Part shall be liable—

(a) on summary conviction to a fine not exceeding €5,000 or imprisonment for a term not exceeding 12 months or both, or

(b) on conviction on indictment to a fine not exceeding €15,000 or imprisonment for a term not exceeding 5 years or both,

and, if the contravention in respect of which he or she is convicted of an offence under this Part is continued after the conviction, the person shall be guilty of a further offence on every day on which the contravention continues and for each such offence the person shall be liable on summary conviction to a fine not exceeding €400 or, on conviction on indictment, to a fine not exceeding €1,900.

(2) Subsection (1)(b) shall not apply to a person guilty of an offence under section 20 .

(3) Summary proceedings in relation to an offence under this Part may be brought and prosecuted by the Bank.

(4) Notwithstanding section 10 (4) of the Petty Sessions (Ireland) Act 1851 , summary proceedings for an offence under this Part may be instituted within 3 years from the date of the offence.