Energy Act 2016
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PART 6 Wholesale Energy Market Integrity and Transparency | ||
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Amendment of European Union (Wholesale Energy Market Integrity and Transparency) Regulations 2014: penalties | ||
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23. (1) In this section “Regulations of 2014” means the European Union (Wholesale Energy Market Integrity and Transparency) Regulations 2014 ( S.I. No. 480 of 2014 ). | ||
(2) A person who commits an offence under Regulation 4 or 5 of the Regulations of 2014 is liable— | ||
(a) on summary conviction, to a class A fine, or | ||
(b) on conviction on indictment— | ||
(i) in case the person is an individual, to a fine not exceeding €250,000, or | ||
(ii) in case the person is a body corporate, to a fine not exceeding 10 per cent of turnover. | ||
(3) A market participant (within the meaning of the Regulations of 2014) or other person who commits an offence under Regulation 7 of the Regulations of 2014 is liable— | ||
(a) on summary conviction, to a class A fine, or | ||
(b) on conviction on indictment, to a fine not exceeding €250,000. | ||
(4) The Regulations of 2014 are amended— | ||
(a) by deleting Regulation 6, and | ||
(b) by substituting the following for Regulation 7: | ||
“7. A market participant or other person mentioned in Article 8 of the EU Regulation who fails to comply with that Article or with Article 9 of the EU Regulation commits an offence.”. |