{"kind":"expression","expression":{"expr_id":"272","doc_id":"272","label":"2025 Revision","is_as_enacted":"f","commenced_on":null,"superseded_on":null,"valid_from":null,"valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/sl\/2017\/0c98\/eng@2025-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/sl\/2017\/0c98\", \"expression\": \"\/akn\/ky\/act\/sl\/2017\/0c98\/eng@2025-01-01\", \"manifestation\": \"\/akn\/ky\/act\/sl\/2017\/0c98\/eng@2025-01-01.pdf\"}, \"pdf\": {\"md5\": \"de4090bd33e4066ed32122e4501df10b\", \"path\": \"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2017\/2017-0C98\/2017-0C98_2025 Revision.pdf\", \"pages\": 224, \"filename\": \"2017-0C98_2025 Revision.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 63724, \"paragraph_count\": 39, \"text_char_count\": 402365}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"Monetary Authority Act (2020 Revision) MONETARY AUTHORITY (ADMINISTRATIVE FINES) REGULATIONS (2025 Revision) . PUBLISHING DETAILS Revised under the authority of the Law Revision Act (2020 Revision). The Monetary Authority (Administrative Fines) Regulations, 2017 made the 15th December, 2017, as amended by the Cayman Islands Constitution (Amendment) Order 2020 (UKSI 2020 No. 1283) and the Citation of Acts of Parliament Act, 2020 [Act 56 of 2020], and consolidated with \u2014 Monetary Authority (Administrative Fines) (Amendment) Regulations, 2018 made 13th March 2018 Monetary Authority (Administrative Fines) (Amendment) Regulations, 2020 made 24th June 2020 Monetary Authority (Administrative Fines) (Amendment) (No. 2) Regulations, 2020 made 27th October 2020 Monetary Authority (Administrative Fines) (Amendment) (No. 3) Regulations, 2020 made 8th December 2020 Monetary Authority (Administrative Fines) Regulations, 2020 made 30th July, 2024. Originally enacted \u2014 Act 56 of 2020-7th December, 2020. Originally made \u2014 U.K. Order 2020-11th November, 2020 Consolidated and revised this 31st day of December, 2024. Note (not forming part of this Act): This revision replaces the 2022 Revision which should now be discarded Monetary Authority (Administrative Fines) Regulations (2025 Revision) Arrangement of Regulations Monetary Authority Act (2020 Revision) MONETARY AUTHORITY (ADMINISTRATIVE FINES) REGULATIONS (2025 Revision) Arrangement of Regulations Regulation PART 1 - PRELIMINARY 1.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"PART 2 - PRESCRIBED MATTERS Breaches and their categories\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Breach of prescribed provisions to be proceeded with under Part VI of the Monetary Discretionary fine criteria 4. 5. 6.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Forms\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"PART 3 - FINE PROCESS General\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Arrangement of Regulations Monetary Authority (Administrative Fines) Regulations (2025 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Breach notice and reply 11. 12.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Imposing a fine 14.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"PART 4 - REVIEWS AND APPEALS Internal review of fixed fines by the Authority 16. 17.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Appeal against discretionary fines to Grand Court 19. 20. 21. 22.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_23\", \"num\": \"23.\", \"text\": \"PART 5 - PAYMENT AND ENFORCEMENT 24. 25. 26.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_27\", \"num\": \"27.\", \"text\": \"PART 6 - MISCELLANEOUS 28. 29. 30.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_31\", \"num\": \"31.\", \"text\": \"SCHEDULE 1 PRESCRIBED PROVISIONS AND BREACH CATEGORIES 1   - Anti-Money Laundering Regulations 2   - Banks and Trust Companies Act 3   - Private Trust Companies Regulations 4   - Building Societies Act 5   - Companies Management Act 6   - Cooperative Societies Act 7   - Development Bank Act 8   - Directors Registration and Licensing Act 9   - Insurance Act 10 - Insurance (Capital and Solvency) (Class A Insurers) Regulations Monetary Authority (Administrative Fines) Regulations (2025 Revision) Arrangement of Regulations 11 - Insurance (Capital and Solvency) (Classes B, C, and Insurers) Regulations 12 - Monetary Authority Act 13 - Rule on Internal Controls 14 - Rule on the Cancellation of a Licence or Certificate of Registration 15 - Rule on Country and Transfer Risk Management for Banks 16 - Rule on Corporate Governance for Insurers 17 - Rule on the Segregation of Assets 18 - Rule on the Management of Credit Risks and Problem Assets 19 - Rule on Interest Rate Risk Management for Banks 20 - Rule on the Contents of Offering Documents 21 - Rule on Large Exposures and Credit Risk Concentration for Banks 22 - Rule on the Calculation of Asset Values 23 - Liquidity Risk Management Rules and Guidelines 24 - Rule on Market Conduct \u2013 Insurers, Agents and Brokers 25 - Rule on Operational Risk Management for Banks 26 - Leverage Ratio Rules and Guidelines 27 - Rules on Investments, Securities and Derivatives Risk Management for Banks 28 - Money Services Act 29 - Mutual Funds Act 30 - Mutual Funds (Annual Returns) Regulations 31 - Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations 32 - Private Funds Act 33 - Securities Investment Business Act 34 - Securities Investment Business (Conduct of Business) Regulations 35 - Securities Investment Business (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations 36 - Securities Investment Business (Financial Requirements and Standards) Regulations 37 - Securities Investment Business (Registration and Deregistration) Regulations 38 - Virtual Assets (Service Providers) Act SCHEDULE 2 PRESCRIBED FORMS PART 1 - BREACH AND FINE NOTICES FORM 1 BREACH NOTICE FOR PROPOSED FIXED FINE FORM 2 BREACH NOTICE FOR PROPOSED DISCRETIONARY FINE FORM 3 FINE NOTICE FOR FIXED FINE Arrangement of Regulations Monetary Authority (Administrative Fines) Regulations (2025 Revision) FORM 4 FINE NOTICE FOR FIXED FINE (CONTINUING) FORM 5 FINE NOTICE FOR DISCRETIONARY FINE PART 2 - REVIEWS AND APPEALS FORM 6 APPLICATION TO REVIEW FIXED FINE FORM 7 REVIEW DECISION FOR FIXED FINE PART 3 - ENFORCEMENT FORM 8 CERTIFICATE OF FINE AND INTEREST OWING ENDNOTES Monetary Authority (Administrative Fines) Regulations (2025 Revision) Regulation 1 Monetary Authority Act (2020 Revision) MONETARY AUTHORITY (ADMINISTRATIVE FINES) REGULATIONS (2025 Revision) PART 1 - PRELIMINARY\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Citation 1. These Regulations may be cited as the Monetary Authority (Administrative Fines) Regulations (2025 Revision). 2. Definitions 2. In these Regulations \u2014 \u201cappeal\u201d means an appeal for which leave is granted by the Grand Court under regulation 19 and any further appeals relating to the decision on such an appeal; \u201cbreach notice\u201d means a notice complying with regulation 11 of the Authority\u2019s intention to impose a fine, issued by the Authority to a party that the Authority believes has breached a prescribed provision; \u201cdiscretionary fine\u201d means \u2014 (a) a proposed fine for which the Authority has fine discretions; or (b) a fine that the Authority exercised fine discretions to impose; Regulation 2 Monetary Authority (Administrative Fines) Regulations  (2025 Revision) \u201cdiscount agreement\u201d means an agreement in principle between the Authority and a party that has breached a prescribed provision about the amount of a proposed discretionary fine; \u201cfine discretions\u201d means the Authority\u2019s discretions under section 42B(5) of the Monetary Authority Act (2020 Revision) about whether or not to impose a fine or its amount; \u201cfine notice\u201d means a notice complying with regulation 15 issued by the Authority to a party that has breached a prescribed provision of the fine; \u201cfixed fine\u201d means a fine referred to in section 42B(1) of the Monetary Authority Act (2020 Revision); \u201cfixed fine (continuing)\u201d means a fine referred to in section 42B(2) of the Monetary Authority Act (2020 Revision); \u201cgive\u201d, in relation to a notice or information, includes to deliver, provide, send or transmit the notice or information; \u201cinterest\u201d means interest accrued or accruing on a fine under regulation 25; \u201cnotice\u201d means written information given, or to be given, electronically or by another mode of communication; \u201coriginal decision\u201d means the Authority\u2019s decision \u2014 (a) in relation to a fixed fine or fixed fine (continuing), to impose the fine; or (b) in relation to a discretionary fine, to impose the fine, about its amount, or both; \u201cparty\u201d, in relation to a provision of these Regulations about a breach, fine or proposed fine, means the person on whom the fine has been imposed or is being proposed or considered to be imposed; \u201crectification notice\u201d means a notice to the Authority by a party that has breached a prescribed provision that the breach was rectified within thirty days after the party received the breach notice; \u201creply\u201d means a notice to the Authority by a party who has received a breach notice, making representations opposing the Authority\u2019s proposed action to impose a fine; \u201creply period\u201d means a period stated in a breach notice within which the party who received the notice may give a reply to the Authority; \u201cstayed\u201d, in relation to a fine, means that the fine may not be imposed because of the operation of an order under regulation 22(2); and \u201cwinding up notice\u201d means a demand under section 93(a) of the Companies Act (2025 Revision) as it applies under a law of the Islands or a similar demand under the legislation of another jurisdiction. Monetary Authority (Administrative Fines) Regulations (2025 Revision) Regulation 3 PART 2 - PRESCRIBED MATTERS Breaches and their categories 3. Breach of prescribed provisions to be proceeded with under Part VI of the Monetary Authority Act (2020 Revision) 3. (1) The breach of a prescribed provision set out in column 2 of Schedule 1 of the Act, Regulation, or Rule set out in column 1 of that Schedule may be proceeded with under Part VIA of the Act. (2) In relation to proceedings under Part VIA of the Monetary Authority Act (2020 Revision), each breach of a prescribed provision is classified in column 4 of Schedule 1 as minor, serious or very serious. (3)  Where there is an inconsistency between the description of a breach set out in Column 3 of Schedule 1 and the prescribed provision referred to in Column 2 of Schedule 1, the prescribed provision referred to in Column 2 shall prevail. (4)  It shall not be a defence for a person who is the subject of an administrative fine under these Regulations to show that the description set out in Column 3 of Schedule 1 is inconsistent with the prescribed provision referred to in Column 2 of Schedule 1. Discretionary fine criteria\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"When the criteria apply 4. Regulations 5 and 6 prescribe, in relation to section 42F(1)(a) of the Monetary Authority Act (2020 Revision), criteria for exercising fine discretions when \u2014 (a) issuing breach notices; (b) considering or reconsidering matters under regulations 12(2) or 23(2)(b); and (c) imposing discretionary fines.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"General criteria in relation to both fine and amount 5. (1) The criteria referred to in regulation 4 are \u2014 (a) the nature and seriousness of the breach; (b) the degree of the party\u2019s inadvertence, intent or negligence in committing the breach; (c) if the breach is a continuing one, its duration; (d) the measures or precautions the party took to prevent the breach; (e) the measures or precautions that a reasonable person in the party\u2019s position, acting prudently and exercising due diligence, would have taken to prevent the breach; Regulation 6 Monetary Authority (Administrative Fines) Regulations  (2025 Revision) (f) whether or not the breach was due to \u2014 (i) reasonable reliance on information given to the party; or (ii) a cause beyond the party\u2019s control, including, for example, someone else\u2019s act or default or an accident; (g) the degree of difficulty in detecting the breach; (h) evidence of intent by the party to conceal the breach or mislead the Authority; (i) the party\u2019s conduct after becoming aware of the breach, including, for example \u2014 (i) whether and how quickly the party brought the breach to the Authority\u2019s attention; and (ii) the party\u2019s efforts to remedy the breach or prevent its reoccurrence; (j) any financial or other damage or loss or other harm done or caused by the breach, including, for example, to \u2014 (i) the party\u2019s creditors, customers, investors, policyholders or shareholders; (ii) financial markets; or (iii) the performance of the Authority\u2019s functions; (k) whether, before or after the breach, there was a change to the party\u2019s business or affairs that affects or may affect the consequences of the breach for the party, including, for example, the party\u2019s ability to pay a fine; (l) if the Authority has imposed a fine on the party in similar circumstances to the breach, the amount of that fine; and (m) the party\u2019s history of compliance, in the five years before the breach, with the Anti-Money Laundering Regulations (2025 Revision) and similar laws in other jurisdictions. (2) In considering the party\u2019s history of compliance, regard need only be had to the party\u2019s compliance with, and breaches of, those laws of which the Authority is aware or is made aware by the party. (3) Paragraph (2) applies even if no punishment was imposed or no other action relating to the breach was taken under those laws.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Additional criteria in relation to fine amount 6. In deciding the amount of a fine, the criteria also include \u2014 (a) the following in relation to the party \u2014 (i) any circumstances of mitigation that may exist; (ii) resources and ability to pay; and (iii) financial hardship; Monetary Authority (Administrative Fines) Regulations (2025 Revision) Regulation 7 (b) potential adverse financial consequences on third parties of imposing a fine in the amount proposed; and (c) a circumstance that aggravates, or may tend to aggravate, the breach or its effects. 7. Power to discount usual fine to reflect agreement 7. (1) The Authority may, but need not, negotiate with a party to attempt to reach a discount agreement with the party, whether or not the Authority has given a breach notice. (2) Subject to paragraph (3), the Authority may discount the usual fine to reflect the fact of the discount agreement and the stage in the fine process under Part 3 at which the agreement was reached. (3) The Authority shall not discount any component of the usual fine that represents the application of the disgorgement principle under section 42F of the Monetary Authority Act (2020 Revision). (4) In this regulation, \u201cusual fine\u201d means the amount of the fine the Authority decided, or would otherwise have decided \u2014 (a) before taking into account the discount agreement; and (b) after considering \u2014 (i) all factors and criteria and the order of importance under section 42F of the Monetary Authority Act (2020 Revision); and (ii) the criteria prescribed in regulations 5 and 6. Forms 8. Prescribed forms 8. Schedule 2 prescribes forms for use, subject to regulation 10, under these Regulations. PART 3 - FINE PROCESS General 9. Steps required 9. (1) The Authority may only impose a fixed fine or discretionary fine by taking the following steps \u2014 (a) giving the party a breach notice; (b) if regulation 12 or 13 applies, complying with that regulation; and (c) giving the party a fine notice. (2) However, the following exceptions apply in relation to discretionary fines \u2014 Regulation 10 Monetary Authority (Administrative Fines) Regulations  (2025 Revision) (a) if the party entered into a discount agreement for the breach and the fine is no more than the amount agreed under the agreement, a fine notice may be given without first giving a breach notice; and (b) if, under regulation 23(2), a fine is varied on appeal, the steps do not apply to the fine as varied. (3) The Authority may only impose a fixed fine (continuing) \u2014 (a) by giving the party a fine notice; and (b) if the relevant fixed fine is not stayed. (4) A decision relating to the imposition of a fixed fine, a fixed fine (continuing) or a discretionary fine need only be made on the balance of probabilities. 10. General provisions in relation to fine and breach notices 10. The following apply in relation to a breach notice or fine notice \u2014 (a) it is not mandatory to use the prescribed form under Schedule 2; (b) the notice may be in another form that substantially complies with the relevant requirements under this Part; (c) the notice is deemed to comply with those requirements if \u2014 (i) its form appears to follow the prescribed form; and (ii) it has been completed, or substantially completed, in the way required by the prescribed form; and (d) if the notice contains an inaccuracy, it is only invalid because of the inaccuracy if the party establishes that the inaccuracy was material and it misled the party. Breach notice and reply\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Requirements for breach notice 11. (1) A breach notice shall be dated and state all of the following \u2014 (a) the party\u2019s name; (b) that the Authority proposes to impose a fine on the party for a specified breach that it believes the party committed; (c) the prescribed provision for which the fine is proposed to be imposed; (d) the nature of the specified breach; (e) a summary of the facts and circumstances that the Authority believes constituted the specified breach; (f) either \u2014 (i) in relation to a fixed fine, that the fine is fixed at five thousand dollars; or Monetary Authority (Administrative Fines) Regulations (2025 Revision) Regulation 12 (ii) in relation to a discretionary fine, the fine the Authority proposes for the specified breach; (g) that the party may give the Authority a reply within the reply period; and (h) that, for a fixed fine, the party may give the Authority a rectification notice. (2) The reply period is required to end at least thirty days after the giving of the breach notice.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Duty to consider reply 12. (1) This regulation applies only if \u2014 (a) a breach notice has been given for a fixed fine, fixed fine (continuing) or discretionary fine; (b) the reply period has ended; and (c) a reply has been given. (2) The Authority has a duty to \u2014 (a) reconsider whether it still holds the belief stated in the breach notice, in the light of all matters raised in the reply concerning that belief; and (b) if the notice was for a discretionary fine, consider the matters raised in the reply to the extent they are relevant to exercising fine discretions. 13. Rectification of a breach subject to a fixed fine 13. (1) This regulation applies only if \u2014 (a) a breach notice has been given for a fixed fine; (b) the party subject to the breach notice rectified the breach specified in the notice within thirty days of receiving the notice; (c) the reply period has ended; and (d) a rectification notice has been given. (2) The Authority has a duty to consider, in light of the matters raised in the rectification notice, whether the specified breach was rectified within thirty days of the issue of the breach notice to its satisfaction. (3) If the Authority is satisfied that the breach was rectified as described in paragraph (2) and, in the case of the breach of a filing requirement that the party has requested a filing extension and paid any applicable filing extension fees, the Authority shall \u2014 (a) refrain from issuing a fine notice or imposing a fine on the party for the breach; and (b) give the party notice of its decision in accordance with regulation 14(6). Regulation 14 Monetary Authority (Administrative Fines) Regulations  (2025 Revision) Imposing a fine\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Decision about fine 14. (1) This regulation applies at the end of the reply period in relation to a breach notice if \u2014 (a) no reply has been given; (b) a reply has been given and the Authority has complied with regulation 12; or (c) a rectification notice has been given and the Authority has complied with regulation 13. (2) If the breach notice was for a fixed fine or fixed fine (continuing) and the Authority still holds the belief stated in the notice and is not satisfied that the breach was rectified within thirty days of the issue of the notice, the Authority is required to impose the fine. (3) If the notice was for a discretionary fine, the fine discretions may be exercised. (4) The amount of a discretionary fine shall not be more than the amount stated in the notice. (5) If the Authority imposes a fine, it may decide that the fine is payable immediately on the giving of a fine notice or within a particular period after that time. (6) If the Authority decides not to impose any fine, it is required to give the party notice of the decision within fifteen days after the end of the reply period. 15. Requirements for fine notice 15. (1) A fine notice is required to be dated and state all of the following \u2014 (a) the party\u2019s name; (b) that the Authority has imposed a specified fine on the party; (c) the amount of the fine; and (d) when the fine is required to be paid. (2) If the specified fine is a fixed fine, the fine notice shall state \u2014 (a) the prescribed provision for which the fine is imposed; (b) a description of the breach; (c) if a reply was given during the reply period, the reasons why the Authority still holds the belief stated in the breach notice; (d) if a rectification notice was given within the reply period, the reasons why the Authority is not satisfied that the breach was rectified within thirty days of the issue of the breach notice; and Monetary Authority (Administrative Fines) Regulations (2025 Revision) Regulation 16 (e) that the party may, within thirty days after receiving the fine notice, apply to the Management Committee to review the decision to impose the fine. (3) If the specified fine is a fixed fine (continuing), the fine notice shall state \u2014 (a) the date of the fine notice given for the relevant fixed fine; and (b) that the party may, within thirty days after receiving the fine notice, apply to the Management Committee to review the decision to impose the fine. (4) If the specified fine is a discretionary fine, the fine notice shall state \u2014 (a) the prescribed provision for which the fine is imposed; (b) a description of the breach; (c) the reasons for the way in which fine discretions were exercised; and (d) that the party may, within thirty days after receiving the fine notice apply to the Grand Court for leave to appeal against the decision to impose the fine, its amount or both. PART 4 - REVIEWS AND APPEALS Internal review of fixed fines by the Authority\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Application to Management Committee for review 16. (1) A party that has received a fine notice for a fixed fine or fixed fine (continuing) may apply to the Authority for its Management Committee to review the original decision. (2) An application under this regulation shall be made in the prescribed form, within thirty days after receiving the notice.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"No stay of original decision 17. A review does not stay the operation of the original decision. 18. Management Committee decision on application for review 18. (1) The Management Committee shall, within twenty days after receiving an application for review, reconsider the original decision and decide whether to affirm it or set it aside. (2) The Management Committee shall, within ten days after making a decision on the application, give the party notice of its decision. (3) If the decision is to affirm the original decision, the notice of the decision on the application for review shall also state \u2014 (a) the reasons for the decision; and Regulation 19 Monetary Authority (Administrative Fines) Regulations  (2025 Revision) (b) that the party may apply to the Grand Court for judicial review of the decision. (4) If the decision is to set aside the original decision, it is deemed never to have been made. (5) The Supervisory Head of the division of the Authority that made the original decision may make written representations to the Management Committee concerning an application for review of the original decision, but shall not otherwise participate in any discussion, decision, debate or vote of the Management Committee concerning the review. Appeal against discretionary fines to Grand Court\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_19\", \"num\": \"19.\", \"text\": \"Application to the Grand Court for leave to appeal 19. (1) A party that receives a fine notice for a discretionary fine may apply to the Grand Court for leave to appeal against the original decision within thirty days after receiving the notice. (2) The Grand Court may only grant leave to appeal under this regulation if \u2014 (a) the party has grounds for seeking judicial review of the decision; or (b) the decision was made with a lack of proportionality or was not rational. (3) Notwithstanding paragraph (1), a party may not apply for leave to appeal against the original decision if the party entered into a discount agreement for the breach and the fine is no more than the amount agreed to.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_20\", \"num\": \"20.\", \"text\": \"Application of Grand Court Rules and practice directions about judicial reviews 20. (1) The Grand Court Rules (2022 Consolidation) and the Court\u2019s practice directions about judicial reviews apply to an appeal, with necessary changes, as if the appeal were an application for judicial review. (2) Notwithstanding paragraph (1), the Court\u2019s rules about alternative dispute resolution do not apply to the appeal.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_21\", \"num\": \"21.\", \"text\": \"Security for costs 21. The Authority may apply to the Grand Court \u2014 (a) for an order that the appellant provide sufficient security for costs; and (b) for a stay of the appeal proceedings until such security is provided.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_22\", \"num\": \"22.\", \"text\": \"Stay of original decision only by application 22. (1) An appeal does not stay the operation of the original decision. Monetary Authority (Administrative Fines) Regulations (2025 Revision) Regulation 23 (2) However, the Grand Court may, on the appellant\u2019s application, order that the fine imposed by the original decision be stayed to secure the effectiveness of the appeal. (3) The stay ordered by the Grand Court \u2014 (a) may be given on conditions that the Court considers appropriate; (b) operates for the period fixed by the Court; and (c) may be amended or revoked by the Court. (4) The period of a stay shall not extend past when the Grand Court decides the appeal. 23. Hearing and outcome 23. (1) An appeal may only be decided on the evidence on which the Authority exercised the relevant fine discretions. (2) After hearing an appeal, the Grand Court may \u2014 (a) affirm, set aside or vary the original decision; or (b) set aside the original decision and remit the matter to the Authority for it to reconsider subject to such directions as the Court considers fit. (3) The following apply if the Grand Court\u2019s decision is to affirm the original decision or to vary it in a way that a fine is still imposed \u2014 (a) the Court\u2019s decision is (other than in relation to regulations 9, 16 and 19) deemed to have always been the original decision; (b) the Court may, at the Authority\u2019s request, give judgment against the party for all or any part of the fine that continues to be owing, and for interest; and (c) the Authority\u2019s request may be made during the appeal, when the Court\u2019s decision is handed down or at any later time on the tendering of a certificate under regulation 29(3)(d) about the amount owing. (4) If the Grand Court\u2019s decision is to set aside and not to remit the matter to the Authority for reconsideration \u2014 (a) both the fine and interest are deemed to have never been owing; and (b) any fixed fine (continuing) imposed for the breach is deemed to have also been set aside and to have never been owing. PART 5 - PAYMENT AND ENFORCEMENT\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_24\", \"num\": \"24.\", \"text\": \"Fine is a debt to the Crown 24. (1) A fine becomes a debt owing to the Crown on the day the fine was required to be paid under the relevant fine notice. Regulation 25 Monetary Authority (Administrative Fines) Regulations  (2025 Revision) (2) Paragraph (1) is subject to any setting aside or variation of the fine on a review applied for under regulation 16 or an appeal.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_25\", \"num\": \"25.\", \"text\": \"Interest on fines 25. (1) Interest of five percent a year accrues while all or any part of a fine continues to be owing, starting on the day immediately after the fine becomes a debt to the Crown and ending on the day the fine is paid in full, both days inclusive. (2) The interest accrues daily and as compound interest. (3) The interest is also a debt owing to the Crown. (4) The accruing of interest applies even while the fine is stayed. (5) Payments relating to the fine are to be applied to the interest first. (6) This regulation is subject to any setting aside or variation of the fine in a review applied for under regulation 16 or an appeal.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_26\", \"num\": \"26.\", \"text\": \"Payment of more than one fine 26. If more than one fine has been imposed on a party, payments for the fines are to be applied in the order in which the fines and interest became owing. 27. Enforcement 27. (1) The Crown may recover in a civil proceeding, as a debt, the unpaid amount of a fine or interest, or both. (2) However, paragraph (1) does not apply while the fine is stayed. (3) A proceeding to recover a debt under this regulation does not prevent \u2014 (a) interest continuing to accrue on the total owing; or (b) if the party is a body corporate, the Crown enforcing the fine by serving a winding up notice for the debt. PART 6 - MISCELLANEOUS\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_28\", \"num\": \"28.\", \"text\": \"Electronic notices by the Authority 28. (1) The Authority may give a party a notice for any purpose of these Regulations by sending it to an email address that the party last gave the Authority notice of, as follows \u2014 (a) the party\u2019s email address; (b) if the party is a body corporate (either in its own right or as a trustee of a trust), the email address of \u2014 (i) any of its directors or members; or (ii) its registered office provider; or Monetary Authority (Administrative Fines) Regulations (2025 Revision) Regulation 29 (c) if the party is a partnership, the email address of \u2014 (i) any of its partners; or (ii) its registered office provider (if it has a registered office). (2) In this regulation \u2014 \u201cpartners\u201d does not include a limited partner of a limited partnership; and \u201cregistered office provider\u201d means the person who provides or maintains the party\u2019s registered office as required under a Law.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_29\", \"num\": \"29.\", \"text\": \"Evidentiary provisions 29. (1) This regulation applies to a proceeding under Part VIA of the Monetary Authority Act (2020 Revision), including a review applied for under regulation 16, an appeal, a proceeding referred to in regulation 26 and a proceeding resulting from the giving of a winding up notice for a fine or interest. (2) A signature purporting to be the signature of the managing director or anyone else acting on the Authority\u2019s behalf is evidence of the signature it purports to be. (3) A certificate signed, or purporting to be signed, by the managing director or the managing director\u2019s delegate stating a matter as follows is evidence of that matter \u2014 (a) that a stated document is a copy of a notice given under these Regulations; (b) that an email address stated in the copy was, when the notice was given to its stated recipient, the recipient\u2019s email address under regulation 28; (c) that on a stated day the recipient was given the notice in a stated way; (d) that a fine or interest of a stated amount, or both, are owing to the Crown by a stated person; or (e) that stated terms are the terms of a discount agreement. (4) For section 17 of the Electronic Transactions Act (2003 Revision), a certificate under paragraph (3)(b) is evidence that the notice was electronically given to its recipient at the time of giving stated in the notice.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_30\", \"num\": \"30.\", \"text\": \"Consultation requirements before issuing rules 30. Before issuing rules under section 42G of the Monetary Authority Act (2020 Revision), the Authority shall carry out private sector consultation and consult the Minister charged with responsibility for Financial Services about the proposed rules. Regulation 31 Monetary Authority (Administrative Fines) Regulations  (2025 Revision) 31. Transitional provision 31. The Authority shall not impose a fixed fine, fixed fine (continuing) or a discretionary fine or take any steps to do so under Part 3 in respect of the breach of a prescribed provision that took place before the 15th December, 2017 or within ninety days after that date. Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 SCHEDULE 1 (regulation 3) PRESCRIBED PROVISIONS AND BREACH CATEGORIES Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach 1   - Anti-Money Laundering Regulations 1. Anti-Money Laundering Regulations (2025 REVISION) Anti-Money Laundering Regulations (2025 Revision) 5(a) A person carrying out relevant financial business, forming a business relationship or carrying out a oneoff transaction without maintaining the procedures set out in subparagraphs (i) to (ix). Serious Anti-Money Laundering Regulations (2025 Revision) 5(b) A person carrying out relevant financial business, forming a business relationship or carrying out a oneoff transaction without complying with the identification and record-keeping requirements of Parts 4 and 8. Very serious Anti-Money Laundering Regulations (2025 Revision) 5(c) A person carrying out relevant financial business, forming a business relationship or carrying out a oneoff transaction without taking appropriate measures from time to time for the purpose of making employees aware of \u2014 (a) the procedures under paragraph (a) which are maintained by the person and which relate to the relevant financial business in question; and (b) the enactments relating to money laundering, terrorist financing, proliferation financing and targeted financial sanctions. Serious Anti-Money Laundering Regulations (2025 Revision) 5(d) A person carrying out relevant financial business, forming a business relationship or carrying out a oneoff transaction without providing employees from time to time with training in the recognition and treatment of transactions carried out by, or on behalf of, any person who is, or appears to be, engaged in money laundering, Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach terrorist financing or proliferation financing, or whose assets are subject to targeted financial sanctions applicable in the Islands. Anti-Money Laundering Regulations (2025 Revision) 5(e) A person carrying out relevant financial business, forming a business relationship or carrying out a oneoff transaction without designating an Anti-Money Laundering Compliance Officer. Serious Anti-Money Laundering Regulations (2025 Revision) A person carrying out relevant financial business, keeping anonymous accounts or accounts in fictitious names. Very serious Anti-Money Laundering Regulations (2025 Revision) A payment service provider of a payer \u2014 (a) not ensuring that transfers of funds are accompanied by complete information on the payer; (b) not verifying the complete information on the payer on the basis of documents, data or information that meet the requirements of regulation 20(1) before transferring the funds; (c) not collecting beneficiary or payee information including the name and account number or unique transaction reference in order to facilitate the traceability of the transaction; or (d) not keeping records of complete information on the payer and payee which accompanies transfers of funds for five years. Serious Anti-Money Laundering Regulations (2025 Revision) 1. Failure of both the payment service provider of the payer and the payment service provider of the payee to ensure that transfers of funds are accompanied only by the account number of the payer or a unique identifier allowing the transaction to be traced back to the payer where both the payment service provider of the payer and the payment service provider of the payee are situated in the Islands. 2. Failure of the payment service provider of the payer to make available to the payment service provider of Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach the payee complete information on the payer, within three working days of receiving a request from the payment service provider of the payee to do so. Anti-Money Laundering Regulations (2025 Revision) Failure of the payment service provider of a payee to have effective procedures in place in order to detect whether, in the messaging or payment and settlement system used to effect a transfer of funds, the information required under regulations 37, 38 and 47 is obtained in accordance with the Anti-Money Laundering Regulations (2025 Revision). Serious Anti-Money Laundering Regulations (2025 Revision) 40(1) The payment service provider of a payer executing wire transfers where the payment service provider is unable to collect and maintain information on the payer and payee as required under regulations 36, 37 and 38(1) of the Anti-Money Laundering Regulations (2025 Revision). Serious Anti-Money Laundering Regulations (2025 Revision) 40(2) Failure of a payment service provider of a payee to have effective systems in place to detect missing required information on both the payer and payee. Serious Anti-Money Laundering Regulations (2025 Revision) 40(3) Failure of a payment service provider of a payee to either reject a transfer or request complete information on the payer where the payment service provider detects, when receiving transfers of funds, that information on the payer required by Part 10 of the AntiMoney Laundering Regulations (2025 Revision) is missing or incomplete. Serious Anti-Money Laundering Regulations (2025 Revision) 40(4) Failure of a beneficiary or payee financial institution to \u2014 (a) verify the identity of payee information; or (b) to keep records of the information for five years. Serious Anti-Money Laundering Regulations (2025 Revision) 40(5) Failure of a payment service provider of a payee to adopt risk-based policies and procedures for determining \u2014 (a) when to execute, reject or suspend a wire transfer where the required payer or payee information is incomplete and Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (b) the resulting procedures to be applied. Anti-Money Laundering Regulations (2025 Revision) 40(6) 1. Where a payment service provider regularly fails to supply the required information on the payer, failure of a payment service provider of a payee to adopt reasonable measures to rectify noncompliance with the Anti-Money Laundering Regulations (2025 Revision), before \u2014 (a) rejecting any future transfers of funds from that payment service provider; (b) restricting its business relationship with that payment service provider; or (c) terminating its business relationship with that payment service provider. 2. Failure of the payment service provider of the payee to report to the Financial Reporting Authority and to the relevant Supervisory Authority any such decision to restrict or terminate its business relationship with a payment service provider who regularly fails to supply the required information on the payer. Very serious Anti-Money Laundering Regulations (2025 Revision) Failure of the payment service provider of a payee to keep records of any information received on the payer for five years. Serious Anti-Money Laundering Regulations (2025 Revision) Failure of an intermediary payment service provider to ensure that all information received on the payer and the payee that accompanies a transfer of funds is kept with the transfer. Serious Anti-Money Laundering Regulations (2025 Revision) 1. Failure of an intermediary payment service provider to take reasonable measures, which are consistent with straight-through processing, to identify crossborder transfers that lack required payer or payee information. 2. Failure of an intermediary payment service provider to adopt risk-based policies and procedures for determining when to execute, reject or suspend a wire transfer where the required payer or payee information is incomplete and the resulting procedures to be applied. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Anti-Money Laundering Regulations (2025 Revision) 47(3) The intermediary payment service provider using a payment system with technical limitations where the intermediary payment service provider receives a transfer of funds with incomplete information about the payer as required under Part 10 and the intermediary payment service provider is not able to provide the payment service provider of the payee, with the information about the payer, using a manner of communication accepted by, or agreed between, both payment service providers. Serious Anti-Money Laundering Regulations (2025 Revision) 47(4) Failure of an intermediary payment service provider to, upon request from the payment service provider of the payee, make available to the payment service provider of the payee all the information on the payer which the intermediary payment service provider has received, irrespective of whether the information is complete or not, within three working days of the date of receiving that request, where the intermediary payment service provider uses a payment system with technical limitations. Serious Anti-Money Laundering Regulations (2025 Revision) 47(5) Failure of an intermediary payment service provider to keep records of all information received for five years in the cases referred to in regulation 47(2) and (3). Serious Anti-Money Laundering Regulations (2025 Revision) Failure of a payment service provider to respond fully and without delay to enquiries from the Reporting Authority concerning the information about the payer accompanying transfers of funds and corresponding records. Very serious Anti-Money Laundering Regulations (2025 Revision) A person carrying out relevant financial business in or from the Islands forming a business relationship, or carrying out a one-off transaction, with a shell bank. Very serious Anti-Money Laundering Regulations (2025 Revision) A person carrying out relevant financial business entering into or continuing correspondent banking and other similar relationships with a shell bank. Very serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Anti-Money Laundering Regulations (2025 Revision) Failure of a person carrying out relevant business to, in addition to conducting customer due diligence procedures pursuant to the Anti-Money Laundering Regulations (2025 Revision) \u2014 (a) collect information to understand the nature of a respondent institution\u2019s business and determine from publicly available information the reputation of the institution and the quality of supervision, including whether the institution has been subject to money laundering or terrorist financing investigation or regulatory action; (b) assess the respondent institution\u2019s antimoney laundering and countering financing of terrorist controls; (c) obtain approval from senior management before establishing new correspondent relationships; and (d) clearly understand and document the respective responsibilities of each institution, in relation to cross-border correspondent banking and other similar relationships. Serious Anti-Money Laundering Regulations (2025 Revision) With respect to payable-through accounts, failure of a person carrying out relevant financial business to be satisfied that the respondent bank \u2014 (a) has performed customer due diligence obligations on its customers that have direct access to the accounts of the correspondent bank; and (b) is able to provide relevant customer due diligence information to the correspondent bank upon request. Serious Anti-Money Laundering Regulations (2025 Revision) 53A 1. Failure of a person carrying out relevant financial business, who receives a notice in writing, requiring the person carrying out relevant financial business to provide such documents, statements or any other information as the Supervisory Authority may reasonably require in connection with the exercise of its functions], to comply with that notice within the period and in the manner specified in the notice. Very serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach 2. Failure of a person carrying out relevant financial business, a connected person or a person reasonably believed to have information relevant to an inquiry by the Supervisory Authority to, when required by a Supervisory Authority by notice in writing, attend before the Supervisory Authority to answer such questions or provide such information as the Supervisory Authority may deem necessary in connection with its inquiry. 3. Failure to provide information required to be provided to the Supervisory Authority under this regulation in the English language. 2   - Banks and Trust Companies Act 2. BANKS AND TRUST COMPANIES ACT (2025 REVISION) Banks and Trust Companies Act (2025 Revision) 5(1) A person carrying on banking business transactions from within the Islands without a valid licence granted by the Authority authorising the person to carry on such business. Very serious Banks and Trust Companies Act (2025 Revision) 5(2) Subject to subsection (3) and to such other exemptions and conditions as may be prescribed by regulations made by the Cabinet under this subsection, a trust company carrying on trust business as a trust company from within the Islands without a valid licence granted by the Authority authorising it to carry on such business. Very serious Banks and Trust Companies Act (2025 Revision) 5(4) 1. Failure of a controlled subsidiary to which subsection (3) refers to register with the Authority. 2. Failure of a controlled subsidiary to which subsection (3) refers to file with the Authority an annual declaration at the time of registration in such form as the Authority may approve, declaring \u2014 (a) the name of the controlled subsidiary; (b) the name of the licensee of which the controlled subsidiary is a subsidiary; Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (c) the names of the directors and senior officers of the controlled subsidiary; and (d) that the controlled subsidiary is a controlled subsidiary to which subsection (3) applies. 3. Failure of a controlled subsidiary to which subsection (3) refers to file with the Authority an annual declaration, on or before the 31st day of January every year after registration, during the continuation of such registration, in such form as the Authority may approve, declaring \u2014 (a) the name of the controlled subsidiary; (b) the name of the licensee of which the controlled subsidiary is a subsidiary; (c) the names of the directors and senior officers of the controlled subsidiary; and (d) that the controlled subsidiary is a controlled subsidiary to which subsection (3) applies. 4. Failure of a controlled subsidiary to which subsection (3) refers to pay to the Government the prescribed fee at the time of registration. 5. Failure of a controlled subsidiary to which subsection (3) refers to pay to the Government the prescribed fee on or before the 31st day of January every year after registration during the continuation of the registration. Banks and Trust Companies Act (2025 Revision) 6(4) 1. A licensee \u2014 (a) ceasing to have a principal office in the Islands; (b) changing its principal office in the Islands without the prior approval of the Authority; (c) ceasing to have an authorised agent under paragraph (b) of subsection (2); or (d) changing its agent (or, where the licensee has appointed two individuals to be its agent, either of them) without the prior approval of the Authority. Very serious Banks and Trust Companies Act 6(6) The holder of a \u201cB\u201d licence \u2014 (a) taking deposits from any person resident in Very serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (2025 Revision) the Islands, other than another licensee, or an exempted or an ordinary non-resident company which is not carrying on business in the Islands; (b) investing in any asset which represents a claim on any person resident in the Islands, except a claim resulting from \u2014 (i) a loan to an exempted or an ordinary non-resident company not carrying on business in the Islands; (ii) a loan by way of mortgage to a member of its staff or to a person possessing or being deemed to possess Caymanian status under the Immigration (Transition) Act (2022 Revision) for the purchase or construction of a residence in the Islands to be owner-occupied; (iii) a transaction with another licensee; or (iv) the purchase of bonds or other securities issued by the Government, a body incorporated by statute, or a company in which the Government is the sole or majority beneficial owner; or (c) carrying on any business in the Islands other than one for which the \u201cB\u201d licence has been obtained without the written approval of the Authority; (d) which is not a subsidiary or branch of a bank licensed in a country or territory outside the Islands carrying on business in the Islands after 26th April, 2003, without having such resources (including staff and facilities) and such books and records as the Authority considers appropriate having regard to the nature and scale of the business. Banks and Trust Companies Act (2025 Revision) 6(8) 1. Failure of a holder of a licence to pay the prescribed annual fee on or before every 15th day of January after the first grant of the licence to the Financial Secretary for the benefit of the revenue. 2. Failure of the holder of a licence who does not pay Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach the prescribed annual fee on or before the 15th day of January after the first grant of the licence to pay the surcharge not exceeding one-twelfth of that fee for every month or part of a month that the fee is not paid,, unless the Authority waives the prescribed annual fee or the surcharge. Banks and Trust Companies Act (2025 Revision) 7(1) 1. A company which is a licensee under this Act issuing shares in that company which is a licensee under this Act without the prior approval of the Authority. 2. A company which is a licensee under this Act transferring or disposing of issued shares without the prior approval of the Authority. Serious Banks and Trust Companies Act (2025 Revision) 8(5) Failure of a licensee to maintain the net worth required by section 8. Serious Banks and Trust Companies Act (2025 Revision) 8(6) Failure by the parent undertaking of a Cayman banking group to ensure that the net worth stipulated in section 8, or such higher net worth as the Authority may direct, is maintained both in respect of the licensee on a solo basis and on a consolidated basis taking into account all the entities in the Cayman banking group. Serious Banks and Trust Companies Act (2025 Revision) 10(1) A licensee holding a licence for the carrying on of banking business and incorporated under the Companies Act (2025 Revision) having a capital adequacy ratio of less than \u2014 (a) ten per cent; or (b) such other percentage as may be determined by the Authority from time to time, as calculated in accordance with such form, content and manner as may be prescribed. Serious Banks and Trust Companies Act (2025 Revision) 10(2A) Failure by the parent undertaking of a Cayman banking group to ensure that capital requirements and other prudential measures that may be issued by the Authority are met on a consolidated basis by the Cayman banking group. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Banks and Trust Companies Act (2025 Revision) 10(2B) Failure by the parent undertaking of a Cayman banking group to ensure that any prudential, supervisory or risk management measures that may be issued by the Authority from time to time are met on a consolidated basis by the Cayman banking group. Serious Banks and Trust Companies Act (2025 Revision) 11(1)(a) A person other than a licensee using or continuing to use the words \u201cbank\u201d, \u201ctrust\u201d, \u201ctrust company\u201d, \u201ctrust corporation\u201d, \u201csavings\u201d or \u201csavings and loan\u201d or any of their derivatives, either in English or in any other language, in the description or title under which a person is carrying on business from within the Islands, whether or not such business is carried on in the Islands, without the approval of the Authority. Serious Banks and Trust Companies Act (2025 Revision) 11(1)(b) A person other than a licensee making or continuing to make any representation in any billhead, letter, letterhead, circular, paper, notice, advertisement or in any other manner whatsoever that the person is carrying on banking business or trust business without the approval of the Authority. Serious Banks and Trust Companies Act (2025 Revision) 11(1)(c) A person other than a licensee soliciting or receiving deposits from the public in any manner without the approval of the Authority. Serious Banks and Trust Companies Act (2025 Revision) 11(2) A company registering, or continuing to be registered by a name which contains the words \u201cbank\u201d, \u201ctrust\u201d, \u201ctrust company\u201d, \u201ctrust corporation\u201d, \u201csavings\u201d or \u201csavings and loan\u201d or any of their derivatives, either in English or in any other language, in the description or title under which such company is carrying on business from within the Islands, whether or not such business is carried on in the Islands, without the approval of the Authority. Serious Banks and Trust Companies Act (2025 Revision) 11(5)(a) A bank or trust company carrying on or intending to carry on banking or trust business, as the case may be, under a name which is identical with that of any company, firm or business house, whether within the Islands or not, or which so nearly resembles that name as to be calculated to deceive. Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Banks and Trust Companies Act (2025 Revision) 11(5)(b) A bank or trust company carrying on or intending to carry on banking or trust business, as the case may be, under a name which is calculated to suggest, falsely, the patronage of or connection with some person or authority, whether within the Islands or not. Serious Banks and Trust Companies Act (2025 Revision) 11(5)(c) A bank or trust company carrying on or intending to carry on banking or trust business, as the case may be, under a name which is calculated to suggest, falsely, that such bank or trust company has a special status in relation to or derived from the Government, has the official backing of or acts on behalf of the Government, of any department, branch, agency or organ of Government, or of any officer thereof, or is recognised in the Islands as a national or central bank or trust company. Serious Banks and Trust Companies Act (2025 Revision) 12(1) Failure of a licensee incorporated under the Companies Act (2025 Revision) to have its accounts audited annually or at such other times as the Authority may require by an auditor. Serious Banks and Trust Companies Act (2025 Revision) 12(2) Failure of a licensee incorporated under the Companies Act (2025 Revision) to forward its audited accounts to the Authority within three months of the end of the financial year of the licensee, without the prior written approval of an extension by the Authority. Minor Banks and Trust Companies Act (2025 Revision) 12(2A) Failure of a licensee incorporated under the Companies Act (2025 Revision) to forward to the Authority consolidated accounts in respect of the parent undertaking of the Cayman banking group of which the licensee is a member within three months of the end of the financial year of the parent undertaking of the Cayman banking group, without the prior written approval of an extension by the Authority. Minor Banks and Trust Companies Act (2025 Revision) 12(3) Failure of a licensee not incorporated under the Companies Act (2025 Revision) to provide a copy of the audited annual accounts of its head office to the Authority within three months of the end of the financial year of its parent company, without the prior written approval of an extension by the Authority. Minor Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Banks and Trust Companies Act (2025 Revision) 12(4) Failure of a licensee incorporated under the Companies Act (2025 Revision) to comply with a requirement to explain the circumstances responsible for the change of its auditor, where such change occurs. Minor Banks and Trust Companies Act (2025 Revision) 13(1) Failure of an auditor to immediately give the Authority written notice of the auditor\u2019s information or suspicion, and in the case of suspicion, the auditor\u2019s reason for that suspicion, where, in the course of carrying out an audit of the accounts of a licensee or of any entity forming part of a Cayman banking group the auditor obtains information or suspects that the licensee is \u2014 (a) unable or likely to become unable to meet its obligations as they fall due; (b) carrying on or attempting to carry on business or is winding up its business voluntarily in a manner that is prejudicial to its investors or creditors; (c) carrying on or attempting to carry on business without keeping any or sufficient accounting records to allow its accounts to be properly audited; or (d) carrying on or attempting to carry on business in a fraudulent or criminal manner; (e) carrying on or attempting to carry on business without compliance with \u2014 (i) this Act or any regulations made hereunder; (ii) the Beneficial Ownership Transparency Act, 2023 if the licensee is a \u201ccorporate services provider\u201d as defined in that Act; (iii) the Monetary Authority Act (2020 Revision); (iv) the Anti-Money Laundering Regulations (2025 Revision); or (v) a condition of the licence. Serious Banks and Trust Companies Act (2025 Revision) 13(3) A licensee appointing as an auditor a person disqualified under subsection (2). Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Banks and Trust Companies Act (2025 Revision) 14(1)(a) A licensee incorporated under the Companies Act (2025 Revision) opening a subsidiary, branch, agency or representative office outside the Islands without the prior written approval of the Authority. Serious Banks and Trust Companies Act (2025 Revision) 14(1)(b) A licensee incorporated under the Companies Act (2025 Revision) changing its name without the prior written approval of the Authority. Minor Banks and Trust Companies Act (2025 Revision) 14(1A) Failure of a licensee to inform the Authority of any change in holdings that affects the composition of the licensee\u2019s economic group, including any new entities forming part of the licensee\u2019s economic group, within forty-five days of the occurrence of the change. Serious Banks and Trust Companies Act (2025 Revision) 14(2) 1. A licensee incorporated under the Companies Act (2025 Revision) holding a licence for the carrying on of banking business acquiring or holding a beneficial interest in an entity, whether directly or indirectly, so that the value of the interest at any time exceeds twenty per cent of the net worth of the licensee without the prior written approval of the Authority. 2. A licensee incorporated under the Companies Act (2025 Revision holding a licence for the carrying on of banking business acquiring or holding a beneficial interest in an entity, whether directly or indirectly, so that the value of the interest at any time exceeds twenty per cent of the net worth of the licensee without it being necessary with respect to any interest acquired by the licensee in satisfaction of debts due to it. 3. Failure of a licensee incorporated under the Companies Act (2025 Revision who holds a licence for the carrying on of banking business, to dispose of any interest acquired in satisfaction of debts due to the licensee within a period not exceeding five years or such longer period as permitted by the Authority. Minor Banks and Trust Companies Act (2025 Revision) 14(3) 1. Subject to subsections (4) and (5), a licensee holding a licence for the carrying on of banking business purchasing, acquiring or leasing real estate without Minor Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach the prior written approval of the Authority. 2. Subject to subsections (4) and (5), a licensee holding a licence for the carrying on of banking business purchasing, acquiring or leasing real estate which is not necessary for the purpose of conducting its business or providing housing or amenities for its staff. 3. Subject to subsections (4) and (5), a licensee holding a licence for the carrying on of banking business purchasing, acquiring or leasing real estate where the market value of the real estate exceeds twenty per cent of the net worth of the licensee, or such other sum as to the Authority may seem appropriate to a maximum of fifty per cent of the net worth of the licensee. Banks and Trust Companies Act (2025 Revision) 15(1) Failure of a licensee holding a Trust Licence to obtain and maintain adequate professional indemnity insurance, or have in place other appropriate arrangements to cover risks, in respect of its trust business. Serious Banks and Trust Companies Act (2025 Revision) 15(3) Failure of a trust company acting in its capacity as a trustee of a trust which forms a business relationship or which enters into a one-off transaction with a person conducting relevant financial business under Schedule 6 of the Proceeds of Crime Act (2025 Revision) to take reasonable steps to inform the person that the trust company is carrying on trust business and is acting in its capacity as a trustee of a trust \u2014 (a) at the time or before the business relationship is formed; or (b) at the time or before the transaction is entered into. Serious Banks and Trust Companies Act (2025 Revision) 15A(1) Failure of a licensee holding a Trust licence to pay the prescribed fee for each company for which the licensee provided a registered office up to the 31st day of December in the preceding year. Minor Banks and Trust 15A(3) 1. Failure of a Trust licensee to pay the prescribed fee Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Companies Act (2025 Revision) under subsection (1) on or before every 15th day of January. 2. Failure of a licensee who does not pay [the annual fee] \/ [the prescribed fee under subsection (1)] on or before the 15th day of January to pay the surcharge not exceeding one-twelfth of that fee for every month or part of a month that the fee is not paid, unless the fee has been waived by the Authority. Banks and Trust Companies Act (2025 Revision) 16(1) Failure by a licensee to have two or more directors. Serious Banks and Trust Companies Act (2025 Revision) 16(2) Failure of a licensee to apply to the Authority for its written approval of the appointment of a director or other senior officer before appointing the director or other senior officer, unless it is exempt from such a requirement by the Authority. Serious Banks and Trust Companies Act (2025 Revision) 17(3) 1. Failure of a licensee to \u2014 (a) give the Authority access to its books, records, vouchers, documents, cash and securities; (b) give the Authority access to information from any member of the Cayman banking group or any member of the licensee\u2019s economic group including information on \u2014 (i) policies; (ii) procedures; (iii) financial statements; (iv) audit reports; (v) Board reports; (vi) regulatory returns; and (vii) supervisory reports from overseas regulators; (c) allow the Authority to examine the business or affairs including the carrying on of onsite inspections, of any member of the Cayman banking group; or (d) allow the Authority to conduct onsite inspections of a licensee, as the Authority may reasonably require for the purpose of enabling it to perform its functions under this Act. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach 2. Failure of a person who the Authority has reasonable grounds to believe is carrying on banking or trust business in the Islands in contravention of section 5(1) or (2) to give to the Authority any information, matter or thing requested from the person by the Authority. Banks and Trust Companies Act (2025 Revision) 18(1)(a) A licensee becoming or appears likely to become unable to meet its obligations as they fall due. Serious Banks and Trust Companies Act (2025 Revision) 18(1)(b) A licensee carrying on business in a manner detrimental to the public interest, the interest of its depositors or of the beneficiaries of any trust, or other creditors. Very serious Banks and Trust Companies Act (2025 Revision) 18(1)(c) A licensee contravening this Act. Very serious Banks and Trust Companies Act (2025 Revision) 18(1)(ca) A person who holds a licence issued under section 6(5)(c), (e) or (f) of the Act and who is a \u201ccorporate services provider\u201d, as defined in the Beneficial OwnershipTransparency Act, 2023 [Act 13 of 2023] in contravention of that Act. Serious Banks and Trust Companies Act (2025 Revision) 18(1)(d) Failure of a licensee to comply with a condition of its licence. Serious Banks and Trust Companies Act (2025 Revision) 18(1)(e) Failure of a licensee to ensure that the direction and management of the licensee\u2019s business is conducted in a fit and proper manner. Very serious Banks and Trust Companies Act (2025 Revision) 18(1)(f) A person who is not a fit and proper person holding a position as a director, manager or officer of a licensee\u2019s business. Very serious Banks and Trust Companies Act (2025 Revision) 18(1)(g) A person who is not a fit and proper person holding or acquiring control or ownership of a licensee. Very serious Banks and Trust 18(1)(h) An individual who is not a fit and proper person, directly Very serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Companies Act (2025 Revision) or indirectly, holding or acquiring control or ownership of more than 25% of the shares or voting rights in a licensee or the right to appoint or remove a majority of the Board of directors of a licensee. Banks and Trust Companies Act (2025 Revision) 18A Failure of a licensee holding a licence to carry on banking business or a Cayman banking group to make public disclosures where it is required by the Authority to do so. Serious Banks and Trust Companies Act (2025 Revision) 22(4) A person obstructing the Authority or any other person in the exercise of any powers conferred on the person under section 22. Serious Banks and Trust Companies Act (2025 Revision) A licensee or any director or officer of a licensee knowingly or wilfully supplying false or misleading information to the Authority. Very serious 3   - Private Trust Companies Regulations 3. PRIVATE TRUST COMPANIES REGULATIONS (2020 REVISION) Private Trust Companies Regulations (2020 Revision) 3(1) Failure of a private trust company to maintain its registered office at the office of a company that holds a Trust licence under section 6(5)(c) of the Banks and Trust Companies Act (2025 Revision). Serious Private Trust Companies Regulations (2020 Revision) 3(1A) Failure of a private trust company to allow the Authority to inspect all documents and records of the private trust company held or that should be held at the registered office at all reasonable times. Serious Private Trust Companies Regulations (2020 Revision) 3(2) Failure of a private trust company to keep at its registered office and to make available for inspection by the Authority at its registered office, in relation to each relevant trust, adequate, accurate and up to date copies of the trust deed or other documents containing or recording any or all of the following \u2014 (a) the terms of the trust; (b) the name and address of the trustee; Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (c) the name and address of the settlor; (d) the name and address of any protector; (e) the name and address of any enforcer; (f) the name and address of any contributor to the trust; (g) the name and address of any beneficiary to whom a distribution is made from the trust; (h) any deed or other document varying the terms of the trust; or (i) all financial and transactional records of the private trust company and its connected trust business. Private Trust Companies Regulations (2020 Revision) 4(2) 1. Failure of a private trust company to register with the Authority. 2. Failure of a private trust company to file with the Authority in the form specified by the Authority, proof of the identification of the directors and shareholders of the private trust company, at the time of registration. 3. Failure of a private trust company to file with the Authority in the form specified by the Authority proof of the identification of the directors and shareholders of the private trust company, on or before the 31st day of January every year during the continuation of registration. Very serious Private Trust Companies Regulations (2020 Revision) 4(2)(a) 1. Failure of a private trust company to file with the Authority a declaration in such form as the Authority may approve, declaring \u2014 (a) the name of the private trust company; (b) the names and addresses of the directors of the private trust company; (c) the names and addresses of the shareholders or members, if any, of the private trust company; (d) the name of the holder of the Trust licence providing the registered office of the private trust company; (e) that the company is a private trust company to which paragraph (1) applies; and (f) that the company is in compliance with the Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach requirements of these regulations, at the time of registration. 2. Failure of a private trust company to file with the Authority a declaration in such form as the Authority may approve, declaring \u2014 (a) the name of the private trust company; (b) the names and addresses of the directors of the private trust company; (c) the names and addresses of the shareholders or members, if any, of the private trust company; (d) the name of the holder of the Trust licence providing the registered office of the private trust company; (e) that the company is a private trust company to which paragraph (1) applies; and (f) that the company is in compliance with the requirements of these regulations, on or before the 31st day of January every year after registration during the continuation of registration. Private Trust Companies Regulations (2020 Revision) 4(2)(b) 1. Failure of a private trust company to at the time of registration pay to the Authority the prescribed fee at the time of registration. 2. Failure of a private trust company to pay to the Authority the prescribed fee on or before the 31st day of January every year during the continuation of the registration. Minor Private Trust Companies Regulations (2020 Revision) 4(2A) Failure of a private trust company that fails to pay the annual registration fee under paragraph (2)(b) to pay the surcharge not exceeding one-twelfth of the annual registration fee for every month or part of a month that the annual registration fee is not paid. Minor Private Trust Companies Regulations (2020 Revision) 4(3) A private trust company filing false, misleading or inaccurate information under paragraph (2)(a) or (aa). Very serious Private Trust 4(4) Failure of a registered private trust company to inform Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Companies Regulations (2020 Revision) the Authority of any change in the information provided to the Authority for the registration of a private trust company within thirty days of the change. Private Trust Companies Regulations (2020 Revision) 4A Failure of a private trust company registering with the Authority under regulation 4(2) or a private trust company making any change to the membership of the Board of the private trust company, on or after the commencement of the Private Trust Companies (Amendment) Regulations, 2019 to have a natural person appointed as a director. Serious Private Trust Companies Regulations (2020 Revision) A private trust company soliciting or receiving contributions in respect of trusts of which it is trustee, from \u2014 (a) the public; or (b) persons other than those who are, in relation to each other, connected persons. Very serious Private Trust Companies Regulations (2020 Revision) 6(1) Failure of a private trust company to use the words \u201cPrivate Trust Company\u201d or the letters \u201cPTC\u201d in the name by which the company is registered under the Companies Act (2025 Revision). Very serious Private Trust Companies Regulations (2020 Revision) 6(2) A person, other than a private trust company, using the words \u201cPrivate Trust Company\u201d or the letters \u201cPTC\u201d in the description or title under which the person is carrying on business from within the Islands, whether or not such business is carried on in the Islands. Very serious 4   - Building Societies Act 4. BUILDING SOCIETIES ACT (2020 REVISION) Building Societies Act (2020 Revision) 4(2)(da) Failure of a society to make rules setting forth that directors and senior officers are required to be fit and proper persons. Serious Building Societies Act 7(1) Failure of a society or the proper officer of the society to submit two transcripts of all rules made by the society Very serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (2020 Revision) to the Attorney General in the prescribed manner and within the prescribed timeframe. Building Societies Act (2020 Revision) Failure of a society to pay its incorporation fees, annual fees or regulatory fees within the prescribed timeframe. Minor Building Societies Act (2020 Revision) 9(1) Failure of a building society which unites with another society or which transfers its engagements to any other society to notify the Registrar of a resolution. Serious Building Societies Act (2020 Revision) 10(2) Failure of a society to submit a notice of the change of name to the Registrar. Minor Building Societies Act (2020 Revision) 11(2) 1. Failure of the secretary of a society to give notice of a change of its chief office to the Registrar within seven days after such change. 2. Failure of the secretary of a society to advertise the change of the society\u2019s chief office for two days in any one of the newspapers published in the Islands, and where there is no newspaper published in the Islands then in one of the newspapers circulating in the Islands. Minor Building Societies Act (2020 Revision) 13A(1) Failure of a society to obtain the approval of the Authority prior to appointing a new director or senior officer. Serious Building Societies Act (2020 Revision) 15A(1) 1. Failure of a society to comply with the requirement not to issue shares to a member representing ten per cent or more of total voting rights of the society without the prior approval of the Authority. 2. Failure of a member to comply with the requirement not to transfer or dispose of shares issued to the member which represent ten per cent or more of the total voting rights of the society without the prior approval of the Authority. Serious Building Societies Act 21(1) Failure of a secretary or manager of a society to, at least once in every year, prepare an account described Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (2020 Revision) in section 21(1)(a) and to prepare a general statement described in section 21(1)(b). Building Societies Act (2020 Revision) 21(2) Failure of a secretary or manager to ensure that the account and the general statement referred to under section 21(1) are attested by the auditors to whom the mortgage deeds and other securities belonging to the society are produced and countersigned by the secretary or manager. Serious Building Societies Act (2020 Revision) 21(3) 1. Failure of a society to send a copy of the account and general statement to every member, depositor and creditor for loans. 2. Failure of a society to send a copy of the account and general statement to the Authority within fourteen days after the annual or other general meeting at which it is presented. Minor Building Societies Act (2020 Revision) 22A(1) and (4) 1. Failure of an auditor to give to the Authority written notice of specified information or written notice of a suspicion, and in the case of suspicion, the auditor\u2019s reason for that suspicion, where in the course of carrying out an audit of the accounts of a society under this Act, the auditor obtains information or suspects that the society is \u2014 (a) unable or likely to become unable to meet its obligations as they fall due; (b) carrying on or attempting to carry on business or winding up its business voluntarily in a manner that is prejudicial to its members; (c) carrying on or attempting to carry on business without keeping any or sufficient accounting records to allow its accounts to be properly audited; (d) carrying on or attempting to carry on business in a fraudulent or criminal manner; or (e) carrying on or attempting to carry on business otherwise than in compliance with \u2014 (i) this Act, (ii) the Monetary Authority Act (2020 Revision); or (iii) the Anti-Money Laundering Regulations (2025 Revision). Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach 2. Failure of a former auditor to explain to the Authority the reasons for the change where a society changes its auditor. Building Societies Act (2020 Revision) 33(3) 1. Failure of a society to grant to the Authority access to such books, records, vouchers, documents, cash and securities of any society. 2. Failure of a person to provide to the Authority, in such form as the Authority may reasonably require, such information, matter or thing from any person who the Authority has reasonable grounds to believe is carrying on business in contravention of this Act. 3. Failure of the committee of management or Board of directors of a society, or any officer designated by the committee or Board, to provide information or an explanation when called upon by the Authority. Serious Building Societies Act (2020 Revision) 35(5) A person obstructing the Authority, or any other person, in the exercise of any powers conferred under section 35. Serious Building Societies Act (2020 Revision) A person obstructing an accountant or actuary appointed under section 38, in the exercise of the accountant\u2019s or actuary\u2019s duty. Serious Building Societies Act (2020 Revision) 1. Failure of an officer or agent of a society to produce any book or document directed to be produced by an Inspector. 2. Failure of an officer or agent of a society to answer any question of an Inspector relating to the affairs of the society. Serious Building Societies Act (2020 Revision) 47(1) A person, by false representation or imposition, obtaining possession of any moneys, securities, books, papers or other effects of a society, or, having the same in the person\u2019s possession, withholding or misapplying the same, or wilfully applying any part thereof to purposes other than those expressed or directed in the rules of the society and authorised by law. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Building Societies Act (2020 Revision) 48(1) Failure to first obtain a certificate of incorporation under this Act before forming a society or before commencing business as a building society. Very serious Building Societies Act (2020 Revision) 48(2) A society receiving loans or deposits in excess of the limits prescribed by this Act. Serious Building Societies Act (2020 Revision) 1. A director, secretary, surveyor, attorney-at-law or other officer of a society receiving or accepting from any other person any gift, bonus, commission or benefit for or in connection with any loan made by the society. 2. A person paying to a director, secretary, surveyor, attorney-at-law or other officer of a society any gift, bonus, commission or benefit for or in connection with any loan made by the society. Serious Building Societies Act (2020 Revision) A person wilfully making, ordering or allowing to be made any false statement in any document required by this Act to be sent to the Authority or the Registrar, or by erasure, omission or otherwise, wilfully falsifying any such document. Very serious Building Societies Act (2020 Revision) 1. Neglect or refusal of a society under this Act to give any notice, send any return or document, or do or allow to be done, anything which the society is by this Act required to give, send, do or allow to be done. 2. Neglect or refusal of a society under this Act to do any act, or furnish any information required for the purposes of this Act by the Authority, the Registrar or an Inspector. Serious 5   - Companies Management Act 5. COMPANIES MANAGEMENT ACT (2025 REVISION) SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Companies Management Act (2025 Revision) 5(4) Subject to subsection (2), failure of a person to comply with the requirement to hold a current licence while carrying on the business of company management. Very serious Companies Management Act (2025 Revision) 6(5) Failure of the holder of a licence under this Act to inform the Authority of such changes made relating to any of the information furnished in accordance with section 5(6) as may be prescribed within fourteen days after any such change has occurred. Minor Companies Management Act (2025 Revision) 9(1) 1. A licensee which is a company issuing shares without the approval of the Authority. 2. Failure of a licensee to comply with any conditions of the approval given by the Authority. 3. A person who owns or has an interest in shares in the company licensed under this Act transferring or otherwise disposing of or dealing in those shares or that interest without the approval of the Authority. 4. Failure of a person who owns or has an interest in shares in a company licensed under this Act to comply with any conditions of the approval given by the Authority. Serious Companies Management Act (2025 Revision) 9(4) Failure of a secretary, as soon as the secretary becomes aware of any shares automatically vesting through process of law in a person, to inform the Authority of the number of shares and the identity of the person in whom the shares have vested. Serious Companies Management Act (2025 Revision) 11(1)(a) A person, other than a licensee, using a word which connotes the business of company management, either in English or in any other language, in the description or title under which the person carries on business in or from within the Islands. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Companies Management Act (2025 Revision) 11(1)(b) A person, other than a licensee, making a representation in a document or in any other manner that the person is carrying on the business of company management. Serious Companies Management Act (2025 Revision) 11(2)(a) or (d) 1. Failure of a licensee, being a body corporate with a name, or carrying on business under a name, which is identical with that of another person, whether within the Islands or not, or which so nearly resembles that name as to be likely to deceive, to comply with the Authority\u2019s request to change the licensee\u2019s name within three calendar months of the receipt of notice from the Authority. 2. Failure of a licensee, being a body corporate with a name, or carrying on business under a name, which includes any word or expression prescribed in regulations, to comply with the Authority\u2019s request to change the licensee\u2019s name within three calendar months of the receipt of notice from the Authority. Minor Companies Management Act (2025 Revision) 11(2)(b) or (c)  1. Failure of a licensee, being a body corporate with a name, or carrying on business under a name, which in the opinion of the Authority connotes, falsely, the patronage of or connection with a person whether within the Islands or not, to comply with the Authority\u2019s request to change the licensee\u2019s name within three calendar months of the receipt of notice from the Authority. 2. Failure of a licensee, being a body corporate with a name, or carrying on business under a name, which in the opinion of the Authority connotes, falsely, that it has a special status in relation to or derived from the Government, or has the official backing of or acts on behalf of the Government or of any of its departments or officials, to comply with the Authority\u2019s request to change the licensee\u2019s name within three calendar months of the receipt of notice from the Authority. Serious Companies Management Act (2025 13(1) Failure of the holder of a companies management licence to have the holder\u2019s accounts audited annually or at such other time as the Authority may require by an Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Revision) auditor who is approved by the Authority and who is a member of \u2014 (a) the Institute of Chartered Accountants in England and Wales; (b) the Canadian Institute of Chartered Accountants; (c) the Chartered Association of Certified Accountants of England and Wales; (d) the American Institute of Certified Public Accountants; or (e) any other professional body or institute approved by the Authority. Companies Management Act (2025 Revision) 13(2) Failure of the holder of a companies management licence, within six months of the end of the financial year of the holder of the companies management licence, to forward to the Authority \u2014 (a) the audited accounts for the financial year just ended; (b) a certificate of compliance with this Act and any regulations made under this Act or the Monetary Authority Act (2020 Revision), signed by the licensee or, if the licensee is a body corporate, a director of the licensee; or (c) an auditor\u2019s certificate of the existence of adequate procedures to ensure compliance by the licensee with any Code of Practice that may be issued under section 113 of the Proceeds of Crime Act (2025 Revision); or under regulations made under this Act. Minor Companies Management Act (2025 Revision) 13(3) Failure of the holder of a corporate services licence to, once every two years (or such shorter or  longer period as the Authority may require in any individual case), forward to the Authority the certificates specified under section 13(2)(b) or 13(2)(c). Serious Companies Management Act (2025 Revision) 13(4) 1. A licensee changing the licensee\u2019s auditor without the prior written approval of the Authority. 2. Failure of an outgoing auditor to explain to the Authority the circumstances giving rise to the change of auditor. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Companies Management Act (2025 Revision) 13(5) A person signing a certificate under section 13(2)(b) knowing or who ought reasonably to have known that such certificate is false. Serious Companies Management Act (2025 Revision) 13(6) Failure of an auditor who, in the course of carrying out an audit of the accounts of a licensee, becomes aware, or has reasonable grounds to believe, that the licensee is  \u2014 (a) unable to meet the licensee\u2019s obligations as they fall due; (b) carrying on or attempting to carry on the licensee\u2019s business of company management or winding up the licensee\u2019s business of company management in a manner that is prejudicial to the licensee\u2019s managed companies or their owners, or to the licensee\u2019s creditors, or to the creditors of the licensee\u2019s managed companies or their owners; (c) carrying on or attempting to carry on business without keeping any or sufficient accounting records to allow the licensee\u2019s accounts to be properly audited; or (d) carrying on business in a fraudulent or criminal manner, to immediately give the Authority written notice of the auditor\u2019s knowledge or belief, and to give reasons for that knowledge or belief. Serious Companies Management Act (2025 Revision) 14(a) Failure of a licensee to comply with the requirement not to open a subsidiary, branch, agency or representative office outside the Islands without the prior approval of the Authority. Serious Companies Management Act (2025 Revision) 14(b) Failure of a licensee to comply with the requirement not to change the licensee\u2019s name without the prior approval of the Authority. Minor Companies Management Act (2025 15(1) Failure of a holder of a companies management licence which is a company to comply with the requirement to have no fewer than two directors at any time. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Revision) Companies Management Act (2025 Revision) 15(2) 1. Failure of a licensee to comply with the requirement to obtain the prior written approval of the Authority before making an appointment to the Board of directors. 2. Failure of a licensee which is a company to comply with the requirement to obtain the prior written approval of the Authority before making an appointment of a senior officer. 3. Failure of a holder of a corporate services licence to comply with the requirement to give one month\u2019s prior notice to the Authority before making an appointment to the Board of directors. 4. Failure of a holder of a corporate services licence to comply with the requirement to give one month\u2019s prior notice to the Authority before making an appointment of a senior officer. Serious Companies Management Act (2025 Revision) 15(3) Failure of a licensee to remove or replace a director, or dismiss a senior officer, who is convicted in any country of an offence involving dishonesty within fourteen days of the conviction. Serious Companies Management Act (2025 Revision) 16(2) Failure of a person who the Authority reasonably believes is carrying on the business of company management in contravention of this Act, or a licensee, to provide \u2014 (a) access to, and to allow copies to be made of, such books, records and documents; (b) access to such cash and securities; or (c) such information or explanation, as the Authority may reasonably require for the performance of the Authority\u2019s functions under this Act. Serious Companies Management Act (2025 Revision) 16(6) A person knowingly or recklessly furnishing any information, providing any explanation or making any statement which is false or misleading in a material particular. Very serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Companies Management Act (2025 Revision) 17(1) Failure of a licensee to insure with authorised insurers against the losses referred to in section 17(3). Serious Companies Management Act (2025 Revision) 18(1)(a) Where a licensee is or appears likely to become unable to meet its obligations as they fall due. Serious Companies Management Act (2025 Revision) 18(1)(b) A licensee carrying on business in a manner detrimental to the public interest or to the interest of the licensee\u2019s clients or creditors. Very serious Companies Management Act (2025 Revision) 18(1)(c) A licensee contravening this Act or the Beneficial OwnershipTransparency Act, 2023 [Act 13 of 2023]. Very serious Companies Management Act (2025 Revision) 18(1)(d) Failure of a licensee to comply with a condition of its licence. Serious Companies Management Act (2025 Revision) 18(1)(e) Failure of a licensee to ensure that the direction and management of the licensee\u2019s business is being conducted in a fit and proper manner. Very serious Companies Management Act (2025 Revision) 18(1)(f) A person who is not a fit and proper person holding a position as a director, manager or officer of a licensee\u2019s business. Very serious Companies Management Act (2025 Revision) 18(1)(g) A person who is not a fit and proper person holding or acquiring control or ownership of a licensee. Very serious Companies Management Act (2025 Revision) 19(7) A person wilfully obstructing the Authority or other authorised person in the exercise of any powers conferred on the Authority or that other authorised person. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach 6   - Cooperative Societies Act 6. COOPERATIVE SOCIETIES ACT (2020 REVISION) Cooperative Societies Act (2020 Revision) 1. Failure of a registered society to have an address registered in accordance with the regulations to which all notices and communications may be sent. 2. Failure of a registered society to send to the Registrar notice of every change of that address. Minor Cooperative Societies Act (2020 Revision) Failure of a registered society to paint or affix and keep painted or affixed its registered name, in letters easily legible, and in a conspicuous position on the outside of every office or place in which the business of the society is carried on. Minor Cooperative Societies Act (2020 Revision) Failure of a registered society to keep a copy of this Act and the regulations and its rules and a list of its members open to inspection, free of charge, at all reasonable times at the registered address of the society. Minor Cooperative Societies Act (2020 Revision) A person becoming a member of more than one registered society with unlimited liability, whose primary object is to grant loans to its members, without the sanction of the Registrar. Serious Cooperative Societies Act (2020 Revision) A member, other than a registered society, holding more than such portion of share capital of the society, where the liability of the members of the registered society is limited by shares, subject to a maximum of twenty per cent, as may be prescribed by the rules. Serious Cooperative Societies Act (2020 Revision) 29(4) 1. A credit union which may issue shares which carry voting rights, issuing shares representing ten per cent or more of total voting rights of the credit union to a member. 2. A member transferring or disposing of issued shares representing ten per cent or more of the total voting Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach rights of the credit union, without the prior approval of the Authority. Cooperative Societies Act (2020 Revision) 29(6) Failure of a credit union, for the purposes of section 29(4), to provide such information to the Authority, and within such time as the Authority may specify, for the purpose of assessing whether persons acquiring control or ownership of such shares representing ten per cent or more of the total voting rights of the credit union are fit and proper persons to have such control or ownership. Serious Cooperative Societies Act (2020 Revision) A registered society making a loan to any person other than a member or another registered society. Serious Cooperative Societies Act (2020 Revision) Failure of a registered society to receive deposits and loans from persons who are not members, in accordance with the prescribed conditions. Serious Cooperative Societies Act (2020 Revision) 34(1) A registered society paying a dividend or bonus or distributing any part of its accumulated funds before the balance sheet has been certified \u2014 (a) in the case of a society other than a credit union, by an auditor approved by the Registrar; and (b) in the case of a credit union, by an auditor approved by the Authority. Very serious Cooperative Societies Act (2020 Revision) 34(2) A registered society declaring any dividend exceeding six per cent per annum. Very serious Cooperative Societies Act (2020 Revision) 35(1) Failure of a registered society which does or can derive profit from its transactions, to maintain a reserve fund. Serious Cooperative Societies Act (2020 Revision) 35(2) 1. Failure of a registered society to carry to the reserve fund at least twenty per cent of the net profits of every registered society as ascertained by the audit prescribed by section 39 or 45, as the case may be. 2. Failure of a registered society to employ the reserve fund as prescribed by the regulations. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Cooperative Societies Act (2020 Revision) 38A 1. Failure of a credit union to obtain the approval of the Authority prior to appointing a director or senior officer. 2. Failure of a credit union to require the director or senior officer to be a fit and proper person. Serious Cooperative Societies Act (2020 Revision) 39(1) Failure of a credit union to have its accounts audited annually or at such other times as the Authority may require, by an auditor, who is a chartered accountant, a certified public accountant, or some other professionally qualified accountant, approved by the Authority. Serious Cooperative Societies Act (2020 Revision) 39(2) Failure of a credit union to forward the audited accounts to the Authority within three months of the end of the financial year of the credit union, unless prior written approval for an extension has been granted by the Authority. Minor Cooperative Societies Act (2020 Revision) 39A(1) Failure of an auditor to immediately give the Authority written notice of the information or suspicion and, in the case of suspicion, the auditor\u2019s reason for that suspicion if an auditor, in the course of carrying out an audit of the accounts of a credit union under this Act, obtains information or suspects that the credit union is \u2014 (a) unable or likely to become unable to meet its obligations as they fall due; (b) carrying on or attempting to carry on business or winding up its business voluntarily in a manner that is prejudicial to its members; (c) carrying on or attempting to carry on business without keeping any or sufficient accounting records to allow its accounts to be properly audited; (d) carrying on or attempting to carry on business in a fraudulent or criminal manner; or (e) carrying on or attempting to carry on business otherwise than in compliance with \u2014 (i) the Act or the Regulations; Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (ii) the Monetary Authority Act (2020 Revision); or (iii) the Anti-Money Laundering Regulations (2025 Revision). Cooperative Societies Act (2020 Revision) 39A(3) A credit union appointing as an auditor a person disqualified under subsection (2). Serious Cooperative Societies Act (2020 Revision) 39A(5) Where a credit union changes its auditor, failure of a former auditor to explain the reasons for the change where required by the Authority to explain such reasons. Serious Cooperative Societies Act (2020 Revision) 40(3) 1. Failure of a credit union to grant the Authority access to such books, records, vouchers, documents, cash and securities of the credit union. 2. Failure of a person who the Authority has reasonable grounds to believe is carrying on business in contravention of this Act to provide such information, matter or thing requested from the person, by the Authority, in such form as the Authority may reasonably require. 3. Failure of the committee of a credit union, or any officer designated by the committee to provide to the Authority such information or explanation, as the Authority may reasonably require for the purpose of enabling it to perform its functions under this Act. Serious Cooperative Societies Act (2020 Revision) 42(5) A person obstructing the Authority or any other person in exercise of its powers conferred under section 42. Serious Cooperative Societies Act (2020 Revision) 61(2) Failure of a registered society to send to the Registrar, a copy of every special resolution, signed by the chairperson of the meeting at which the resolution was confirmed and countersigned by the secretary of the society. Serious Cooperative Societies Act A person other than \u2014 (a) a registered society; or Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (2020 Revision) (b) any person or that person\u2019s successor in interest who traded or carried on business at the time of the passing of this Act, trading or carrying on business under any name or title of which the word \u201ccooperative\u201d or \u201ccooperation\u201d or any abbreviation, or the words \u201ccredit union\u201d or \u201ccredit unions\u201d or any abbreviation is part. Cooperative Societies Act (2020 Revision) 68(1)(a) A registered society and every officer or member of the registered society wilfully neglecting or refusing to do any act or to furnish any information required for the purposes of this Act by the Authority or the Registrar or other person duly authorised by the Registrar in writing in that behalf. Serious Cooperative Societies Act (2020 Revision) 68(1)(b) A registered society and every officer or member of the registered society wilfully making a false return or furnishing any false information. Serious Cooperative Societies Act (2020 Revision) 68(2)(a) A person wilfully or without any reasonable excuse, disobeying any summons, requisition or lawfully written order issued under this Act. Serious Cooperative Societies Act (2020 Revision) 68(2)(b) A person failing to furnish any information lawfully required from that person by a person authorised to do so under this Act. Serious Cooperative Societies Act (2020 Revision) A person obtaining possession of any property of a society by false representation or imposition, or obtaining possession of any property of a society and withholding or misplacing the same, or wilfully applying any part of the property to purposes other than those expressed, or directed in the rules of the society and authorised by this Act. Serious 7   - Development Bank Act 7. DEVELOPMENT BANK ACT (2018 REVISION) Development 5(1) Failure of the Board to appoint a general manager to be Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Bank Act (2018 Revision) the chief executive officer of the Bank. Development Bank Act (2018 Revision) 5(3) Failure of the Board to appoint officers to be responsible for \u2014 (a) managing the loan portfolio and the loan administration process of the Bank; (b) managing and recording the funds of the Bank and managing all financial transactions of the Bank; and (c) establishing, maintaining and reviewing the internal controls established by the Bank in order to assess compliance with the established policies of the Bank. Serious Development Bank Act (2018 Revision) The Bank allowing the aggregate of the liabilities of the Bank outstanding at any one time including bonds and debentures issued by the Bank, to exceed the amount of the authorised capital or such sum as may be provided for in regulations made under section 31, without the written approval of the Cabinet. Serious Development Bank Act (2018 Revision) 1. Failure of the Bank to establish and maintain a reserve fund. 2. Failure of the Bank to allocate to the reserve fund, at the end of its financial year, not less than twenty per cent of the net income for that financial year whenever the total amount standing to the credit of such reserve is less than the paid-up portion of the authorised capital of the Bank. Serious Development Bank Act (2018 Revision) 21(1) 1. Failure of the Bank to keep proper accounting records in accordance with generally accepted accounting principles. 2. Failure of the Bank to prepare a statement of accounts in respect of each financial year. Serious Development Bank Act (2018 Revision) 21(3) Failure of the Bank to have its statement of accounts audited annually by an auditor who is a chartered accountant, a certified public accountant, a firm of professional qualified accountants or other Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach professionally qualified accountant appointed by the Board, after consultation with the Authority. Development Bank Act (2018 Revision) 21(4) Failure of the Bank to give to the auditor on request \u2014 (a) access to all books, documents, and records (including any held by means of computer), and copies of any such items; (b) all such information as the auditor may request and which is within the Bank\u2019s knowledge and capabilities; and (c) copies of the statement of accounts for any previous financial year. Serious Development Bank Act (2018 Revision) 21(5) 1. Failure of the auditor to complete the audit and send to the Board copies of that auditor\u2019s report on the statement of accounts. 2. Failure of the Board to submit the auditor\u2019s report annually to the Minister, the Authority and the Financial Secretary within three months of the end of the financial year together with an audited balance sheet and income and expenditure accounts as at the close of the previous financial year. Serious Development Bank Act (2018 Revision) 22(1) Failure of the Bank to prepare a report, in a form approved by the Minister, of what has been done in the discharge of the Bank\u2019s functions in a financial year, as soon as possible after the end of that financial year and in any event not later than seven months after the end of that financial year. Serious Development Bank Act (2018 Revision) 23(2) Failure of the Bank to at all times, as may be specified by the Authority, furnish to the Authority such returns in respect of such of its business as the Authority may specify in writing and in such form as the Authority may reasonably require. Serious Development Bank Act (2018 Revision) 23(3) Failure of the Bank, within three months of the end of the financial year of the Bank, to forward to the Authority an auditor\u2019s certificate of the existence of adequate procedures to ensure compliance with the Anti-Money Laundering Regulations (2025 Revision) and any Code of Practice which may be issued under sections 113 or Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach 180 of the Proceeds of Crime Act (2025 Revision). Development Bank Act (2018 Revision) 23(8) 1. Failure of Bank to grant the Authority access to such books, records, vouchers, documents, cash and securities of the Bank. 2. Failure of a director or officer of the Bank or any similar person to provide to the Authority such information, matter or thing requested from the director, officer or similar person, for such information or explanation, as the Authority may reasonably require for the purpose of enabling it to perform its functions under this Act. 3. Failure of a director or officer of the Bank or any similar person to provide such information requested by the Authority, in such form as the Authority may reasonably require. Serious Development Bank Act (2018 Revision) 25(5) A person obstructing the Authority or any other person in the exercise of any powers conferred under section 25. Serious Development Bank Act (2018 Revision) The Bank including information with respect to any particular individual or particular undertaking (other than the undertaking of the Bank) in any report laid before the Cayman Islands Parliament under this Act without the consent of the individual or undertaking. Very serious Development Bank Act (2018 Revision) 29(1) Failure of the Bank, where the Bank has made a loan under this Act, to \u2014 (a) from time to time, make or cause to be made such examination as may be necessary to ensure that the loan is being applied to the purpose for which it was made; (b) require financial statements in such detail as it may be determined to be submitted by the person in receipt of the loan biannually or at shorter intervals at the discretion of the Bank. Minor Development 29(2) A person failing to submit any financial statement or to Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Bank Act (2018 Revision) produce any book, document or other matter or thing demanded in accordance with subsection (1). 8   - Directors Registration and Licensing Act 8. DIRECTORS REGISTRATION AND LICENSING ACT, 2014 Directors Registration and Licensing Act, 4(1) A natural person appointed as a director of a covered entity, subject to subsection (4), acting in that capacity without being registered under this Act. Very serious Directors Registration and Licensing Act, 4(2) A natural person who, on or after the date of commencement of this Act, is proposed to be appointed as a director of a covered entity being appointed to act in that capacity without being registered by the Authority. Very serious Directors Registration and Licensing Act, 4(3) Subject to subsection(4), a natural person who, prior to the date of commencement of this Act, is a director of a covered entity continuing to act in that capacity on or after that date without making an application for registration, and being registered as a director, by the Authority. Very serious Directors Registration and Licensing Act, 5(4) Failure of an applicant who has submitted an application for registration to the Authority to, in the time prescribed, cease to act as a director of a covered entity if, for any reason, the application for registration is refused. Serious Directors Registration and Licensing Act, 6(2) 1. Failure of each registered director to pay to the Authority the prescribed annual fee, on or before the 15th January in each calendar year. 2. Failure of each registered director who fails to pay the prescribed annual fee by the 15th January in each calendar year to pay a surcharge of onetwelfth of that fee for every month or part of a month after the 15th January in each year that the fee is Minor Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach not paid. Directors Registration and Licensing Act, 6(2) Failure of each registered director to, on or before the 15th January in each calendar year, provide to the Authority the information in the prescribed form. Serious Directors Registration and Licensing Act, 6(3) Failure of a registered director to inform the Authority if there is any change in the information provided to the Authority for the registration of a director, within twentyone days of the change. Serious Directors Registration and Licensing Act, 8(1) An applicant serving as a director for any covered entity where the Authority refuses to register an applicant under this Part. Very serious Directors Registration and Licensing Act, 9(1) Subject to subsection (4), a natural person being a professional director without holding a valid licence issued under this Act. Very serious Directors Registration and Licensing Act, 9(2) A natural person who, on or after the date of commencement of this Act proposes to be a professional director being or carrying on business as a professional director without holding a valid licence issued under this Act. Very serious Directors Registration and Licensing Act, 9(3) Subject to subsection (4), a natural person who is a professional director prior to the date of commencement of this Act continuing to act in that capacity on or after the date of commencement of this Act, without being licensed by the Authority. Very serious Directors Registration and Licensing Act, 13(1) An applicant serving as a professional director for any covered entity where the Authority refuses to grant a licence to an applicant under Part III. Very serious Directors Registration and Licensing Act, 14(1)(a) Failure of a professional director who is granted a licence under Part III to, upon the grant of the license, pay the prescribed licence fee to the Authority. Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Directors Registration and Licensing Act, 14(1)(b) Failure of a professional director, who is granted a licence under Part III to, upon the grant of the license, comply with the conditions of the licence. Very serious Directors Registration and Licensing Act, 14(2) 1. Failure of a licensed professional director to, on or before the 15th January in each calendar year pay to the Authority the prescribed annual fee. 2. Failure of a licensed professional director who fails to pay the prescribed annual fee on or before the 15th January in each calendar year, to pay a surcharge of one-twelfth of that fee for every month or part of a month after the 15th January in each year that the fee is not paid. Minor Directors Registration and Licensing Act, 14(2) Failure of a licensed professional director to, on or before the 15th January in each calendar year, provide to the Authority the information in the prescribed form. Serious Directors Registration and Licensing Act, 14(3) Failure of a professional director to inform the Authority if there is any change in the information provided to the Authority for the grant of a licence, within twenty-one days of the change. Serious Directors Registration and Licensing Act, 15(1) Failure of a professional director to at all times be covered by insurance with an insurer, to cover loss arising from claims in respect of civil liability incurred in connection with the business of the professional director, in an amount which is a minimum aggregate cover of one million dollars and a minimum cover of one million dollars for each and every claim. Serious Directors Registration and Licensing Act, 15(2) Failure of a professional director to file with the Authority current details of the insurance required under subsection (1). Minor Directors Registration and 17(1) A corporate director appointed as a director of a covered entity, subject to section 22, acting in that Very serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Licensing Act, capacity without being licensed as a corporate director under this Act. Directors Registration and Licensing Act, 17(2) A corporate director who, on or after the date of commencement of this Act, is proposed to be appointed as a director of a covered entity being appointed to act in that capacity without being licensed as a corporate director under this Act. Serious Directors Registration and Licensing Act, 18(7) 1. Failure of a licensed corporate director to, on or before the 15th January in each calendar year, pay to the Authority the prescribed annual fee. 2. Failure of a licensed corporate director who fails to pay the prescribed annual fee on or before the 15th January in each calendar year, to pay a surcharge of one-twelfth of that fee for every month or part of a month after the 15th January in each year that the fee is not paid. Serious Directors Registration and Licensing Act, 18(7) 1. Failure of each licensed corporate director to on or before the 15th January in each calendar year, pay to the Authority the prescribed annual fee. 2. Failure of each licensed corporate director who fails to pay the prescribed annual fee, a surcharge of onetwelfth of that fee for every month or part of a month after the 15th January in each year that the fee is not paid. Minor Directors Registration and Licensing Act, 18(8) Failure of a corporate director to within twenty-one days of any change in the information provided to the Authority for the grant of a licence under Part IV, inform the Authority of the change. Serious Directors Registration and Licensing Act, 20(1) Failure of a corporate director to \u2014 (a) be registered as an ordinary resident company, an ordinary non-resident company, an exempted company or foreign company in accordance with the Companies Act (2025 Revision); (b) appoint to its Board at least two natural persons who are registered or licensed Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach under this Act; (c) before the appointment of any new or additional person to its Board, apply to the Authority for its written approval of that appointment. Directors Registration and Licensing Act, 21(1) Failure of the subsidiary, whether wholly owned or otherwise, of \u2014 (a) a corporate director; (b) the holder of a mutual funds administrators licence; or (c) the holder of a companies management licence, that is appointed to act as a director of a covered entity to be licensed under this Act unless that subsidiary holds a mutual funds administrators licence or a companies management licence. Very serious Directors Registration and Licensing Act, 21(2) Failure of a corporate director to at all times be covered by insurance with an insurer, to cover loss arising from claims in respect of civil liability incurred in connection with the business of the corporate director, in an amount which is a minimum aggregate cover of one million dollars and a minimum cover of one million dollars for each and every claim. Serious Directors Registration and Licensing Act, 21(3) Failure of a corporate director to file with the Authority current details of the insurance required under subsection (2) Minor Directors Registration and Licensing Act, 24(2) 1. Failure of \u2014 (a) a person whom the Authority reasonably believes is acting as a director of a covered entity in contravention of this Act; (b) a registered director, professional director or corporate director; or (c) any person whom the Authority reasonably believes has relevant information relating to (a) or (b), to provide access to and allow copies to be made of any books, records or documents that the Authority may reasonably require. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach 2. Failure of \u2014 (a) a person whom the Authority reasonably believes is acting as a director of a covered entity in contravention of this Act; (b) a registered director, professional director or corporate director; or (c) any person whom the Authority reasonably believes has relevant information relating to (a) or (b), to furnish any information or explanation the Authority may reasonably require for the performance of its functions under this Act or the Monetary Authority Act (2020 Revision). Directors Registration and Licensing Act, 24(5) A person to whom subsection (2) applies knowingly or recklessly, furnishing any information, providing any explanation or making any statement to the Authority which is false or misleading in a material particular. Very serious 9   - Insurance Act 9. INSURANCE ACT, 2010 (as amended) Insurance Act, 2010 (as amended) 3(1) A person carrying on \u2014 (a) insurance business; (b) reinsurance business; or (c) business as an insurance agent, insurance broker, or insurance manager, without holding a valid licence issued for that purpose under this Act. Very serious Insurance Act, 2010 (as amended) 4(4)(b) Failure of an insurer that is not a class D insurer and not a class B insurer incorporated as a segregated portfolio company under Part 14 of the Companies Act (2025 Revision) to be separately licensed for long term business and for general business. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Insurance Act, 2010 (as amended) 4(4)(d) Failure of an insurance manager who also carries on business as either an insurance broker or an insurance agent to be separately licensed in respect of each such activity. Serious Insurance Act, 2010 (as amended) 7(1) Failure of a licensee to pay the prescribed annual fee in respect of each category of licence held on or before every 15th day of January after the first grant of the licence. Minor Insurance Act, 2010 (as amended) 7(2) Failure of a licensee who fails to pay the prescribed annual fee by the date specified in subsection (1), to pay to the general revenue of the Islands, a surcharge not exceeding one-twelfth of the prescribed annual fee for every month or part of a month that the prescribed annual fee is not paid, unless the Authority waives the surcharge. Minor Insurance Act, 8(1) 1. Failure of a licensee to carry on insurance business only in accordance with the information given in its approved licence application and business plan. 2. Failure of a licensee to seek the prior written approval of the Authority for any change to the approved business plan or in the information supplied in the application. 3. A licensee \u2014 (a) opening outside the Islands a subsidiary, branch, agency or representative office or changing its name; or (b) where it is an insurer other than an external insurer conducting insurance business \u2014 (i) other than long term business, amalgamating with any one or more insurers or, (ii) other than in the normal course of business, transferring its insurance operations or any part thereof, or accepting transfer of the insurance operations or any part thereof from another insurer, without the prior written approval of the Authority. Very serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach 4. Failure of a licensee that is required to have a place of business in the Islands to maintain in the Islands such resources, including staff and facilities, books and records as the Authority may consider appropriate, having regard to the nature and scale of the business. Insurance Act, 2010 (as amended) 8(2) Failure of an insurer to \u2014 (a) maintain a margin of solvency in accordance with the prescribed solvency requirements; (b) maintain adequate arrangements for the management of risks, including the reinsurance thereof where appropriate; (c) maintain capital in accordance with the prescribed capital requirements; (d) authorise at least one person resident in the Islands and approved by the Authority to accept on its behalf service of process in any legal proceedings and any notices required to be served on it; (e) where it is a member of an insurance group, inform the Authority of any activity or transaction undertaken or proposed by another member of the group that could reasonably be expected to have a material effect on the insurer; (f) where it is an external insurer, be responsible for all contracts of domestic business issued by any branch or subsidiary and also for all acts, omissions and liabilities of such branch or subsidiary activity; or (g) maintain an effective system of governance as approved by the Authority. Very serious Insurance Act, 2010 (as amended) 8(3) Failure of an insurance agent, insurance broker or an insurance manager to establish and maintain a separate account for the brokerage, agency and management account separate from the accounts maintained for each insurer. Very serious Insurance Act, 2010 (as amended) 8(4) Failure of a class B insurer that is established as a segregated portfolio company under Part 14 of the Companies Act (2025 Revision) to, in respect of each segregated portfolio \u2014 Very serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (a) maintain the prescribed margin of solvency; (b) unless waived by the Authority, comply with section 9(1)(a) and (c); and (c) cause each submission under paragraph (b) to be prepared using the same financial year end. Insurance Act, 2010 (as amended) 9(1) 1. Failure of an insurer, except as otherwise approved by the Authority in writing and subject to subsection (3), to submit to the Authority by way of annual return, within six months of the end of its financial year all or any of the following \u2014 (a) audited financial statements prepared in accordance with internationally recognised accounting standards by an independent auditor approved by the Authority, together with a copy of any prescribed management letter issued by the auditor; (b) an actuarial valuation of its assets and liabilities including loss and loss expense provisions, certified by an actuary approved by the Authority; (c) certification of solvency prepared by a person approved by the Authority in accordance with the prescribed requirements; (d) written confirmation that the information set out in the application for the licence, as modified by any subsequent changes approved by the Authority, remains correct; or (e) such other information as may be prescribed. Serious Insurance Act, 2010 (as amended) 9(2) Failure of a class A insurer to, except as otherwise approved in writing by the Authority, submit in the return under subsection (1) \u2014 (a) a list of insurance agents and insurance brokers who have the class A insurer\u2019s authority to solicit domestic business on its behalf; and (b) confirmation that the class A insurer is satisfied that the agents are fit and proper persons and have complied with the Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach applicable requirements under this Act. Insurance Act, 2010 (as amended) 9(4) 1. Failure of an insurer to disclose the standards applied in the audited financial statements and actuarial valuation referred to in subsection (1)(a) and (b). 2. Failure of a class A insurer or class D insurer to publish its audited financial statements at a time no later than the time that it submits them to the Authority. 3. Failure of a class B(iii) insurer to make its audited financial statements available to insured persons, third party beneficiaries, and such other persons as may be prescribed, on request. Serious Insurance Act, 2010 (as amended) 1. Failure of an insurance broker or an insurance manager to, except as otherwise approved by the Authority in writing, submit to the Authority by way of annual return, within six months of the end of its financial year \u2014 (a) financial statements prepared in accordance with internationally recognised accounting standards; (b) written confirmation that the information set out in the licence application, as modified by any subsequent changes approved by the Authority, remains correct; (c) evidence of adequate professional indemnity insurance as required under section 13; and (d) such other information as may be prescribed. 2. Failure of an insurance broker to, except as otherwise approved by the Authority in writing, in respect of domestic business, submit a list of all insurers for whom the insurance broker is authorised to act, commissions received from each insurer and the premium income received on behalf of and remitted to each such insurer during the financial year. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach 3. Failure of an insurance manager to, except as otherwise approved by the Authority in writing, submit a list of all insurers for whom the insurance manager acts. Insurance Act, 2010 (as amended) Failure of an insurance agent to, except as otherwise approved by the Authority in writing, submit to the Authority by way of annual return within six months of the end of the calendar year, in respect of the insurance agent\u2019s domestic business \u2014 (a) confirmation in writing that the insurance agent is acting for no more than two insurers and the names of those insurers; (b) evidence of the existence of a power of attorney, agency agreement or guarantee or professional indemnity insurance as required under section 14; and (c) confirmation in writing that the information set out in the insurance agent\u2019s application for the licence, as modified by any subsequent changes approved by the Authority, remains correct. Serious Insurance Act, 2010 (as amended) 12(1) 1. A licensee issuing shares totalling more than ten per cent of the authorised share capital of a company that is a licensee under this Act, without the prior approval of the Authority. 2. A licensee transferring or disposing of in any manner, issued shares totalling more than ten per cent of the issued share capital or total voting rights of a company that is a licensee under this Act, without the prior approval of the Authority. Serious Insurance Act, 2010 (as amended) 12(2) Failure of a licensee under subsection (1) to provide such information to the Authority, and within such period of time, as the Authority may require for the purpose of assessing whether persons acquiring control or ownership of such shares or voting rights in the licensee are fit and proper persons to have such control or ownership. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Insurance Act, 2010 (as amended) 20(1) Failure of an auditor to immediately give the Authority written notice of the auditor\u2019s information or suspicion, and in the case of suspicion, the auditor\u2019s reason for that suspicion if the auditor, where in the course of carrying out an audit of the accounts of a licensee under this Act, the auditor obtains information or suspects that the licensee is \u2014 (a) unable or likely to become unable to meet its obligations as they fall due; (b) carrying on or attempting to carry on business or winding up its business voluntarily in a manner that is prejudicial to its policyholders or creditors; (c) carrying on or attempting to carry on business without keeping any or sufficient accounting records to allow its accounts to be properly audited; (d) carrying on or attempting to carry on business in a fraudulent or criminal manner; or (e) carrying on or attempting to carry on business otherwise than in compliance with \u2014 (i) the Act or the Regulations; (ia)  the Beneficial Ownership Transparency Act, 2023 [Act 13 of 2023] if the licensee is a \u201ccorporate services provider\u201d as defined in that Act; (ii) the Monetary Authority Act (2020 Revision); (iii) the Anti-Money Laundering Regulations (2025 Revision); or (iv) a condition of the licence. Serious Insurance Act, 2010 (as amended) 20(3) A licensee appointing as an auditor a person disqualified under subsection (2). Serious Insurance Act, 2010 (as amended) 20(5) When a licensee changes its auditor, failure of the former auditor to explain the reasons for the change if required by the Authority to do so. Serious Insurance Act, 2010 (as 21(2) Failure of an insurance manager to report to the Authority if the insurance manager in respect of any Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach amended) insurer for or with whom the insurance manager is managing insurance business \u2014 (a) has concerns regarding the fitness and probity of the insurer; (b) obtains information or suspects that the insurer is unable or likely to become unable to meet its obligations as they fall due; (c) obtains information or suspects that the insurer is carrying on or attempting to carry on business in a fraudulent or criminal manner; (d) obtains information that the insurer is involved in any criminal proceedings, whether in the Islands or abroad; (e) obtains information about a material change in the nature of the insurer\u2019s business that has not been reported to the Authority; (f) in relation to a class B(i) insurer or class B(ii), obtains information that the limit on unrelated business is exceeded; or (g) obtains information or suspects that the insurer is carrying on or attempting to carry on business otherwise than in compliance with \u2014 (i) this Act or the Regulations; (ia) the Beneficial Ownership Transparency Act, 2023 [Act 13 of 2023]; (ii) the Monetary Authority Act (2020 Revision); (iii) the Anti-Money Laundering Regulations (2025 Revision); or (iv) a condition of its licence. Insurance Act, 2010 (as amended) 23(1) Failure of a licensee in relation to a policy, a line of business or the entire business of the licensee, to comply with a direction given by the Authority to cease or refrain from committing certain acts or pursuing a particular course of conduct, and to perform such acts as in the opinion of the Authority are necessary to remedy or ameliorate the situation. Very serious Insurance Act, 2010 (as 28D Failure of a portfolio insurance company to \u2014 (a) at all times be controlled by a relevant Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach amended) insurer; (b) include in its name the letters \u201cPIC\u201d or \u201cP.I.C.\u201d or the words \u201cPortfolio Insurance Company\u201d; (c) carry on insurance business only in accordance with the information given in its business plan and seek the prior written approval of the Authority for any change to the approved business plan; (d) without the prior written approval of the Authority \u2014 (i) open outside the Islands a subsidiary, branch, agency or representative office or change its name; or (ii) where it is conducting insurance business other than long term business, amalgamate with any one or more insurers or other portfolio insurance companies or, other than in the normal course of business, transfer its insurance operations or any part thereof, or accept transfer of the insurance operations or any part thereof from an insurer or portfolio insurance company; (e) maintain a margin of solvency in accordance with the prescribed solvency requirements; (f) maintain adequate arrangements for the management of risks, including the reinsurance thereof where appropriate; (g) maintain capital in accordance with the prescribed capital requirements; (h) maintain an effective system of governance approved by the Authority; and (i) where its controlling relevant insurer is a class B (iii) insurer or a class B (iv) insurer, make its audited financial statements available to insured persons, third party beneficiaries, and any other persons that may be prescribed, on request. Insurance Act, 2010 (as amended) 28E(1) Failure of a portfolio insurance company to, except as otherwise provided by the Authority in writing and subject to subsection (2), submit to the Authority by way Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach of annual return, within six months of the end of its financial year \u2014 (a) unless waived by the Authority, audited financial statements prepared in accordance with internationally recognised accounting standards by an independent auditor approved by the Authority, together with a copy of any prescribed management letter issued by the auditor; (b) an actuarial valuation of its assets and liabilities including loss and loss expense provisions, certified by an actuary approved by the Authority; (c) unless waived by the Authority, certification of solvency prepared by a person approved by the Authority in accordance with the prescribed requirements; and (d) any other information as may be prescribed. Insurance Act, 2010 (as amended) 28E(2) Failure of a portfolio insurance company that \u2014 (a) does not conduct long term business; or (b) conducts insurance business of the type described in section 4(3)(c), to comply with subsection (1)(a) or (d). Serious Insurance Act, 2010 (as amended) 28E(3) Failure of a portfolio insurance company to ensure that the audited financial statements and actuarial valuation referred to in subsections (1)(a) and (b) disclose the standards applied. Serious Insurance Act, 2010 (as amended) 28F A relevant insurer controlling more than one portfolio insurance company on behalf of any relevant segregated portfolio. Serious Insurance Act, 2010 (as amended) 28G Failure of a portfolio insurance company to have a minimum of two directors. Serious Insurance Act, 2010 (as amended) 28I(1) Failure of a portfolio insurance company to appoint the same insurance manager as its controlling relevant insurer. Failure of a portfolio insurance company to maintain, at the insurance manager\u2019s place of business or at Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach another location approved by the Authority, full and proper records of the business activities of the portfolio insurance company sufficient to \u2014 (a) explain the transactions of the portfolio insurance company; (b) disclose, with reasonable accuracy, at any time the state of the affairs of the portfolio insurance company; and (c) enable the portfolio insurance company to prepare annual financial statements. Insurance Act, 2010 (as amended) 28I(4) Failure of a portfolio insurance company to have the same registered office as its controlling relevant insurer. Serious Insurance Act, 2010 (as amended) 28O(1) A portfolio insurance company issuing, transferring or disposing of voting shares in the portfolio insurance company without the prior approval of the Authority. Serious Insurance Act, 2010 (as amended) 28O(2) 1. A portfolio insurance company issuing non-voting shares totalling more than ten per cent of the entire authorised share capital of a portfolio insurance company without the prior approval of the Authority. 2. A portfolio insurance company transferring or disposing of issued non-voting shares totalling more than ten per cent of the entire authorised share capital of the portfolio insurance company, without the prior approval of the Authority. Serious Insurance Act, 2010 (as amended) 28O(3) Failure of a portfolio insurance company, for the purpose of subsections (1) and (2), to provide the information to the Authority, within the period of time, the Authority requires for the purposes of assessing whether persons acquiring control or ownership of shares in the portfolio insurance company are fit and proper persons to have control or ownership. Serious Insurance Act, 2010 (as amended) 28R(3) A director knowingly making a declaration under subsection (1)(a) without reasonable grounds or knowingly making a false declaration. Serious Insurance Act, 28S A portfolio insurance company, applicant for Very serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach 2010 (as amended) registration as a portfolio insurance company, or any director or officer of a portfolio insurance company or of an applicant knowingly or wilfully supplying false or misleading information to the Authority. Insurance Act, 2010 (as amended) 29(1) Failure of an insurer, subject to subsection (2), to ensure that all proceeds paid or payable to a policy holder or a beneficiary under a contract of insurance in respect of long term business issued by the insurer, inures exclusively for the benefit of the policy holder or the beneficiary in accordance with the terms of the contract and in accordance with paragraphs (a) and (b). Serious Insurance Act, 2010 (as amended) 36(1)(a) A person who is not a licensee or has not been approved by the Authority using or continuing to use, in English or in any other language, the words \u201cinsurance\u201d, \u201cassurance\u201d, \u201cindemnity\u201d, \u201cguarantee\u201d, \u201cunderwriting\u201d, \u201creinsurance\u201d, \u201csurety\u201d, \u201ccasualty\u201d or any other word which in the opinion of the Authority connotes insurance business or any of their derivatives in the description or title under which the person carries on business in or from within the Islands. Serious Insurance Act, 2010 (as amended) 36(1)(b) A person who is not a licensee or has not been approved by the Authority making or continuing to make any representation in any billhead, letter, letterhead, circular, paper, notice or advertisement, or by any manner whatsoever, that the person is carrying on insurance business. Serious Insurance Act, 2010 (as amended) A licensee, applicant for a licence, or any director or officer of a licensee or of an applicant knowingly or wilfully supplying false or misleading information to the Authority. Very serious Insurance Act, 2010 (as amended) A person knowingly making, issuing or permitting to be made or issued any representation about or description of the person\u2019s insurance business, by whatever form or method, that is misleading or likely to be misleading to the public. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach 10 - Insurance (Capital and Solvency) (Class A Insurers) Regulations 10. INSURANCE (CAPITAL AND SOLVENCY) (CLASS A INSURERS) REGULATIONS, 2012 Insurance (Capital and Solvency) (Class A Insurers) Regulations, 4(1) Failure of a class A insurer to maintain adequate financial resources to meet its insurance business commitments and adequately manage its risks as required by the Insurance Act, 2010 [Law 32 of 2010]. Serious Insurance (Capital and Solvency) (Class A Insurers) Regulations, 5(1) Failure of a class A external insurer that carries on domestic business, except as otherwise approved by the Authority, to place and at all times maintain upon trust, with a person approved by the Authority, in a segregated account at a bank in the Islands which holds an \u201cA\u201d licence issued under the Banks and Trust Companies Act (2025 Revision) assets in an amount at least equal to the prescribed capital requirement. Very serious Insurance (Capital and Solvency) (Class A Insurers) Regulations, 6(1) Failure of a class A insurer that is a local insurer to ensure that the available capital of the class A insurer exceeds the minimum capital requirement at all times. Very serious Insurance (Capital and Solvency) (Class A Insurers) Regulations, 6(3) Failure of a class A insurer to ensure that the class A insurer\u2019s available capital exceeds the prescribed capital requirement, unless otherwise approved by the Authority. Very serious Insurance (Capital and 6(5) Failure of a class A insurer to ensure that if the Authority sets an enhanced prescribed capital requirement for an Very serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Solvency) (Class A Insurers) Regulations, insurer pursuant to paragraph (4), the available capital of the insurer is equal to or exceeds the enhanced prescribed capital requirement until such time as the Authority directs otherwise. Insurance (Capital and Solvency) (Class A Insurers) Regulations, 6(6) Failure of a class A insurer to, at the end of each quarter, calculate, using net written premium for the twelve months ending in that quarter, and record the minimum capital requirement and prescribed capital requirement and if required the enhanced prescribed capital requirement, in the format prescribed in Schedule 2. Serious Insurance (Capital and Solvency) (Class A Insurers) Regulations, 6(8) 1. Failure of a class A insurer to maintain the calculation required under subsection (6) at the insurer\u2019s principal place of business in the Islands for a period of five years from the completion of the calculation. 2. Failure of a class A insurer to produce the calculations to the Authority if so directed by it on or before a date specified in the direction. Serious Insurance (Capital and Solvency) (Class A Insurers) Regulations, 6(9) Failure of a class A insurer to notify the Authority within thirty business days of the end of each quarter where it fails to meet the minimum capital requirement, prescribed capital requirement or enhanced prescribed capital requirement. Serious Insurance (Capital and Solvency) (Class A Insurers) Regulations, 6(11) Failure of a class A insurer to comply with any requirement or direction imposed by the Authority pursuant to paragraph (10) within the time period specified by the Authority. Very serious Insurance (Capital and Solvency) 7(1) Failure of a class A insurer to hold capital for its subsidiaries equivalent to the book value of the investments in the subsidiaries or associates that are Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (Class A Insurers) Regulations, not regulated financial institutions. Insurance (Capital and Solvency) (Class A Insurers) Regulations, 7(2) Failure of a class A insurer which holds a controlling interest in a subsidiary that is a regulated financial institution to, on a consolidated basis, calculate the difference between \u2014 (a) the amount of capital the subsidiary would require to meet the minimum capital requirement if the minimum capital requirement applied to it; and (b) the capital available to the subsidiary after the subtraction of all applicable deductions. Serious Insurance (Capital and Solvency) (Class A Insurers) Regulations, 7(3) Failure of a class A insurer which owns less than one hundred per cent of the regulated financial institution subsidiary, to include its pro rata share of the subsidiary\u2019s capital available and capital required in the minimum capital requirement calculation. Serious Insurance (Capital and Solvency) (Class A Insurers) Regulations, 7(4) Failure of a class A insurer to, in the event that the subsidiary\u2019s capital available exceeds its minimum capital requirement, add the excess to the capital available to the parent company. Minor Insurance (Capital and Solvency) (Class A Insurers) Regulations, 7(5) Failure of a class A insurer to, in the event that the subsidiary\u2019s capital available is less than its minimum capital requirement, add the shortfall to the minimum capital requirement of the parent company. Serious Insurance (Capital and Solvency) 10(2) Failure of a class A insurer to maintain the margins for a class A insurer writing general business as specified in Schedule 3 for each class of business. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (Class A Insurers) Regulations, Insurance (Capital and Solvency) (Class A Insurers) Regulations, 10(3) Failure of a class A insurer to maintain the margin for a class A insurer writing long-term business at a minimum of two and a half per cent of discounted policy liabilities excluding pension and annuity reserves. Serious Insurance (Capital and Solvency) (Class A Insurers) Regulations, 11(1) Failure of a class A insurer to apply a risk margin for all business exposed to catastrophe risks. Very serious Insurance (Capital and Solvency) (Class A Insurers) Regulations, 11(2) 1. Failure of a class A insurer to notify the Authority of which method will be employed for the calculation of its catastrophe margin. 2. A class A insurer changing methods for the calculation of its catastrophe margin without the prior approval of the Authority. Minor Insurance (Capital and Solvency) (Class A Insurers) Regulations, 12(1) Failure of a class A insurer to apply a risk margin under regulation 11 which equals the per event excess retention for all lines exposed to catastrophe losses plus the cost of one reinstatement of catastrophe reinsurance cover in cases where the reinstatement reinsurance cover has not been pre-paid by the insurer. Very serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach 11 - Insurance (Capital and Solvency) (Classes B, C, and Insurers) Regulations 11. INSURANCE (CAPITAL AND SOLVENCY) (CLASSES B, C, AND D INSURERS) REGULATIONS (2018 REVISION) Insurance (Capital and Solvency) (Classes B, C, and D Insurers) Regulations (2018 Revision) 9(1) Failure of a Class B insurer, Class C insurer or Class D insurer to keep solvency equal to or in excess of the total prescribed capital requirement, unless otherwise approved by the Authority. Very serious Insurance (Capital and Solvency) (Classes B, C, and D Insurers) Regulations (2018 Revision) 9(2) Failure of a licensee to meet with the Authority and present a remedial action plan to the Authority where the capital of a licensee falls below the prescribed capital requirement but is greater than minimum capital requirement Very serious Insurance (Capital and Solvency) (Classes B, C, and D Insurers) Regulations (2018 Revision) 10(1) Failure of an insurer to, on or before its filing date, furnish the Authority with the insurer\u2019s capital and solvency return. Serious Insurance (Capital and Solvency) (Classes B, C, and D Insurers) Regulations (2018 Revision) 10(2) Failure of an insurer to  keep a copy of its capital and solvency return at its principal office for a period of five years beginning with its filing date, and produce it to the Authority if so directed by it on or before a date specified in the direction. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach 12 - Monetary Authority Act 12. MONETARY AUTHORITY ACT (2020 REVISION) Monetary Authority Act (2020 Revision) 34(17)(a) A person without reasonable cause failing to comply with a requirement of the Authority under subsection (8) or a direction of the Authority under subsection (9). Very serious Monetary Authority Act (2020 Revision) 34(17)(b) A person without reasonable cause destroying, mutilating, defacing, hiding or removing a document with intent to avoid the provisions of subsection (8) or (9). Very serious Monetary Authority Act (2020 Revision) 34(17)(c) A person without reasonable cause wilfully obstructing an inquiry by the Authority, made in accordance with subsection (8) or (9). Very serious 13 - Rule on Internal Controls 13. RULE ON INTERNAL CONTROLS \u2013 GENERAL FOR ALL LICENSEES MADE BY THE AUTHORITY PURSUANT TO SECTION 34(1)(A) OF THE MONETARY AUTHORITY ACT(2020 REVISION) Rule on Internal Controls \u2013 General for all Licensees made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 4.1 Failure of the licensee to establish, implement, and maintain internal controls, strategies, policies, and procedures appropriate for the size,  complexity, and nature of its activities. Serious Rule on Internal Controls \u2013 General for all 4.2 Failure of the licensee to obtain Board of directors\u2019 approval for internal controls, strategies, policies, and procedures. Minor Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Licensees made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) Rule on Internal Controls \u2013 General for all Licensees made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 4.3 Failure of the licensee to take necessary steps to monitor its internal controls. Minor 14 - Rule on the Cancellation of a Licence or Certificate of Registration 14. RULE ON THE CANCELLATION OF A LICENCE OR CERTIFICATE OF REGISTRATION OF REGULATED MUTUAL FUNDS MADE BY THE AUTHORITY PURSUANT TO SECTION 34(1)(A) OF THE MONETARY AUTHORITY ACT (2020 REVISION) Rule on the Cancellation of a Licence or Certificate of Registration of Regulated Mutual Funds made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 4.1 Failure of a regulated mutual fund to make an application to the Authority for the Cancellation of a Licence or Certificate of Registration when the fund intends to cease to carry on, or has ceased to carry on, business as a fund pursuant to the Mutual Funds Act (2025 Revision) within \u2014 (a) 21 days from the date the Fund ceases to carry on business; or (b) before December 31 of the year the Fund ceases to carry on business. Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Rule on the Cancellation of a Licence or Certificate of Registration of Regulated Mutual Funds made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 4.3 Failure of a fund that has never carried on business to make an application to the Authority for the cancellation of a licence or de-registration within 21 days from the date of the resolution that has been passed by the operators, shareholders or unit holders. Minor Rule on the Cancellation of a Licence or Certificate of Registration of Regulated Mutual Funds made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 4.4 Failure of a Fund to pay the licence surrender fee or submit all documentation as prescribed in order to cancel its Licence or Certificate of Registration. Minor 15 - Rule on Country and Transfer Risk Management for Banks 15. RULE ON COUNTRY AND TRANSFER RISK MANAGEMENT FOR BANKS MADE BY THE AUTHORITY PURSUANT TO SECTION 34 OF THE MONETARY AUTHORITY ACT (2020 REVISION) Rule on Country and Transfer Risk Management for Banks made by the Authority 4.1 Failure of the bank to establish, implement, and maintain strategies, policies, and procedures for country and transfer risk management appropriate for the size, complexity, and nature of its activities that set operating limits or other practices for country and transfer risk exposures. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach pursuant to section 34 of the Monetary Authority Act (2020 Revision) Rule on Country and Transfer Risk Management for Banks made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 4.2 Failure of the bank to obtain Board of directors\u2019 approval for strategies, policies, and procedures. Minor Rule on Country and Transfer Risk Management for Banks made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 4.3 Failure of the bank to take necessary steps to measure, monitor and control country and transfer risk. Minor 16 - Rule on Corporate Governance for Insurers 16. RULE ON CORPORATE GOVERNANCE FOR INSURERS MADE BY THE AUTHORITY PURSUANT TO SECTION 34(1)(A) OF THE MONETARY AUTHORITY ACT (2020 REVISION) Rule on Corporate Governance for Insurers made by the Authority pursuant to 5.1 Failure of an insurer to establish, implement, and maintain a corporate governance framework which provides for sound and prudent management and oversight of the insurer\u2019s business and adequately recognises and protects the interests of policyholders. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach section 34(1)(a) of the Monetary Authority Act (2020 Revision) Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.2 Failure of the insurer\u2019s Governing Body to set and oversee the implementation of the insurer\u2019s corporate culture, business objectives and strategies for achieving those objectives, in line with the insurer\u2019s long term interests and viability, and the legitimate interests of its stakeholders, including fair treatment of policyholders. Serious Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.3.1 Failure by an insurer to clearly define and document the roles and responsibilities allocated to the Governing Body, senior management and Control Functions, where applicable, so as to promote an appropriate separation of the oversight function from management responsibilities. Serious Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.3.2 Failure by the Governing Body to oversee senior management, including the appointment and dismissal of senior managers, set appropriate performance standards for senior management and ensure that senior management is managing the affairs of the insurer in accordance with the strategies and policies set by the Governing Body. Serious Rule on Corporate Governance for Insurers made by the Authority 5.3.3 Failure by the insurer\u2019s Governing Body to provide oversight in respect of the design and implementation of sound risk management and internal control systems and functions. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.4 Failure of the Governing Body to have, on an on-going basis, the information outlined in (a) to (h). Serious Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.5 Failure of the Governing Body to establish clear and objective independence criteria which should be met by a sufficient number of members of the Governing Body to promote objectivity in decision making by the Governing Body with respect to all insurers insuring third party risks, with the exception of those holding Class B (i) and Class C licenses. Serious Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.6.1 Failure of the Governing Body to undertake the duties outlined in (a) to (c) on an on-going basis. Serious Rule on Corporate Governance for Insurers made 5.6.2 Failure of the Governing Body to regularly undertake the duties outlined in (a) to (i). Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.7 Failure of members of the Governing Body to undertake their duties in accordance with rule 5.7.1 to 5.7.10. Serious Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.8.1 Failure of the Governing Body to ensure that an actuary appointed under the Insurance Act, 2010 [Law 32 of 2010]is granted direct access to the Governing Body and to all relevant information. Serious Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.8.2 Failure of the Governing Body to have in place an appropriate compliance committee or person who should report directly and regularly to the Governing Body on all compliance matters. Serious Rule on Corporate Governance for 5.9 Failure of the Governing Body to have mechanisms in place for documenting the delegation and monitoring the exercise of delegated functions. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.10.1 Failure of a director or a member of senior management to declare conflicts of interest. Serious Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.10.2 1. Failure of the Governing Body to establish a documented \u2018conflicts of interest\u2019 policy for its members. 2. Failure of the Governing Body to ensure that where conflicts of interest arise, they are noted in the minutes of the meeting to which the subject matter of the conflict relates. Serious Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.10.3 1. Failure of directors and senior management to confirm to the Governing Body in writing, via an annual declaration, that any conflicts of interest have been declared throughout the year. 2. Failure of directors and senior management to communicate changes to the declaration throughout the year. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.11.1 Failure of an insurer\u2019s Governing Body to adopt and oversee the effective implementation of a written remuneration policy in accordance with rule 5.11.1. Serious Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.11.2 Failure of the Governing Body to ensure that the remuneration policy at minimum, covers those individuals who are members of the Governing Body, and where an insurer has its own employees, senior management, employees in charge of Control Functions and other employees whose actions may have a material impact on the risk exposures of the insurer (major risk-taking staff). Serious Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.12.1 Failure of the Governing Body to ensure there is a reliable financial reporting process for both public and supervisory purposes that is supported by clearly defined roles and responsibilities of the Governing Body, senior management and the external auditor. Serious Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.12.2 Failure of the Governing Body or its Audit Committee to ensure there is adequate governance and oversight of the external audit process. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.13.1 Failure of the Governing Body to have access to accurate, relevant and timely information regarding the insurer. Serious Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.13.2 Failure of the Governing Body to approve systems and controls to ensure the promotion of appropriate, timely and effective communications with the Authority on the governance of the insurer. Serious Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.13.3 Failure of the Governing Body to hold regular Board meetings, not less than annually. Serious Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.14.1 Failure of the Governing Body to ensure it is not subject to undue influence from Senior Management or other parties and that it has access to all relevant information about the insurer. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.14.2 Failure of the Governing Body to approve appropriate policies and procedures to ensure that Senior Management \u2014 (a) is sufficiently accountable to the Governing Body; (b) carries out the day-to-day operations of the insurer effectively and in accordance with the insurer\u2019s corporate culture, business objectives, and strategies, in line with the insurer\u2019s long term interests and viability; (c) promotes sound risk management, compliance and fair treatment of policyholders; (d) provides the Governing Body adequate and timely information to enable the Governing Body to carry out its duties and functions including the monitoring and review of the performance and risk exposures of the insurer, and the performance of Senior Management; or (e) maintains adequate and orderly records of the internal organisation that can be easily accessed. Serious Rule on Corporate Governance for Insurers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.15 Failure of the insurer to demonstrate the adequacy and effectiveness of its corporate governance framework, as required by the Authority. Serious 17 - Rule on the Segregation of Assets 17. RULE ON THE SEGREGATION OF ASSETS \u2013 LICENSED FUNDS MADE BY THE AUTHORITY PURSUANT TO SECTION 34(1)(a) OF THE MONETARY AUTHORITY ACT (2020 REVISION) Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Rule on the Segregation of Assets \u2013 Licensed Funds made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.1 Failure of the Fund to segregate and account for separately from any assets of any Service Provider the Portfolio, excluding cash. Serious Rule on the Segregation of Assets \u2013 Licensed Funds made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.2 Failure of the fund to ensure that any Service Provider that holds or manages the Portfolio complies with Rule 5.1. Serious Rule on the Segregation of Assets \u2013 Licensed Funds made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.3 Failure of the fund to ensure by contract that any Service Provider that holds or manages the Portfolio is regulated by the Authority, or by a Recognised Overseas Regulatory Authority, or by another regulator approved by the Authority. Serious Rule on the Segregation of Assets \u2013 Licensed Funds made by the Authority pursuant to section 34(1)(a) 5.6 Failure of the operators of the fund to establish, implement and maintain (or to oversee) strategies, policies, and procedures to ensure compliance with these Rules, consistent with the fund\u2019s offering document and appropriate for the size, complexity, and nature of its activities and investors. Very serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach of the Monetary Authority Act (2020 Revision) 18 - Rule on the Management of Credit Risks and Problem Assets 18. RULE ON THE MANAGEMENT OF CREDIT RISK AND PROBLEM ASSETS MADE BY THE AUTHORITY PURSUANT TO SECTION 34(1)(A)  OF THE MONETARY AUTHORITY ACT (2020 REVISION) Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.1.1 1. Failure of Credit Risk Holders to establish, implement and maintain strategies, policies, and procedures for credit risk management appropriate for the size, complexity, and nature of its activities. 2. Failure of Credit Risk Holders to create an appropriate credit risk environment that \u2014 (a) facilitates a sound credit-granting process; (b) measures, monitors and controls credit risk; (c) Includes a reliable credit risk asset classification system; (d) identifies and manages problem assets; (e) establishes adequate provisions in a timely manner; (f) manages the use of risk mitigants; (g) includes adequate reporting to the Board; or (h) accords with the applicable acceptable accounting framework, as necessary. Serious Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.2.1 Failure of the Credit Risk Holder to obtain the approval of the Board of directors for its strategies, policies, and procedures including those related to credit granting, asset classification and provisioning. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.2.2 Failure of the Board of directors to regularly review the strategies, policies and procedures and direct changes as necessary. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.2.3 Failure of the Board of directors to ensure that the Credit Risk Holder has appropriate credit risk assessment processes and effective internal controls commensurate with the size, nature and complexity of its lending operations, to consistently determine adequate provisions for asset losses in accordance with the Credit Risk Holder\u2019s stated policies and procedures, the applicable accounting framework and supervisory guidance. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.2.4 Failure of a Credit Risk Holder to document all strategies, policies and procedures and to make them accessible to relevant parties. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority 5.2.5 Failure of a Credit Risk Holder to ensure that its strategies and policies clearly articulating the Credit Risk Holder\u2019s risk tolerance, including how much and what types of risk it is prepared to undertake. Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.2.6 Failure of Senior Management to implement the strategy and framework set by the Board. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.3.1 Failure of Credit Risk Holders to operate with sound, well-defined credit-granting criteria. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.3.2 Failure of Credit Risk Holders to establish overall credit limits at the level of individual borrowers and counterparties, and groups or connected counterparties that aggregate in comparable and meaningful manner different types of exposures, both in the banking and trading book and on and off the balance sheet. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.3.3 Failure of Credit Risk Holders to make credit decisions free of conflicts of interest and on an arm\u2019s length basis. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.3.4 Failure of the Credit Risk Holder to ensure that the policy prescribes that the major credit risk exposures exceeding a pre-defined amount or percentage of the Credit Risk Holder\u2019s capital, and credit risk exposures that are especially risky or are otherwise not in line with the mainstream of the Credit Risk Holder\u2019s activities are to be decided by the Credit Risk Holder\u2019s Board or Senior Management or a credit risk management function independent of the business lines with reporting and access to the Board. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.3.5 Failure of the Credit Risk Holder to have a clearlyestablished process in place for approving new credits as well as the amendment, renewal and re-financing of existing credits. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) 5.4.1 Failure of the Credit Risk Holder to have policies and processes to monitor the total indebtedness of entities to which they extend credit and any risk factors that may result in default including significant unhedged foreign exchange risk. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach of the Monetary Authority Act (2020 Revision) Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.4.2 Failure of the Credit Risk Holder to take the necessary steps to measure, monitor and control credit risk derived from both on and off balance sheet assets. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.4.3 Failure to undertake a periodic formal review of loans to which credit risk ratings are assigned to reasonably assure that those ratings are accurate and up to date. Serious Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.4.4 Failure of the Credit Risk Holder to include credit risk exposures in their stress testing programs for risk management purposes. Minor Rule on the Management of Credit Risk and 5.5.1 Failure of the Credit Risk Holder to have a system in place to reliably classify assets on the basis of credit risk. Minor Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.5.2 Failure of a Credit Risk Holder to, at a minimum, adversely classify assets when they are contractually in arrears. Serious Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.5.3 Failure of Credit Risk Holder to ensure that asset classification systems have as a minimum, the categories under paragraphs (a) to (e). Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.6.1 Failure of a Credit Risk Holder to identify an asset as a problem asset when there is reason to believe that all amounts due will not be collected. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.6.2 Failure of a Credit Risk Holder to formulate and document policies and processes for identifying and managing problem assets. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.6.3 Failure of a Credit Risk Holder to conduct consistent regular reviews of their problem assets both on and offbalance sheet and asset classification, provisioning and write-offs. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.6.4 Failure of a Credit Risk Holder to have organisational resources for the early identification of deteriorating assets, for ongoing oversight of problem assets, and for collecting on past due obligations. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority 5.7.1 Failure of a Credit Risk Holder to have appropriate policies and processes to ensure that provisions and write-offs are timely and reflect realistic repayment and recovery expectations, taking into account market and macroeconomic conditions and past loss experience. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.7.2 Failure of a Credit Risk Holder to ensure that its aggregate amount of individual and collectively assessed asset loss provisions are adequate to absorb estimated credit losses and are consistent with the objectives of the applicable accounting framework. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.7.3 Failure of a Credit Risk Holder to have and retain adequate documentation to support the asset classification and provisioning levels. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.7.4 Failure of the Credit Risk Holder to provide the Authority with full access to information concerning the classification of assets and provisioning in relevant detail, as requested from time to time. Minor Rule on the Management of 5.7.5 Failure of the Credit Risk Holder to have policies and procedures in place to appropriate validate a model to Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) assess and measure expected credit losses, if it uses such a model. Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.8.1 Failure of the Credit Risk Holder to have appropriate mechanisms in place for regularly assessing the value of risk mitigants, including guarantees, credit derivatives and collateral. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.8.2 Failure of the Credit Risk Holder to periodically assess whether the types and volume of risk mitigants used pose a concentration risk and whether it is within the tolerance levels defined by the Board of directors. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act 5.9.1 Failure of the Credit Risk Holder to provide to their respective Board timely and appropriate information on the condition of their asset portfolio. Minor Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (2020 Revision) Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.9.2 Failure of the Credit Risk Holder to provide the minimum information as outlined. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.10.1 Failure of the Credit Risk Holder to seek the prior written approval of the Authority for the acquisition of those assets outlined at paragraphs (a) and (b). Serious Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.11.1 Failure by a Credit Risk Holder to consider the adequacy of provisioning and the appropriateness of the classification status if assets are refinanced or rescheduled. Minor Rule on the Management of Credit Risk and Problem Assets made by the 5.12.1 A Credit Risk Holder classifying a problem asset as performing when paragraphs (a) to (c) are not met. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.12.2 Failure of a Credit Risk Holder to follow reclassification directives issued by the Authority under any applicable provisions in the relevant regulatory laws. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.12.3 Failure of a Credit Risk Holder to support with evidence upgraded reclassifications with demonstrated improvements in credit risk. Minor Rule on the Management of Credit Risk and Problem Assets made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.13.1 Failure of a Credit Risk Holder to fully write off assets classified as Loss within 90 calendar days. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach 19 - Rule on Interest Rate Risk Management for Banks 19. RULE ON INTEREST RATE RISK MANAGEMENT FOR BANKS MADE BY THE AUTHORITY PURSUANT TO SECTION 34 OF THE MONETARY AUTHORITY ACT (2020 REVISION) Rule on Interest Rate Risk Management for Banks made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 4.1 Failure of the bank to establish, implement and maintain strategies, policies, and procedures for interest rate risk management appropriate for the size, complexity, and nature of its activities. Serious Rule on Interest Rate Risk Management for Banks made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 4.2 Failure of the bank to obtain Board of directors\u2019 approval for strategies, policies, and procedures. Minor Rule on Interest Rate Risk Management for Banks made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 4.3 Failure of the bank to take necessary steps to measure, monitor and control interest rate risk. Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach 20 - Rule on the Contents of Offering Documents 20. RULE ON THE CONTENTS OF OFFERING DOCUMENTS \u2013 LICENSED FUNDS MADE BY THE AUTHORITY PURSUANT TO SECTION 34 OF THE MONETARY AUTHORITY ACT (2020 REVISION) Rule on the Contents of Offering Documents \u2013 Licensed Funds made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 5.1 Failure of the fund to include the information outlined at subparagraphs (i) to (xxii) in its Offering Document. Serious 21 - Rule on Large Exposures and Credit Risk Concentration for Banks 21. RULES ON LARGE EXPOSURES AND CREDIT RISK CONCENTRATION FOR BANKS MADE BY THE AUTHORITY PURSUANT TO SECTION 34(1)(A) OF THE MONETARY AUTHORITY ACT (2020 REVISION) Rules on Large Exposures and Credit Risk Concentration for Banks made by the Authority pursuant to 5.2 Failure of a bank to adopt internal policies and internal limits that will ensure compliance with the exposure limits contained in Rules 5.8 to 5.17. Minor Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach section 34(1)(a) of the Monetary Authority Act (2020 Revision) Rules on Large Exposures and Credit Risk Concentration for Banks made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.3 Failure of a bank to have adequate information systems to identify and measure its large exposures and identify breaches of any of these Rules. Minor Rules on Large Exposures and Credit Risk Concentration for Banks made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.4 Failure of a bank to report any breach of these Rules to the bank\u2019s Board of directors or audit committee. Minor Rules on Large Exposures and Credit Risk Concentration for Banks made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.5 Failure of a bank to assign a designated independent unit or officer, to monitor large exposures to ensure its compliance with the limits established by these Rules and the bank\u2019s internal limits. Minor Rules on Large Exposures and 5.6 Failure of a bank to ensure that regular independent reviews are conducted to verify that the bank\u2019s Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Credit Risk Concentration for Banks made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) established policies, limits and procedures are strictly adhered to in relation to large exposures. Rules on Large Exposures and Credit Risk Concentration for Banks made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.7 Failure of a bank to report all large exposures quarterly on the Authority\u2019s Form BS and schedules. Minor Rules on Large Exposures and Credit Risk Concentration for Banks made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.8 Failure of a bank to obtain prior written approval of the Authority before incurring exposures to an individual counterparty or group of connected counterparties that exceeds 25% of its capital base. Serious Rules on Large Exposures and Credit Risk Concentration for Banks made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act 5.9 Failure of a bank to obtain prior written approval of the Authority before exceeding 800% of the bank\u2019s total capital base of all large exposures that are not exempt. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (2020 Revision) Rules on Large Exposures and Credit Risk Concentration for Banks made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.10 Failure of a bank to ensure that the total of all exposures to related counterparties does not exceed 25% of a bank\u2019s capital base. Serious Rules on Large Exposures and Credit Risk Concentration for Banks made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.12 A bank excluding exposures to related counterparties as defined in Rules 4.8 (c) and (d) from the aggregate limits defined in Rule 5.10 without meeting the criteria under paragraphs (a) and (b). Minor Rules on Large Exposures and Credit Risk Concentration for Banks made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.13 Failure of a bank to ensure that the total of unsecured exposures to any one group of related counterparties defined in Rules 4.8(c) and (d) does not exceed 1% of the bank\u2019s capital base. Minor Rules on Large Exposures and Credit Risk Concentration for Banks made 5.14 Failure of a bank to ensure that the total of unsecured exposures to all related counterparties defined in Rules 4.8 (c) and (d) does not exceed 5% of the bank\u2019s capital base. Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) Rules on Large Exposures and Credit Risk Concentration for Banks made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.15 Failure of a bank which is subject to consolidated supervision to obtain approval by the Authority for exposures that are guaranteed by another banking institution to exceed the 25% single exposure limit contained in Rule 5.8, provided that 5.15.1 to 5.15.6 is met. Minor Rules on Large Exposures and Credit Risk Concentration for Banks made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.19 Failure of a bank to notify the Authority immediately of any breach of any limits imposed by these Rules and as otherwise agreed with the Authority. Minor Rules on Large Exposures and Credit Risk Concentration for Banks made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.20 Failure of a bank to take immediate action to bring the exposure within permitted limits as soon as possible. Minor Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Rules on Large Exposures and Credit Risk Concentration for Banks made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 6.1 Failure of a bank to report its twenty largest exposures on the Authority\u2019s Form BS and schedules. Minor 22 - Rule on the Calculation of Asset Values 22. RULE ON THE CALCULATION OF ASSET VALUES \u2013 LICENSED FUNDS MADE BY THE AUTHORITY PURSUANT TO SECTION 34 OF THE MONETARY AUTHORITY ACT (2020 REVISION) Rule on the Calculation of Asset Values \u2013 Licensed Funds made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 5.1 Failure of a fund to establish, implement and maintain a NAV Calculation Policy that ensures a Fund\u2019s NAV is fair, reliable, of high quality and verifiable. Serious Rule on the Calculation of Asset Values \u2013 Licensed Funds made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 5.2 Failure of a Fund to ensure that the NAV Calculation Policy complies with rules 5.2.1 to 5.2.8. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Rule on the Calculation of Asset Values \u2013 Licensed Funds made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 5.3 Failure of a Fund to ensure that the NAV Calculation Policy requires the Fund to value the securities within its portfolio(s) using Market Prices. Serious Rule on the Calculation of Asset Values \u2013 Licensed Funds made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 5.4 1. Failure of a Fund to justify and identify any weaknesses in Pricing Models with any Pricing Models. 2. Failure of a Fund to ensure that any Pricing Model is capable of practical implementation by the relevant Service Providers. Serious Rule on the Calculation of Asset Values \u2013 Licensed Funds made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 5.5 Failure of a Fund to require the Fund\u2019s relevant Service Providers to apply the NAV Calculation Policy and any Pricing Models consistently, unless there is satisfactory reason not to do so, in which case such derivations must be disclosed in the Fund\u2019s offering document and agreed by the Operators in advance of the determination or production of the NAV. Serious Rule on the Calculation of Asset Values \u2013 Licensed Funds made by the Authority 5.6 Failure of a Fund to ensure that the NAV of a fund is calculated by a Service Provider that is independent of the Fund\u2019s investment manager\/advisor and operators, competent, and able to adhere to the NAV Calculation Policy and any relevant Pricing Models. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach pursuant to section 34 of the Monetary Authority Act (2020 Revision) Rule on the Calculation of Asset Values \u2013 Licensed Funds made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 5.7 1. Failure of the manager or advisor to provide any supporting information that is reasonably available. 2. Failure of the fund\u2019s administrator to verify the prices and NAC to the extent possible wherever prices are provided or sourced by the investment manager\/advisor or operators. Serious Rule on the Calculation of Asset Values \u2013 Licensed Funds made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 5.9 Failure of a Fund to ensure that the Fund\u2019s offering document explicitly describes the potential limitations and conflicts of the NAV Calculation Policy, and any material involvement by the fund\u2019s investment manager or advisor in the pricing of the fund\u2019s portfolio, or otherwise in the calculation, determination or production of the NAV. Serious Rule on the Calculation of Asset Values \u2013 Licensed Funds made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 5.10 Failure of a Fund to ensure that the NAV reports are addressed directly to the fund\u2019s investors. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Rule on the Calculation of Asset Values \u2013 Licensed Funds made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 5.11 Failure of the fund\u2019s operators to approve and review, at least annually, the NAV Calculation Policy and any Pricing Models. Serious 23 - Liquidity Risk Management Rules and Guidelines 23. LIQUIDITY RISK MANAGEMENT RULES AND GUIDELINES MADE BY THE AUTHORITY PURSUANT TO SECTION 34 OF THE MONETARY AUTHORITY ACT (2020 REVISION) Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) Rule 4.1 Failure of the bank to have a strategy for the day-to-day management of liquidity, setting out the bank\u2019s general approach to liquidity, which is approved by the bank\u2019s Board of directors. Serious Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 4.2 Failure of the bank to have a management structure in place to effectively execute the liquidity strategy and failure of senior management to ensure that liquidity is effectively managed and that appropriate policies and procedures are established to control and mitigate liquidity risk. Minor Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 4.3 Failure of the bank\u2019s Board to ensure that senior management takes the steps necessary to monitor, control and report on liquidity risk. Minor Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 4.5 Failure of the bank to ensure that the strategy for managing liquidity risk is communicated throughout the organisation. Minor Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 4.6 Failure of the bank\u2019s senior management and the appropriate personnel to have a thorough understanding of how other risks, including credit, market and operational risk, impact on the bank\u2019s overall liquidity strategy and position. Minor Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of 4.7 Failure of a bank\u2019s management to make decisions related to the structure for managing liquidity. Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach the Monetary Authority Act (2020 Revision) Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 4.8 Failure of a bank to have adequate information systems for measuring, monitoring, controlling and reporting liquidity risk. Minor Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 4.9 Failure of a bank to establish a schedule of frequent routine liquidity reviews and less frequent, but more indepth reviews. Minor Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 4.10 Failure of a bank\u2019s management to set limits to ensure adequate liquidity and to control liquidity risk exposures and vulnerabilities. Serious Liquidity Risk Management Rules and 4.11 Failure of a bank to design their management information system to provide the Board of directors, senior management and other appropriate personnel Minor Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) with timely information on the liquidity position of the bank. Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 6.1 Failure of a bank to periodically review its efforts to establish and maintain relationships with liability holders, to maintain the diversification of liabilities, and aim to ensure its capacity to sell assets. Minor Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 7.1 Failure of a bank to have contingency plans in place that address the strategy for handling liquidity crises and include procedures for making up cash flow shortfalls in emergency situations. Serious Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 8.1 Failure of a bank to have a measurement, monitoring and control system for its liquidity positions in the major currencies in which it is active. Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 9.1 Failure of senior management to ensure that there are adequate internal controls in place to protect the integrity of the established liquidity risk management process. Serious Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 9.6 Failure of the bank to ensure that the internal audit function periodically reviews the liquidity management process in order to identify any weaknesses or problems, which should be addressed by management in a time and effective manner. Minor Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 10.3 Failure of a Category \u201cA\u201d Retail bank to meet the minimum requirements of the LCR as stipulated in this Part of the Rules and Guidelines. Serious Liquidity Risk Management Rules and Guidelines made by the Authority 11.2 Failure of a Category \u201cA\u201d Retail bank to ensure that the value of the LCR is less than 100%. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach pursuant to section 34 of the Monetary Authority Act (2020 Revision) Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 15.1 Failure of a bank to have adequate policies to identify and manage its stock of HQLA. Minor Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 20.3 Failure of a Category \u201cA\u201d Retail bank to meet the minimum requirements of NSFR as stipulated in Part III of the Rules and Guidelines. Serious Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 21.2 Failure of a bank to ensure that the value of the NSFR is less than 100%. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 27.4 Failure of a Category \u201cA\u201d Retail bank to calculate and report the additional monitoring tools included in Part IV of the Rules and Guidelines. Minor Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 32.3 Failure of a Category \u201cA\u201d Non-Retail bank or Category \u201cB\u201d bank to meet the minimum requirements of the MLR as stipulated in Part V of the Rules and Guidelines. Minor Liquidity Risk Management Rules and Guidelines made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 33.1 Failure of a Category \u201cA\u201d Non-Retail bank or Category \u201cB\u201d bank to hold at all times, Liquid Assets, as defined in section 34, denominated in any currency, amounting to no less than 15% of the value of its Qualifying Liabilities, as defined in section 35, denominated in all currencies Serious 24 - Rule on Market Conduct \u2013 Insurers, Agents and Brokers 24. RULE ON MARKET CONDUCT \u2013 INSURERS, AGENTS AND BROKERS MADE BY THE AUTHORITY PURSUANT TO SECTION 34(1)(a) OF THE MONETARY AUTHORITY ACT (2020 REVISION) Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.1.1 Failure of insurers and intermediaries to have internal controls or adequate protection in place to safeguard customer\u2019s assets, including money, when responsible for them. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.1.2 Failure of intermediaries to act within the limits of professional training and any limits of authorisation. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.1.3 Failure of a person who deals or may deal with clients directly to be trained and achieve a suitable level of competence in \u2014 (a) the licensee\u2019s policies and procedures addressing this guidance; and (b) the technical and legal aspects and effects of the products sold. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) 5.2.1 Failure of insurers to conduct due diligence that provides satisfactory evidence that the intermediaries that distribute their products maintain appropriate levels of professional knowledge and experience, integrity and competence to advise and inform customers on the features and characteristics of the products they offer. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach of the Monetary Authority Act (2020 Revision) Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.2.2 Failure of insurers to have a framework, including practices, policies and procedures to manage compliance or conduct issues with any intermediaries employed. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.2.3 Failure of insurers to ensure that their contractual provisions with an intermediary allow the fulfilment of their legal and regulatory obligations. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.2.4 Failure of the insurer to ensure that the written agreement between an insurer and an intermediary includes the information at (a) to (f). Serious Rule on Market Conduct \u2013 Insurers, Agents 5.2.5 Failure of the insurer to ensure that the information they provide to an intermediary about their products is clear, accurate and not misleading. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.2.6 Failure of the insurer to act appropriately to deal with potential and confirmed instances of mis-selling, inappropriate policy replacement or sales to customers for which a product is clearly unsuitable. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.2.7 Failure of the insurer to act upon and inform the appropriate regulatory authorities where there is ongoing concern that an intermediary may be acting contrary to relevant regulation in any jurisdiction. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.3.1 Failure of an insurer and intermediary to act with due skill, care and diligence when dealing with customers. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.3.2 Failure of an insurer and intermediary to ensure that their sales representatives are trained and equipped to adequately advise customers on the features and characteristics of the products they sell or introduce or provide information about. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.3.3 Failure of the insurer or intermediary to retain an acknowledgement by the customer to this effect in cases where advice would normally be expected, but the customer chooses not to receive advice. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.3.4 Failure of an insurer or intermediary to establish and implement policies and procedures on the fair treatment of customers that are an integral part of their business practices. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority 5.3.5 Failure of an insurer to have policies and procedures in place for dealing with intermediaries so as to ensure fair treatment of customers. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.3.6 Failure of an insurer or intermediary to seek to exclude or restrict any duty or liability to a customer that they have under Cayman legislation or this Rule, or other voluntary code of conduct to which the insurer or intermediary has subscribed and declared. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.4.1 Failure of an insurer or intermediary to have policies and procedures for the protection of private information on customers. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.4.2 Failure of an insurer or intermediary to inform customers about which personal information might be disclosed and to whom. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.4.3 Failure of an insurer or intermediary to adhere to relevant data protection and provisions in any jurisdiction in which they operate. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.5.1 Failure of an insurer or intermediary to provide information before and at the point of sale that will enable customers to make an informed decision before entering into a contract. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.5.2 Failure of an insurer or intermediary to provide precontractual and contractual information in a timely manner. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) 5.5.3 Failure of an insurer or intermediary to provide customers with sufficient information to enable them to understand the characteristics of the product, whether and for what reasons it meets their requirements. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach of the Monetary Authority Act (2020 Revision) Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.5.4 Failure of an insurer or intermediary to provide information to customers in plain language that is fair, clear and not misleading. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.5.5 Failure of an insurer which uses an intermediary to ensure that the intermediary provides timely, clear and adequate pre-contractual and contractual information to customers. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.5.6 Failure of an insurer or intermediary to inform customers of (a) to (d). Serious Rule on Market Conduct \u2013 Insurers, Agents 5.5.7 Failure of an insurer to disclose any commission payable to an intermediary and intermediaries must disclose any commission receivable when creating a Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) quotation for the sale of investment-linked life insurance products. Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.5.8 Failure of an insurer or intermediary to ensure that they inform the customer of any potential conflicts of interest and ensure that any conflicts are properly managed. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.5.9 Failure of an insurer to give the customer at the time of conducting the contract the information at (a) to (h). Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.5.10 Failure of an insurer or intermediary to inform customers about their duty of disclosure and the implications of a failure to disclose material information. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.5.11 Failure of an insurer or intermediary operating in a host country to inform the customer of (a) and (b). Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.5.12 Failure of an insurer or intermediary to demonstrate to the Authority that customers have received information necessary to understand the product and their obligations as a customer, before and at the point of sale. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.5.13 Failure of an insurer or intermediary to inform customers, on an ongoing basis, of any changes to the features, costs, or returns associated with the product offered. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority 5.6.1 Failure of an insurer or intermediary to ensure that, when advice is provided, all advice is communicated in a clear and accurate manner that the customer can easily understand. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.6.2 Failure of an insurer or intermediary to ensure that any financial or product advice given to a customer is appropriate; taking into account the customer\u2019s disclosed and specific needs, risk tolerance levels and ability to absorb loss. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.6.3 Failure of an insurer or intermediary to inform customers of the true cost of any advice given and its effects on any financial pay-outs or returns. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.7.1 Failure of an insurer to identify (a) to (c) when developing a new product or revising an existing product. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.7.2 Failure of an insurer to review their products to determine whether they are continuing to meet the general needs of the target market for which they were designed on a periodic basis. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.7.3 Failure of an insurer to ensure product features respect and adhere to applicable requirements, including laws, rules, statement of guidance and regulatory procedures in the jurisdiction in which a product is sold. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.7.4 Failure of an insurer to ensure that the name of the product is not misleading in terms of the nature of the benefit that the product can deliver. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) 5.7.5 Failure of an insurer to have clearly documented processes for product approval and review that are incorporated in their overall framework for governance and oversight. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach of the Monetary Authority Act (2020 Revision) Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.8.1 Failure of an insurer to notify the Authority, in advance, of the launch of any new product that may have a material impact on its risk profile or the launch into a new territory. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.8.2 Failure of an insurer or intermediary to assess the customer\u2019s individual requirements to determine which insurance products are appropriate. Insurers must also document and keep record of the results of the assessment. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.8.3 Failure of an insurer or intermediary which is conducting an assessment of a customer\u2019s requirements to evaluate \u2014 (a) the customer\u2019s desired outcomes, (b) the customer\u2019s risk appetite, (c) the customer\u2019s ability to absorb loss, and (d) how the factors under paragraphs (a) to (c) may change over time. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers 5.8.4 Failure of an insurer or intermediary to ensure that they comply with all applicable sales and remuneration rules and legislation in force in the jurisdiction where products are sold. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.9.1 Failure of an insurer or intermediary to service policies appropriately through to the point at which all obligations under the policy have been satisfied. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.9.2 Failure of an insurer or intermediary to have sufficient safeguards in place to ensure that obligations under a policy are satisfied in an appropriate manner. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.9.3 Failure of an insurer or intermediary to disclose to the customer information on any contractual changes during the life of the contract. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.9.4 Failure of an insurer or intermediary to disclose to the policyholder further relevant information depending on the type of insurance product. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.10.1 Failure of an insurer or intermediary to have policies and procedures in place to review and approve financial promotions prior to their use. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.10.2 Failure of the policies and procedures to provide for an independent review, within the organisation of promotional material, intended for customers, other than by the individual or organisation that prepared or designed it. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) 5.10.3 Failure of an insurer or intermediary to advertise, market and promote their products in a manner that is accurate and not misleading to the customer. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach of the Monetary Authority Act (2020 Revision) Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.10.4 Failure of an insurer or intermediary to withdraw any advertisement, marketing or promotional material if it they become aware that the information contained within is not accurate, clear or is misleading. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.10.5 Failure of an insurer or intermediary to inform the insurer or intermediary responsible for that material and notify any person known to be relying on the information as soon as possible. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.11.1 Failure of an insurer or intermediary to establish written policies and procedures to deal in a fair manner with complaints which they receive. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers 5.11.2 Failure of an insurer or intermediary to respond to complaints without unnecessary delay. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.11.3 Failure of an insurer or intermediary to maintain a log of all complaints. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.12.1 Failure of an insurer or intermediary to have written procedures in place for the effective handling of claims in a timely and fair manner. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.12.2 Failure of an insurer or intermediary to maintain written documentation on their claims handling procedures, which include all steps from the claim being raised to its settlement. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.12.3 Failure of an insurer or intermediary to inform customers about procedures, formalities and common timeframes for claims settlement. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.12.4 Failure of an insurer or intermediary to provide information to claimants about the status of their claim in a timely and fair manner. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.12.5 Failure of an insurer or intermediary to have appropriate internal controls in place for reviewing declined claims. Serious Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) 5.12.6 Failure of an insurer or intermediary to provide reasons in writing for denying a claim. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach of the Monetary Authority Act (2020 Revision) Rule on Market Conduct \u2013 Insurers, Agents and Brokers made by the Authority pursuant to section 34(1)(a) of the Monetary Authority Act (2020 Revision) 5.12.7 Failure of an insurer or intermediary to keep the record for all claims after settlement or rejection in accordance with the Authority\u2019s Statement of Guidance on Retention of Records. Serious 25 - Rule on Operational Risk Management for Banks 25. RULE ON OPERATIONAL RISK MANAGEMENT FOR BANKS MADE BY THE AUTHORITY PURSUANT TO SECTION 34 OF THE MONETARY AUTHORITY ACT (2020 REVISION) Rule on Operational Risk Management for Banks made by the Authority pursuant to section 34 of the Monetary Authority Act (2020 Revision) 4.1 Failure of the bank to establish, implement and maintain strategies, policies, and processes to identify, assess, monitor, and mitigate operational risk that are appropriate for the size, complexity, and nature of its activities. Serious Rule on Operational Risk Management for Banks made by the Authority pursuant to 4.2 Failure of the bank\u2019s Board to undertake the duties listed at (a) to (c). Minor Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach section 34 of the Monetary Authority Act (2020 Revision) 26 - Leverage Ratio Rules and Guidelines 26. LEVERAGE RATIO RULES AND GUIDELINES MADE BY THE AUTHORITY PURSUANT TO SECTION 34 OF MONETARY AUTHORITY ACT (2020 REVISION) Leverage Ratio Rules and Guidelines made by the Authority pursuant to section 34 of Monetary Authority Act (2020 Revision) Rule 3.2 Failure of a bank to maintain a minimum leverage ratio of 3% at all times. Serious Leverage Ratio Rules and Guidelines made by the Authority pursuant to section 34 of Monetary Authority Act (2020 Revision) 3.3 Failure of a bank to comply with the minimum requirements with respect to the computation of the leverage ratio, as specified in these Rules and Guidelines. Serious Leverage Ratio Rules and Guidelines made by the Authority pursuant to section 34 of Monetary Authority Act 5.3 Failure by a bank to ensure that liability items are not deducted from the leverage ratio exposure measure. Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (2020 Revision) Leverage Ratio Rules and Guidelines made by the Authority pursuant to section 34 of Monetary Authority Act (2020 Revision) 5.4 Failure of a bank to include all balance sheet assets in their leverage ratio exposure measure. Serious Leverage Ratio Rules and Guidelines made by the Authority pursuant to section 34 of Monetary Authority Act (2020 Revision) 5.9 Failure of a bank to calculate its exposures associated with all derivative transactions, including where a bank sells protection using a credit derivative, as the RC for the current exposure plus an add-on for PFE, as described in paragraph 5.10. Minor 27 - Rules on Investments, Securities and Derivatives Risk Management for Banks 27. RULE ON INVESTMENTS, SECURITIES AND DERIVATIVES RISK MANAGEMENT FOR BANKS MADE BY THE AUTHORITY PURSUANT TO SECTION 34 OF MONETARY AUTHORITY ACT (2020 REVISION) Rule on Investments, Securities and Derivatives Risk Management for Banks made by the Authority pursuant to section 34 of Monetary 4.1 Failure of the bank to establish, implement and maintain strategies, policies, and procedures for investments, securities, and derivatives risk management appropriate for the size, complexity, and nature of its activities that create and appropriate investment management process. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Authority Act (2020 Revision) Rule on Investments, Securities and Derivatives Risk Management for Banks made by the Authority pursuant to section 34 of Monetary Authority Act (2020 Revision) 4.2 Failure of the bank to obtain Board of directors\u2019 approval for strategies, policies, and procedures. Minor Rule on Investments, Securities and Derivatives Risk Management for Banks made by the Authority pursuant to section 34 of Monetary Authority Act (2020 Revision) 4.3 Failure of the bank to take necessary steps to measure, monitor and control the risks associated with investments, securities and derivatives business. Minor 28 - Money Services Act 28. MONEY SERVICES ACT (2024 REVISION) Money Services Act (2024 Revision) 4(1) Failure of a person to carry on money services business without first obtaining a licence under section 5. Very serious Money Services Act (2024 Revision) 5(9) 1. Failure of the holder of a licence to pay \u2014 (a) the prescribed annual fee for a licence to carry on a money services business; and Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (b) the prescribed annual fee for each subsidiary, branch, agency or representative office of that business, on or before every 15th day of January after the first grant of the licence. 2. Failure of a licensee who fails to pay the surcharge not exceeding one-twelfth of that fee for every month or part of a month that the fee is not paid where the licensee fails to pay the prescribed annual fees on or before every 15th day of January after the first grant of the licence. Money Services Act (2024 Revision) 5A Failure of a licensee to \u2014 (a) maintain at least one account as approved by the Authority; or (b) enter into an arrangement as agreed by the Authority, through which its money services business transactions are to be conducted. Very serious Money Services Act (2024 Revision) 6(2) Failure of a licensee to maintain its net worth at an amount not less than that prescribed by subsection (1). Serious Money Services Act (2024 Revision) 6(3) Failure of a licensee to increase its net worth by increasing its paid-up capital to such greater sum as the Authority may determine for the nature of the licensee\u2019s business, current or proposed. Serious Money Services Act (2024 Revision) 6A(1) 1. A licensee that is a company issuing shares totalling more than ten per cent of the authorised share capital of the company without the prior written approval of the Authority. 2. A licensee that is a company transferring or disposing of issued shares totalling more than ten per cent of the issued share capital or total voting rights of the company without the prior written approval of the Authority. Serious Money Services Act (2024 Revision) 7(1)(a) A person other than a licensee using words representing that the person is carrying on money services business, in English or in any other language, Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach in the description or title under which that person carries on business within the Islands. Money Services Act (2024 Revision) 7(1)(b) A person other than a licensee making any representation in any billhead, letter, letterhead, circular, paper, notice or advertisement or in any other manner that that person is carrying on money services business within the Islands. Serious Money Services Act (2024 Revision) 7(1)(c) A person other than a licensee soliciting or receiving money from any person in any manner, for the purpose of carrying on money services business within the Islands. Serious Money Services Act (2024 Revision) 1. Failure of a licensee to \u2014 (a) cause accounting records to be kept; and (b) establish and maintain systems of control of the business and records, and systems of inspection and report, in respect of its money services business in accordance with section 8. 2. Failure of a licensee to keep accounting records which \u2014 (a) explain its transactions; (b) disclose, with reasonable accuracy and promptness, the state of the business at any time; (c) enable the directors properly to discharge their duties; and (d) enable the business properly to discharge its duties. 3. Failure of a licensee to keep accounting records which contain \u2014 (a) entries from day to day of all sums received and paid by the business and the matters in respect of which they are received or paid; and (b) a record of the assets and liabilities of the business. 4. Failure of a licensee to establish and maintain systems of control and systems of inspection and report that ensure that the money services business Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach is conducted so that \u2014 (a) the information necessary to enable the directors and the business to discharge their duties and functions is sufficiently accurate, and is available with sufficient regularity or at need and with sufficient promptness, for those purposes; and (b) the information obtained by or furnished to the Authority under or for the purposes of the Insurance Act, 2010 [Law 32 of 2010] is sufficiently accurate for the purpose for which it is obtained or furnished. 5. Failure of a licensee to keep the records of the systems of control and of inspection and report so that \u2014 (c)  the information necessary to enable the directors and the business to discharge their duties and functions is sufficiently accurate, and is available with sufficient regularity or at need and with sufficient promptness, for those purposes; and (d) the information obtained by or furnished to the Authority under or for the purposes of this Act is sufficiently accurate for the purpose for which it is obtained or furnished. Money Services Act (2024 Revision) 8A(1) Failure of a licensee and any sub-agent of the licensee to take such steps as may be necessary to comply with the Anti-Money Laundering Regulations (2025 Revision) and such rules or statements of principle or guidance as may be prescribed by the Authority that are consistent with anti-money laundering procedures and the combatting of terrorist financing in respect of the money services business. Serious Money Services Act (2024 Revision) 8A(2) 1. Failure of a licensee to monitor the compliance of the licensee\u2019s sub-agent, if any, with the prescribed rules or statements of principle or guidance under subsection (1). 2. Failure of a licensee to provide a report on the compliance in such form and subject to such conditions as may be prescribed where the licensee Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach is required by the Authority to do so. Money Services Act (2024 Revision) Failure of the holder of a licence to furnish to the Authority, at such times as may be specified by the Authority and in such form as the Authority may reasonably require \u2014 (a) written confirmation that the information set out in the application for the licence remains correct, and gives a full and fair picture of its money services business; and (b) such returns in respect of its money services business as the Authority may specify in writing. Serious Money Services Act (2024 Revision) 10(1) Failure of a licensee to have the accounts of its money services business audited annually or at such other times as the Authority may require by an auditor, who is a chartered accountant, a certified public accountant, or some other professionally qualified accountant, approved by the Authority. Serious Money Services Act (2024 Revision) 10(2) Failure of a licensee to forward its audited accounts to the Authority within three months of the end of the financial year of the licensee\u2019s money services business, unless prior written approval for an extension has been granted by the Authority. Minor Money Services Act (2024 Revision) Failure of a licensee to obtain an auditor\u2019s report on the licensee\u2019s anti-money laundering systems and procedures for compliance with the Anti-Money Laundering Regulations (2025 Revision) at the licensee\u2019s expense where the licensee is required by the Authority to do so. Serious Money Services Act (2024 Revision) 1. Failure of an auditor appointed by a licensee to give written notice to the Authority where the auditor \u2014 (a) intends to resign during the currency of that auditor\u2019s appointment; or (b) has given written notice to the licensee of that auditor\u2019s unwillingness to be considered for reappointment at the expiration of the period for which that person is appointed. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach 2. Failure of an auditor appointed by a licensee to state in the auditor\u2019s written notice the reasons for that auditor\u2019s intention to resign or that auditor\u2019s unwillingness to be considered for reappointment. Money Services Act (2024 Revision) 1. Failure of a licensee to notify the Authority where the licensee \u2014 (a) intends to terminate the appointment of its auditor; or (b) decides that the auditor will not be reappointed. 2. Failure of a licensee to state in the licensee\u2019s notification, the reason for the licensee\u2019s intention or decision. Serious Money Services Act (2024 Revision) 14A(1) 1. Failure of an auditor to immediately give written notice to the Authority where the auditor, in the course of carrying out an audit of the accounts of a licensee, obtains information or suspects that the licensee is \u2014 (a) unable or likely to become unable to meet its obligations as they fall due; (b) carrying on or attempting to carry on business or is winding up its business voluntarily in a manner that is prejudicial to its investors or creditors; (c) carrying on or attempting to carry on business without keeping any or sufficient accounting records to allow its accounts to be properly audited; (d) carrying on or attempting to carry on business in a fraudulent or criminal manner; or (e) carrying on or attempting to carry on business without compliance with \u2014 (i) this Act or any regulations made hereunder; (ii) the Monetary Authority Act (2020 Revision); (iii) the Anti-Money Laundering Regulations (2025 Revision); or (iv) a condition of the licence. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach 2.  Failure of an auditor who gives the Authority written notice of a suspicion, the reason for the suspicion. Money Services Act (2024 Revision) 14A(3) A licensee appointing a person disqualified under subsection (2) as an auditor. Serious Money Services Act (2024 Revision) A licensee incorporated under the Companies Act (2025 Revision) opening, in or outside the Islands, a subsidiary, branch, agency or representative office without the prior written approval of the Authority. Serious Money Services Act (2024 Revision) 17(1) A licensee having fewer than two directors. Serious Money Services Act (2024 Revision) 17(2) Failure of a licensee to apply to the Authority for its written approval of the appointment of a director or other senior officer before appointing the director or other senior officer, unless it is exempt from such a requirement by the Authority. Serious Money Services Act (2024 Revision) 18(3) Failure of a licensee to comply with a requirement under subsection (3). Serious Money Services Act (2024 Revision) 23(5) A person obstructing the Authority or any other person in the exercise of any powers conferred under section 23. Serious Money Services Act (2024 Revision) A licensee or any director or officer of a licensee knowingly or wilfully supplying false or misleading information to the Authority. Very serious Money Services Act (2024 Revision) Failure of a licensee to put into effect and to carry out such policy directions for the guidance of licensees in the exercise of their duties under this Act that the Authority may, from time to time, issue. Very serious Money Services Act (2024 Revision) 30A(1) Failure of a licensee to pay into the revenues of the Islands, a transaction fee in the amount of two per cent of the gross amount transferred overseas up to a Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach maximum of ten dollars for each transaction. Money Services Act (2024 Revision) 30A(2) Failure of a licensee to pay into the revenues of the Islands the transaction fee under subsection (1) on a quarterly basis in such form as the Authority may prescribe. Minor Money Services Act (2024 Revision) 30A(3) Failure of a licensee to pay into the revenues of the Islands a surcharge not exceeding one-twelfth of that fee for every month or part of a month that the fee under subsection (1) is not paid. Minor 29 - Mutual Funds Act 29. MUTUAL FUNDS ACT (2025 REVISION) Mutual Funds Act (2025 Revision) 4(1) 1. A mutual fund which does not comply with subsection (3) or (4) carrying on or attempting to carry on business in or from the Islands without \u2014 (a) holding a Mutual Fund Licence, and having\u2014 (i) a registered office in the Islands; or (ii) if a unit trust, a trust company licensed under the Banks and Trust Companies Act (2025 Revision) as its trustee; or (b) being registered with the Authority in the prescribed manner and having a licensed mutual fund administrator providing its principal office in the Islands. 2. A mutual fund which does not comply with subsection (3) or (4), carrying on or attempting to carry on business in or from the Islands without filing with the Authority, in respect of the mutual fund, a current offering document that complies with subsection (6). Very serious Mutual Funds Act (2025 4(8) Failure of a mutual fund to file an amended offering document or amended prescribed details with the Authority within twenty-one days of becoming aware of Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Revision) any change that materially affects any information in the offering document filed with the Authority or in the prescribed details of the offering document or the prescribed details of a master fund that is without an offering document filed with the Authority. Mutual Funds Act (2025 Revision) 4(9) A mutual fund changing \u2014 (a) its registered office or its principal office; (b) the trust company acting as its trustee, without informing the Authority of the change. Serious Mutual Funds Act (2025 Revision) 5(5) Failure of the operator of a mutual fund to ensure that, when carrying on or attempting to carry on business in or from the Islands, the mutual fund complies with any conditions contained in its licence. Very serious Mutual Funds Act (2025 Revision) 5(7) A person supply to the Authority information that that person knows or should reasonably know is false or misleading in connection with an application for a Mutual Fund Licence. Very serious Mutual Funds Act (2025 Revision) A person other than a regulated mutual fund or a mutual fund referred to in section 4(4) representing in any way that the person is carrying on or attempting to carry on business in or from the Islands as a mutual fund. Very serious Mutual Funds Act (2025 Revision) 8(1) Failure of a regulated mutual fund to have its accounts audited annually by an auditor approved by the Authority. Serious Mutual Funds Act (2025 Revision) 8(1A) Failure of a regulated mutual fund to prepare its accounts in accordance with the International Financial Reporting Standards or the generally accepted accounting principles of the United States of America, Japan, Switzerland or a non-high risk jurisdiction. Serious Mutual Funds Act (2025 Revision) 8(1B) Failure of an auditor approved by the Authority to carry out the annual audit under subsection (1) in accordance with the International Standards on Auditing or the generally accepted auditing standards of the United States of America, Japan, Switzerland or a non-high Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach risk jurisdiction. Mutual Funds Act (2025 Revision) 8(2) Failure of a regulated mutual fund to send its audited accounts in respect of a financial year of the fund to the Authority, in such manner as the Authority may from time to time direct, within six months of the end of that financial year or within such extension of that period as the Authority may allow. Serious Mutual Funds Act (2025 Revision) 9(1) Failure of a licensed regulated mutual fund to pay to the Financial Secretary for the benefit of the revenue, the prescribed annual licence fee on or before the 15th January in each year. Minor Mutual Funds Act (2025 Revision) 9(2) Failure of a regulated mutual fund that is complying with section 5(3) to pay to the Financial Secretary for the benefit of the revenue the prescribed annual registration fee on or before the 15th January in each year. Minor Mutual Funds Act (2025 Revision) 9(3) Failure of a regulated mutual fund which does not pay the annual fee on or before the 15th January in each year to pay to the Authority, an additional fee equal to one twelfth of that annual fee for each month or part of a month during which the annual fee and any additional fee imposed under subsection (3) remains unpaid. Minor Mutual Funds Act (2025 Revision) A person who is not acting with and in accordance with the authorisation of the Authority, acting or carrying on business as a mutual fund administrator without being authorised to do so by a Mutual Fund Administrators Licence. Very serious Mutual Funds Act (2025 Revision) 12(5) A licensed mutual fund administrator which has a principal office in the Islands or a body corporate or individuals acting as its agent in the Islands changing that principal office or the body corporate or any individual acting as its agent without first giving the Authority notice of its intention to do so. Very serious Mutual Funds 12(7) Failure of a licensed mutual fund administrator to Very serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Act (2025 Revision) comply with any conditions contained in its Mutual Fund Administrators Licence when carrying on or attempting to carry on business as a mutual fund administrator. Mutual Funds Act (2025 Revision) 12(8) A person supplying information in connection with an application for a Mutual Fund Administrators Licence that the person knows or should reasonably know is false or misleading to the Authority. Very serious Mutual Funds Act (2020 Revision) 13(1) 1. A licensed mutual fund administrator which is a company issuing shares without the approval of the Authority. 2. A person owning or having an interest in shares in the company transferring or otherwise disposing of or dealing in those shares or that interest without the approval of the Authority. Serious Mutual Funds Act (2025 Revision) 14(1) 1. Failure of a licensed mutual fund administrator to immediately upon starting to provide the principal office of a regulated mutual fund, give the Authority the prescribed details in respect of the mutual fund. 2. Failure of a licensed mutual fund administrator to immediately upon starting to provide the principal office of a regulated mutual fund to pay the prescribed fee in respect of the mutual fund to the Authority. Very serious Mutual Funds Act (2025 Revision) 14(2) Failure of a licensed mutual fund administrator to pay the prescribed annual fee in respect of that mutual fund to the Financial Secretary for the benefit of the revenue on or before the 15th January in each year after the date when it started to provide the principal office of a regulated mutual fund. Minor Mutual Funds Act (2025 Revision) 14(3) Failure of a licensed mutual fund administrator to pay the prescribed annual licence fee to the Financial Secretary for the benefit of the revenue on or before the 15th January in each year. Minor Mutual Funds Act (2025 14(4) Failure of a licensed mutual fund administrator to pay to Authority an additional fee equal to one twelfth of that Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Revision) annual fee for each month or part of a month during which the annual fee and any additional fee imposed by virtue of subsection (4) remains unpaid. Mutual Funds Act (2025 Revision) 15(2) Failure of a licensed mutual fund administrator to comply with a direction given under subsection (1). Serious Mutual Funds Act (2025 Revision) Failure of a mutual fund administrator to immediately give the Authority written notice of the mutual fund administrator\u2019s knowledge or belief and its reasons for its knowledge or belief if it knows or has reason to believe that a regulated mutual fund for which it provides a principal office, or a promoter or operator of such a mutual fund \u2014 (a) is or is likely to become unable to meet its obligations as they fall due; (b) is carrying on business otherwise than in accordance with this or any other law; or (c) is carrying on business in a manner that is or is likely to be prejudicial to investors or creditors of the mutual fund. Very serious Mutual Funds Act (2025 Revision) A person other than a licensed mutual fund administrator representing in any way that the person is carrying on or attempting to carry on business in or from the Islands as a mutual fund administrator. Very serious Mutual Funds Act (2025 Revision) 20(1) Failure of a licensed mutual fund administrator to have its accounts audited annually by an auditor approved by the Authority. Serious Mutual Funds Act (2025 Revision) 20(2) Failure of a licensed mutual fund administrator to send its audited accounts in respect of a financial year of the administrator n such manner as the Authority may from time to time direct, to the Authority within six months of the end of that financial year or within such extension of that period as the Authority may allow. Serious Mutual Funds Act (2025 Revision) A licensed mutual fund administrator appointing a director or similar senior officer, or a general partner without \u2014 (a) obtaining the Authority\u2019s written approval of Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach the appointment; or (b) being exempt by the Authority from the obligation to obtain the Authority\u2019s approval. Mutual Funds Act (2025 Revision) Failure of a licensed mutual fund administrator to have at least two directors at all times. Serious Mutual Funds Act (2025 Revision) 22C(1) Failure of an EU Connected Fund that is marketing in a country or territory within the EEA to notify the Authority within three months of a date to be specified by Order made by Cabinet and in the manner designated by the Authority that the EU Connected Fund is marketing in a country or territory within the EEA. Serious Mutual Funds Act (2025 Revision) 22C(2) Failure of an EU Connected Fund that commences marketing in a country or territory within the EEA after the date specified in subsection (1) to notify the Authority, in the manner designated by the Authority, that the EU Connected Fund is marketing in a country or territory within the EEA within twenty-one days of the commencement of marketing in a country or territory within the EEA. Serious Mutual Funds Act (2025 Revision) 22F Failure of an EU Connected Fund that elects to apply to be licensed or registered pursuant to section 22B and is granted a licence or is registered under this Act, to comply with the applicable provisions set out in Part IIIA of this Act. Serious Mutual Funds Act (2025 Revision) 23(2) Failure of the operator of a regulated mutual fund or a regulated EU Connected Fund to ensure that an instruction given to the mutual fund or the EU Connected Fund in accordance with subsection (1) is complied with within the specified time. Serious Mutual Funds Act (2025 Revision) 24(2) Failure of a person to comply with an instruction given to that person in accordance with subsection (1). Serious Mutual Funds Act (2025 Revision) 24(3) A person giving information or an explanation for the purpose of subsection (1) that the person that person knows or should reasonably know is false or Very serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach misleading. Mutual Funds Act (2025 Revision) 26(2) Failure of a licensed mutual fund administrator to comply with an instruction given to it under subsection (1). Serious Mutual Funds Act (2025 Revision) 27(2) Failure of a person to comply with an instruction given to that person under subsection (1). Serious Mutual Funds Act (2025 Revision) 27(3) A person giving information or an explanation for the purpose of subsection (1) giving to the Authority information or an explanation that that person knows or should reasonably know is false or misleading. Very serious Mutual Funds Act (2025 Revision) 30(9) Failure of a person appointed in respect of a mutual fund or a regulated EU Connected Fund under subsection (3)(d) or (e) to \u2014 (a) supply the Authority with such information in respect of the mutual fund or the EU Connected Fund as is specified by the Authority when requested to do so; (b) prepare and supply to the Authority a report on the affairs of the mutual fund or the EU Connected Fund making, where appropriate, recommendations in respect of the mutual fund or the EU Connected Fund within three months of that person\u2019s appointment, or within such other period as the Authority may specify; (c) supply to the Authority such other information, reports and recommendations as the Authority specifies after supplying the report referred to in paragraph (b) if that person\u2019s appointment is not terminated after supplying the report under (b). Very serious Mutual Funds Act (2025 Revision) 31(8) Failure of a person appointed in respect of a licensed mutual fund administrator under subsection 3(d) or (e) to \u2014 (a) supply the Authority with such information in respect of the administrator\u2019s administration of mutual funds as is specified by the Authority when requested to do so by the Authority; Very serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (b) prepare and supply to the Authority a report on the administrator\u2019s administration of the mutual fund making, where appropriate, recommendations in respect of the administrator within three months of that person\u2019s appointment, or within such other period as the Authority may specify; or (c) supply to the Authority such other information, reports and recommendations as the Authority specifies after supplying the report referred to in paragraph (b), if that person\u2019s appointment is not terminated after supplying the report under paragraph (b). Mutual Funds Act (2025 Revision) A person hindering the Authority in the exercise of any of its powers under the Law. Serious Mutual Funds Act (2025 Revision) 35(1) Failure of an auditor to immediately give the Authority written notice of that auditor\u2019s information or suspicion and, in the case of suspicion, that auditor\u2019s reason for that suspicion if an auditor, in the course of carrying out an audit of the accounts of a regulated mutual fund or a regulated EU Connected Fund, obtains information or suspects that the mutual fund or the EU Connected Fund is \u2014 (a) unable or likely to become unable to meet its obligations as they fall due; (b) carrying on or attempting to carry on business or winding-up its business voluntarily in a manner that is prejudicial to its investors or creditors; (c) carrying on or attempting to carry on business without keeping any or sufficient accounting records to allow its accounts to be properly audited; (d) carrying on or attempting to carry on business in a fraudulent or criminal manner; or (e) carrying on or attempting to carry on business otherwise than in compliance with \u2014 (i) this Act or any regulations made hereunder; (ii) the Monetary Authority Act (2020 Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Revision); (iii) the Anti-Money Laundering Regulations (2025 Revision); or (iv) a condition of the licence. Mutual Funds Act (2025 Revision) 35(2) Failure of an auditor to immediately give the Authority written notice of that person\u2019s information or suspicion and, in the case of suspicion, that person\u2019s reason for that suspicion If an auditor, in the course of carrying out an audit of the accounts of a licensed mutual fund administrator, obtains information or suspects that the mutual fund administrator is \u2014 (a) unable or likely to become unable to meet its obligations as they fall due; (b) carrying on or attempting to carry on business or winding-up its mutual fund administration business voluntarily in a manner that is prejudicial to investors in any mutual fund it is administering or to its creditors or the creditors of any such mutual fund; or (c) carrying on or attempting to carry on business without keeping any or sufficient accounting records to allow its accounts to be properly audited; (d) carrying on or attempting to carry on business in a fraudulent or criminal manner; or (e) carrying on or attempting to carry on business otherwise than in compliance with \u2014 (i) this Act or any regulations made hereunder; (ia) in respect of a licensed mutual funds administrator, the Beneficial Ownership Transparency Act, 2023 [Act 13 of 2023], if the licensee is a \u201ccorporate services provider\u201d as defined in that Act;\u201d (ii) the Monetary Authority Act (2020 Revision); (iii) the Anti-Money Laundering Regulations (2025 Revision); or (iv) a condition of the licence. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Mutual Funds Act (2025 Revision) 35(4) A regulated mutual fund or a regulated EU Connected Fund or a licensed mutual fund administrator appointing as an auditor a person disqualified under subsection (3). Serious 30 - Mutual Funds (Annual Returns) Regulations 30. MUTUAL FUNDS (ANNUAL RETURNS) REGULATIONS (2021 REVISION) Mutual Funds (Annual Returns) Regulations (2021 Revision) 2(1) Failure of a regulated mutual fund to complete and submit accurate and complete returns for \u2014 (a) the fund containing the particulars set forth in the Schedule to the Authority; or (b) each sub-fund in its structure if the fund has sub-funds in its structure, in such manner as the Authority may from time to time direct, within six months after the end of the financial year to which it relates or within such extension of that period as the Authority may allow. Serious Mutual Funds (Annual Returns) Regulations (2021 Revision) 2(4) Failure of the operator of a regulated mutual fund to ensure that the fund complies with paragraphs (1) and (1A). Minor 31 - Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations 31. MUTUAL FUNDS (EU CONNECTED FUND (ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE)) REGULATIONS, 2016 Mutual Funds (EU Connected Fund (Alternative 2(a) Failure of an EU Connected Fund that is a regulated mutual fund, including an EU Connected Fund which has elected to be licensed or registered pursuant to section 22B of the Mutual Funds Act (2025 Revision) to Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Investment Fund Managers Directive)) Regulations, submit the name of the Member State in which the marketing takes place or is expected to take place to the Authority. Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 2(b) Failure of an EU Connected Fund that is a regulated mutual fund, including an EU Connected Fund which has elected to be licensed or registered pursuant to section 22B of the Mutual Funds Act (2025 Revision) to submit the date on which such marketing commenced, or is expected to commence to the Authority. Serious Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 2(c) Failure of an EU Connected Fund that is a regulated mutual fund, including an EU Connected Fund which has elected to be licensed or registered pursuant to section 22B of the Mutual Funds Act (2025 Revision) to submit the name of the competent authority or authorities in the Member State in which the marketing takes place, or is expected to take place, to the Authority. Serious Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 2(d) Failure of an EU Connected Fund that is a regulated mutual fund, including an EU Connected Fund which has elected to be licensed or registered pursuant to section 22B of the Mutual Funds Act (2025 Revision) to submit the name and contact details of the EU Connected Fund\u2019s manager and country of authorisation to the Authority. Serious Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) 2(e) Failure of an EU Connected Fund that is a regulated mutual fund, including an EU Connected Fund which has elected to be licensed or registered pursuant to section 22B of the Mutual Funds Act (2025 Revision) to submit a declaration that the EU Connected Fund is marketed in each Member State referred to in paragraph (a) in accordance with the laws in force in Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Regulations, that Member State to the Authority. Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 2(f) Failure of an EU Connected Fund that is a regulated mutual fund, including an EU Connected Fund which has elected to be licensed or registered pursuant to section 22B of the Mutual Funds Act (2025 Revision)to submit the prescribed fee to the Authority. Minor Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 3(a) Failure of an EU Connected Fund that is not a regulated mutual fund to submit the name of the EU Connected Fund to the Authority. Serious Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 3(b) Failure of an EU Connected Fund that is not a regulated mutual fund to submit the type of fund, setting out why the EU Connected Fund is not required to be regulated, to the Authority. Serious Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 3(c) Failure of an EU Connected Fund that is not a regulated mutual fund to submit the name or contact details of operators of the EU Connected Fund and its administrator to the Authority. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 3(d) Failure of an EU Connected Fund that is not a regulated mutual fund to submit the name or address of the EU Connected Fund\u2019s registered office to the Authority. Serious Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 3(e) Failure of an EU Connected Fund that is not a regulated mutual fund to submit the name or contact details of the EU Connected Fund\u2019s Cayman Islands legal counsel to the Authority. Serious Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 3(f) Failure of an EU Connected Fund that is not a regulated mutual fund to submit each name of each Member State in which the marketing takes place, or is expected to take place, to the Authority. Serious Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 3(g) Failure of an EU Connected Fund that is not a regulated mutual fund to submit the date on which such marketing commenced, or is expected to commence, to the Authority. Serious Mutual Funds (EU Connected Fund 3(h) Failure of an EU Connected Fund that is not a regulated mutual fund to submit the name of each competent authority in each corresponding Member State in which Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (Alternative Investment Fund Managers Directive)) Regulations, the marketing takes place, or is expected to take place, to the Authority. Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 3(i) Failure of an EU Connected Fund that is not a regulated mutual fund to submit the name or contact details of the EU Connected Fund\u2019s manager, to the Authority. Serious Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 3(j) Failure of an EU Connected Fund that is not a regulated mutual fund to submit a declaration that the EU Connected Fund is marketed in each Member State in accordance with the laws and regulations in force in the Member State, to the Authority. Serious Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 3(k) Failure of an EU Connected Fund that is not a regulated mutual fund to submit the prescribed fee to the Authority. Minor Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Failure of an EU Connected Fund to \u2014 (a) notify the Authority within 21 days of the date upon which marketing ceased in all Member States; or (b) notify the Authority of any change made to the information provided pursuant to Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Directive)) Regulations, regulation 2 or regulation 3, as the case may be, within twenty-one days of the date of the change. Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, Failure of an EU Connected Fund to submit to the Authority in the manner designated by the Authority \u2014 (a) written confirmation that the information in the notification filed pursuant to regulation 2 or regulation 3 has not changed; and (b) a declaration that the EU Connected Fund is being marketed in each Member State in accordance with the applicable laws of that Member State, within six months after the date of the end of the financial year of an EU Connected Fund. Serious Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, Failure of an EU Connected Fund to, at all times when requested by the Authority, provide the Authority with all information necessary for the Authority to be satisfied that the EU Connected Fund is being marketed in each Member State in accordance with the applicable laws of that Member State. Serious 32 - Private Funds Act\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_32\", \"num\": \"32.\", \"text\": \"PRIVATE FUNDS Act (2021 Revision) Private Funds Act (2021 Revision) 4(1) Failure of an operator of a private fund to ensure compliance by that private fund with this Act. Very Serious Private Funds Act (2021 Revision) 5(1) Subject to subsection (3) and (6), where a private fund carries on or attempts to carry on business in or from the Islands unless \u2014 (a) it has submitted an application for registration to the Authority in accordance with section 6 within twenty-one days after its acceptance of capital commitments from Very Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach investors for the purposes of investments; (b) the prescribed details in respect to the private fund are filed with the Authority; (c) the prescribed annual registration fee under section 10 has been paid in respect of the private fund; (d) it complies with any conditions of its registration imposed under section 7; and (e) it complies with the provisions of this Act. Private Funds Act (2021 Revision) 5(6) Where a private fund which is required to be registered under subsection (1) accepts capital contributions from investors in respect of investments while the private fund is not registered by the Authority in accordance with section 7. Very Serious Private Funds Act (2021 Revision) 10(1) Failure of a private fund to pay to the general revenue of the Islands the prescribed annual registration fee on or before 15th January in each year. Minor Private Funds Act (2021 Revision) 10(2) Failure of a private fund which does not pay the prescribed annual registration fee on or before 15th January in each year to pay the additional fee equal to one twelfth of that annual registration fee for each month or part of a month during which the annual registration fee and any additional fee imposed by virtue of this subsection. Minor Private Funds Act (2021 Revision) 11(1) Failure of a private fund which \u2014 (a) makes any change, or becomes aware of any change, that materially affects any information submitted to the Authority under section 6 or otherwise under this Act; or (b) changes its registered office or the location of its principal office, to, within twenty-one days after making the change or becoming aware of the change, as the case may be, file with the Authority the details of the change. Serious Private Funds Act (2021 Revision) 12(1) Where a person other than a private fund represents in any way that the person is carrying on or attempting to carry on business in or from the Islands as a private fund. Very Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Private Funds Act (2021 Revision) 13(1) Failure of a private fund to have its accounts audited annually by an auditor approved by the Authority. Serious Private Funds Act (2021 Revision) 13(2) Failure of a private fund to prepare its accounts in accordance with the International Financial Reporting Standards or the generally accepted accounting principles of the United States of America, Japan, Switzerland or a non-high risk jurisdiction. Serious Private Funds Act (2021 Revision) 13(3) Failure of an auditor approved by the Authority to carry out the annual audit under subsection (1) in accordance with the International Standards on Auditing or the generally accepted auditing standards of the United States of America, Japan, Switzerland or a non-high risk jurisdiction. Serious Private Funds Act (2021 Revision) 13(4) Failure of a private fund to send its audited accounts in respect of each financial year of the private fund to the Authority in such manner as the Authority directs and within six months of the end of that financial year or within such extension of that period as the Authority may allow. Serious Private Funds Act (2021 Revision) Failure of a private fund to, in respect of each financial year of the private fund, submit an annual return in the prescribed form. Minor Private Funds Act (2021 Revision) Failure of a private fund to maintain its records in an accessible manner and in accordance with rules, statements of principle and guidance issued by the Authority under section 34 of the Monetary Authority Act (2020 Revision). Serious Private Funds Act (2021 Revision) 16(1) Failure of a private fund to have appropriate and consistent procedures for the purposes of proper valuations of its assets, which will ensure that valuations are conducted in accordance with the requirements in this Act. Serious Private Funds Act (2021 16(3) Failure of a private fund to ensure that valuations of the assets of the private fund are carried out at a frequency Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Revision) that is appropriate to the assets held by the private fund and, in any case, on at least an annual basis. Private Funds Act (2021 Revision) 16(4) Failure of a private fund to ensure that valuations of the assets of the private fund are performed by \u2014 (a) an independent third party that is appropriately professionally qualified to conduct valuations in a non-high risk jurisdiction; (b) the manager or operator of the private fund, or a person who has a control relationship with the manager of the private fund, provided that \u2014 (i) the valuation function is independent from the portfolio management function; or (ii) potential conflicts of interest are properly identified and disclosed to the investors of the private fund; or (c) an administrator not falling under paragraph (a) who is appointed by the private fund. Serious Private Funds Act (2021 Revision) 16(5) Failure of a private fund which did not have the valuation of its assets performed by an independent third party in accordance with subsection 4(a) to have its valuations verified by an auditor or independent third party, where the Authority so requires. Serious Private Funds Act (2021 Revision) 16(6) Failure of a private fund to ensure that valuation of the assets of the private fund are carried out by \u2014 (a) an independent third party; (b) the manager or operator of the private fund or a person who has a control relationship with the manager of the private fund; or (c) an administrator not falling under subsection 4(a) appointed by the private fund to carry out, a valuation of the assets of the private fund in accordance with any requirements in relation to valuations, including in respect of the degree and regularity. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Private Funds Act (2021 Revision) 17(1) Subject to subsection (3), failure of a private fund to appoint a custodian to perform the duties set out in subsection (2). Serious Private Funds Act (2021 Revision) 17(2) Failure of a custodian to \u2014 (a) hold in custody, in segregated accounts opened in the name, or for the account, of the private fund, the custodial fund assets; or (b) verify, based on information provided by the private fund and available external information, that the private fund holds title to any other fund asset and maintain a record of those other fund assets. Serious Private Funds Act (2021 Revision) 17(3) Failure of a private fund which notifies the Authority of its intention not to appoint a custodian pursuant to subsection (3) to appoint one of the following persons to carry out the title verification described in subsection (2)(b) \u2014 (a) an administrator or another independent third party; or (b) the manager or operator, or a person with a control relationship with the manager of the private fund, provided that \u2014 (i) the title verification function is independent from the portfolio management function; or (ii) potential conflicts of interest are properly identified and disclosed to the investors of the private fund. Serious Private Funds Act (2021 Revision) 17(5) Failure of a private fund which did not have the title verification described in subsection (2)(b) performed by a custodian, an administrator or another independent third party appointed in accordance with subsection (1) or (4)(a), to have its title verification verified by an appropriately professionally qualified independent third Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach party, where the Authority so requires. Private Funds Act (2021 Revision) 18(1) Failure of a private fund to appoint one of the following persons to perform the cash monitoring duties set out in subsection (2) \u2014 (a) an administrator, custodian or another independent third party; or (b) the manager or operator, or a person who has a control relationship with the manager of the private fund, provided that \u2014 (i) the cash monitoring function is independent from the portfolio management function; or (ii) potential conflicts of interest are properly identified and disclosed to the investors of the private fund. Serious Private Funds Act (2021 Revision) 18(2) Failure of an administrator, custodian or another independent third party, or the manager or operator or a person who has a control relationship with the manager of the private fund, appointed under subsection (1) to \u2014 (a) monitor the cash flows of the private fund; (b) ensure that all cash of the private fund has been booked in cash accounts opened in the name, or for the account, of the private fund; or (c) ensure that all payments made by investors to the private fund in respect of investment interests have been received. Serious Private Funds Act (2021 Revision) 18(3) Failure of a private fund which did not have the cash monitoring duties described in subsection (2)(b) performed by an administrator, a custodian or another independent third party appointed in accordance with subsection (1)(a), to have its cash monitoring verified by an independent third party, where the Authority so requires. Serious Private Funds 20(1) Failure of a private fund to comply with an instruction by Very Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Act (2021 Revision) the Authority to \u2014 (a) have the private fund\u2019s accounts audited by an auditor approved by the Authority and to submit them to the Authority within such time as the Authority specifies; or (b) provide a one-off or periodic report to the Authority on certain matters requested by the Authority in connection with the private fund in such form and within such time as the Authority specifies. Private Funds Act (2021 Revision) 21(1) Failure of a private fund to comply with a request by the Authority to provide to the Authority with such documents, statements or other information in respect of a private fund as the Authority may reasonably require in connection with the Authority\u2019s functions under this Act. Very Serious Private Funds Act (2021 Revision) 22(1) Failure of a person who the Authority has reasonable grounds for believing is carrying on business or attempting to carry on business as a private fund in contravention of section 5, to, where instructed by the Authority, give to the Authority such information or explanation as the Authority may reasonably require to enable the Authority to carry out its duty under this Act. Very Serious Private Funds Act (2021 Revision) 22(2) Where a person who is instructed to give information or an explanation for the purpose of subsection (1) gives to the Authority information or an explanation that the person knows or should reasonably know is false or misleading. Very Serious Private Funds Act (2021 Revision) 25(8) Failure of a person appointed in respect of a private fund under subsection 2(d) or 2(e) to \u2014 (a) when requested to do so by the Authority, supply the Authority with such information in respect of the private fund as may be specified by the Authority; (b) within three months of the person\u2019s appointment, or within such other period as the Authority may specify, prepare and supply to the Authority a report on the affairs of the private fund making, where Very Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach appropriate, recommendations in respect of the private fund; or (c) if the person\u2019s appointment is not terminated after supplying the report referred to in paragraph (b), supply to the Authority such other information, reports and recommendations as the Authority specifies. Private Funds Act (2021 Revision) Where a person hinders the Authority in the exercise of any of its powers under this Act. Very Serious Private Funds Act (2021 Revision) 29(1) Failure of an auditor to immediately give to the Authority written notice of any information or a suspicion, and in the case of suspicion, the reason for that suspicion, where the auditor, in the course of carrying out an audit of the accounts of a private fund pursuant to section 13(1), obtains information or suspects that the private fund is  \u2014 (a) unable or likely to become unable to meet its obligations as they fall due; (b) carrying on or attempting to carry on business or winding up its business voluntarily in a manner that is prejudicial to its investors or creditors; (c) carrying on or attempting to carry on business without keeping any or sufficient accounting records to allow its accounts to be properly audited; (d) carrying on or attempting to carry on business in a fraudulent or criminal manner; or (e) carrying on or attempting to carry on business otherwise than in compliance with \u2014 (i) this Act or any regulations made under this Act; (ii) the Monetary Authority Act (2020 Revision); (iii) the Anti-Money Laundering Regulations (2025 Revision); or (iv) a condition of its registration imposed under this Act. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Private Funds Act (2021 Revision) 29(3) Where a private fund appoints as an auditor a person removed under subsection (2), unless the Authority is satisfied that the person will in future comply with subsection (1). Serious 33 - Securities Investment Business Act\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_33\", \"num\": \"33.\", \"text\": \"SECURITIES INVESTMENT BUSINESS ACT (2020 REVISION) Securities Investment Business Act (2020 Revision) 4B(1) Failure of a licensee or registered person \u2014 (a) to cease or refrain from \u2014 (i) committing an act that is an unsafe or unsound practice in conducting the business of the licensee or a registered person; or (ii) pursuing a course of conduct that is an unsafe or unsound practice in conducting the business of the licensee or registered person; or (b) to perform such acts as in the opinion of the Authority, are necessary to remedy or ameliorate the situation, if it is directed by the Authority to so in relation to the securities investment business of the licensee or registered person. Very serious Securities Investment Business Act (2020 Revision) 5(1) A person carrying on or purporting to carry on securities investment business unless that person holds a licence or registration granted under this Act or is exempt from holding a licence or registration. Very serious Securities Investment Business Act (2020 Revision) 5(4) Failure of a person specified in Schedule 4 to \u2014 (a) file an application in the prescribed form or (b) pay the prescribed registration fee to the Authority, in order to register with the Authority. Very serious Securities Investment 5(4C) Failure of a registered person to notify the Authority within twenty-one days after any material change in the Minor Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Business Act (2020 Revision) information filed by the registered person in its application or annual declaration. Securities Investment Business Act (2020 Revision) 5(4D) Failure of a registered person to pay the prescribed annual fee to pay a surcharge of one-twelfth of that fee for every month or part of a month after the 15th January in each year that the annual fee is not paid. Minor Securities Investment Business Act (2020 Revision) 5(4E) Failure of a registered person to \u2014 (a) file with the Authority, on or before the 15th day of January in each year, an annual declaration in such form as the Authority may approve; or (b) pay to the Authority the prescribed annual fee at the time of the filing of the declaration. Minor Securities Investment Business Act (2020 Revision) 5(5) Failure of a registered person to provide the report specified under section 17(2A)(e). Serious Securities Investment Business Act (2020 Revision) 8(1) 1. A licensee issuing shares without the prior approval of the Authority. 2. A licensee voluntarily transferring or disposing of issued shares or interests without the prior approval of the Authority. Serious Securities Investment Business Act (2020 Revision) 9(a) Failure of a licensee or registered person with a name which is identical with that of another person, whether within the Islands or not, or which so nearly resembles that name as to be likely to deceive to forthwith change its name within three calendar months of the receipt of notice from the Authority of its requirements. Very serious Securities Investment Business Act (2020 Revision) 9(b) Failure of a licensee or registered person with a name which in the opinion of the Authority connotes, falsely, the patronage of or connection with a person whether within the Islands or not, to forthwith change its name within three calendar months of the receipt of notice from the Authority of its requirements. Very serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Securities Investment Business Act (2020 Revision) 9(c) Failure of a licensee or registered person with a name which in the opinion of the Authority connotes, falsely, that it has a special status in relation to or derived from the Government, or has the official backing of or acts on behalf of the Government or of any of its departments or officials, to forthwith change its name within three calendar months of the receipt of notice from the Authority of its requirements. Very serious Securities Investment Business Act (2020 Revision) 9(d) Failure of a licensee or registered person with a name which in the opinion of the Authority is liable to mislead investors, or constitute a misrepresentation, to forthwith change its name within three calendar months of the receipt of notice from the Authority of its requirements. Very serious Securities Investment Business Act (2020 Revision) 9(e) Failure of a licensee or registered person with a name which includes any prescribed word or expression, to forthwith change its name within three calendar months of the receipt of notice from the Authority of its requirements. Very serious Securities Investment Business Act (2020 Revision) Failure of a licensee or a registered person to separately account for the funds and property of each client and for the licensee\u2019s or registered person\u2019s own funds and property. Very serious Securities Investment Business Act (2020 Revision) 13(1) Failure of a licensee to have its accounts audited annually, or at such other time as the Authority may require, by an auditor who is a member of \u2014 (a) the Institute of Chartered Accountants in England and Wales; (b) the Canadian Institute of Chartered Accountants; (c) the Chartered Association of Certified Accountants; (d) the American Institute of Certified Public Accountants; or (e) any other professional body or institute approved by the Authority. Very serious Securities Investment Business Act 13(2) Failure of a licensee under subsection to forward to the Authority \u2014 (a) the auditor\u2019s or the licensee\u2019s audited Minor Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (2020 Revision) accounts for the financial year just ended; or (b) a certificate of compliance with the provisions of this Act and any regulations made under this Act or the Monetary Authority Act (2020 Revision), signed by the licensee or if a company, a director of the licensee, within six months of the end of a licensee\u2019s financial year. Securities Investment Business Act (2020 Revision) 13(3) 1. A licensee changing its auditor without the prior written approval of the Authority. 2. Failure of a licensee to explain the circumstances giving rise to the change of its auditor prior to approval being given. Minor Securities Investment Business Act (2020 Revision) 14(1) 1. A licensee opening a subsidiary, branch, agency or representative office outside the Islands without the prior written approval of the Authority. 2. A licensee changing its name without the prior written approval of the Authority. Serious Securities Investment Business Act (2020 Revision) 14(2) Failure of a licensee to notify the Authority immediately of any change of address of its place of business. Serious Securities Investment Business Act (2020 Revision) 15(4)(a) Failure of a registered person which is a company incorporated under the Companies Act (2025 Revision), to have a minimum of \u2014 (a) two directors who are individuals; or (b) one corporate director, each of whom is complying with the Directors Registration and Licensing Act, 2014. Serious Securities Investment Business Act (2020 Revision) 15(4)(b) Failure of a registered person which is a general partnership established, or a limited partnership registered under the Partnership Act (2025 Revision), to have a minimum of two partners. Serious Securities Investment 15(4)(c) Failure of a registered person which is an exempted limited partnership registered under the Exempted Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Business Act (2020 Revision) Limited Partnership Act (2025 Revision), to have a minimum of two directors (or equivalent officers) appointed in respect of its general partner (or where the general partner is itself an exempted limited partnership registered under the Exempted Limited Partnership Act (2025 Revision) at the level of the ultimate general partner). Securities Investment Business Act (2020 Revision) 15(4)(d) Failure of a registered person which is a foreign company registered under Part 9 of the Companies Act (2025 Revision), to have a minimum of two directors (or equivalent officers). Serious Securities Investment Business Act (2020 Revision) 15(4)(e) Failure of a registered person which is a limited liability company formed and registered under the Limited Liability Companies Act (2025 Revision), to have a minimum of two managers complying with the Directors Registration and Licensing Act, 2014 [Law 10 of 2014]. Serious Securities Investment Business Act (2020 Revision) 15(4)(f) Failure of a registered person which is a limited liability partnership formed and registered under the Limited Liability Partnership Act (2025 Revision), to have a minimum of two managing partners. Serious Securities Investment Business Act (2020 Revision) 15(5) Failure of a registered person to notify the Authority of any alteration made in the senior officers of a registered person within twenty-one days of the alteration. Minor Securities Investment Business Act (2020 Revision) 16(1A) Failure of a registered person to provide information related to its securities investment business to the Authority when required by the Authority to do so. Serious Securities Investment Business Act (2020 Revision) 16(4) A person knowingly or recklessly providing any information to the Authority which is false or misleading in a material particular. Very serious Securities Investment Business Act 17(1) Failure of a licensee or a registered person to comply with a written notice given by the Authority. Very serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (2020 Revision) Securities Investment Business Act (2020 Revision) 19(1) Failure of an auditor to immediately give the Authority and the licensee or registered person written notice of that person\u2019s knowledge or belief if an auditor, in the course of carrying out an audit or producing a report under section 17(2A)(e) becomes aware of or has reasonable grounds to believe that the licensee or registered person \u2014 (a) is or is likely to become unable to meet its obligations as they fall due; (b) is carrying on business in breach of this Act or any regulations made hereunder; (c) is carrying on or attempting to carry on business in a manner that is prejudicial to its clients or is winding up its business voluntarily in a manner that is prejudicial to its clients or creditors; or (d) is carrying on or attempting to carry on business without maintaining any or sufficient accounting records or record keeping systems to enable the auditor to carry out an audit or produce a report under section 17(2A)(e). Serious 34 - Securities Investment Business (Conduct of Business) Regulations\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_34\", \"num\": \"34.\", \"text\": \"SECURITIES INVESTMENT BUSINESS (CONDUCT OF BUSINESS) REGULATIONS, Securities Investment Business (Conduct of Business) Regulations, 4(1) Failure of a licensee to at all times maintain insurance to cover, at least \u2014 (a) professional indemnity; (b) the professional liability of senior officers and corporate secretaries; and (c) business interruption, in an amount appropriate to the size, complexity and nature of the securities investment business of the licensee. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Securities Investment Business (Conduct of Business) Regulations, 4(2) Failure of a licensee to file with the Authority current details of the insurance required under paragraph (1) prior to the renewal of a licensee\u2019s securities investment business licence. Minor Securities Investment Business (Conduct of Business) Regulations, 5(1) Failure of a licensee to ensure that the fact that it is regulated by the Authority is disclosed in all correspondence, advertisements and other documents relating to the licensee\u2019s securities investment business. Minor Securities Investment Business (Conduct of Business) Regulations, 5(2) A licensee representing to any person that, because of its status as a licensee, it is indemnified by the Authority or by the government against any loss or damage which may arise from the conduct of its business as a licensee. Serious Securities Investment Business (Conduct of Business) Regulations, 6(1) Failure of a licensee to ensure that every senior officer and employee of the licensee enters into a written undertaking to observe the requirements of paragraph (3). Serious Securities Investment Business (Conduct of Business) Regulations, 6(2) Failure of a licensee to designate its senior officers\u2019 and employees\u2019 own accounts, and any other accounts subject to the requirements in sub-regulation (3), in a manner that enables such accounts to be distinguished from client accounts. Serious Securities Investment 6(3) 1. Failure of a senior officer or employee to obtain the prior written consent of the licensee in order to deal Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Business (Conduct of Business) Regulations, with the senior officer or employee\u2019s own accounting securities of any kind in respect of which the licensee carries on securities investment business which may be general or specific. 2. A senior officer or employee \u2014 (a) dealing in securities for the senior officer\u2019s or employee\u2019s own account with any of the licensee\u2019s clients; or (b) dealing for the senior officer or employee\u2019s own account at a time or in a manner, which the senior officer or employee knows or should know, is likely to have a direct adverse effect on the particular interests of any client of the licensee. 3. Failure of a senior officer or the employee to report promptly to the licensee within two business days any transaction for the senior officer\u2019s or the employee's own account for which permission is required which the senior officer or employee enters into otherwise than through the licensee unless the senior officer or employee has arranged for the licensee to receive promptly a copy of the contract or similar note issued in respect of the transaction. Securities Investment Business (Conduct of Business) Regulations, 6(4) A senior officer or employee who is precluded from entering into a transaction for the senior officer\u2019s or employee\u2019s own account procuring any other person to enter into a transaction on behalf of the senior officer or employee. Serious Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee to establish and maintain compliance procedures designed to ensure that no senior officer accepts any gift or inducement that is likely to conflict with the senior officer\u2019s or employee\u2019s duties to any client of the licensee. Serious Securities Investment 8(1) Failure of a licensee to establish and maintain procedures to ensure that sufficient information is Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Business (Conduct of Business) Regulations, recorded and retained about its securities investment business, in relation to the persons under paragraphs (a) to (e). Securities Investment Business (Conduct of Business) Regulations, 8(2) Failure of a licensee to retain records for a minimum period of five years from the relevant date. Serious Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee to notify the Authority immediately in writing of the occurrence of any of the activities in paragraphs (a) to (s) in relation to the licensee or its securities investment business as the case may be. Serious Securities Investment Business (Conduct of Business) Regulations, 10(2) Failure of a licensee to ensure that an advertisement does not contain or include any of the statements, promises, forecasts or comparisons set out in paragraphs (a) to (g). Serious Securities Investment Business (Conduct of Business) Regulations, 10(3) 1. Failure of a licensee to ensure that the content and format of an advertisement \u2014 (a) is not so designed as to be likely to be misunderstood; (b) is not so designed as to disguise the significance of any warning statement or information which is required to be included or provided under Part III; (c) is not presented in such a way that it is not clearly identifiable as an advertisement; or (d) does not signify in any way that the advertisement is approved by the Authority. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Securities Investment Business (Conduct of Business) Regulations, 10(4) Failure of the holder of a securities investment business license issued under section 6 of the Securities Investment Business Act (2020 Revision) to ensure that an advertisement \u2014 (a) identifies the licensee who issued or made it or caused it to be issued or made including a full address; or (b) discloses the identity of the licensee\u2019s regulator. Serious Securities Investment Business (Conduct of Business) Regulations, 10(5) Failure of the holder of a securities investment business license issued under section 6 of the Securities Investment Business Act (2020 Revision) to ensure that an advertisement specifies all of the terms and conditions that attach to an investment unless \u2014 (a) the terms and conditions which are specified give a fair indication of the nature of the investment and the risks involved; and (b) the advertisement contains or provides information as to how a written statement of all the terms and conditions can be obtained. Serious Securities Investment Business (Conduct of Business) Regulations, 10(6) Failure of the holder of a securities investment business license issued under section 6 of the Securities Investment Business Act (2020 Revision) to ensure that an advertisement discloses any special areas of risk relating to the investment including limited marketability. Serious Securities Investment Business (Conduct of Business) Regulations, 10(7) Failure of the holder of a securities investment business license issued under section 6 of the Securities Investment Business Act (2020 Revision) to ensure that where the value of an investment may fluctuate or is not guaranteed (or both), that an advertisement states that fact prominently. Serious Securities Investment Business (Conduct of 10(8) Failure of the holder of a securities investment business license issued under section 6 of the Securities Investment Business Act (2020 Revision) to ensure that where the value of an investment is guaranteed, that an Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Business) Regulations, advertisement states clearly the nature of the guarantee and to what it relates and whether there are any matters that may affect the investor\u2019s ability to benefit from it. Securities Investment Business (Conduct of Business) Regulations, 10(9) 1. The holder of a securities investment business license issued under section 6 of the Securities Investment Business Act (2020 Revision) publishing an advertisement which specifies a rate of return without specifying how it is calculated. 2. Failure of the holder of a securities investment business licence issued under section 6 of the Securities Investment Business Act (2020 Revision) to ensure that the return or calculation on an advertisement to includes any element that involves any potential reduction of the investor\u2019s capital. Serious Securities Investment Business (Conduct of Business) Regulations, 10(10) Failure of the holder of a securities investment business license issued under section 6 of the Securities Investment Business Act (2020 Revision) to ensure that an advertisement inviting investment in futures, options and contracts for differences and other derivatives, contains or provides a warning of the financial risks attached to such type of investment. Serious Securities Investment Business (Conduct of Business) Regulations, 10(11) Failure of a licensee to keep a record of all advertisements issued or made by it in accordance with regulation 8 and any relevant guidance issued by the Authority under that regulation. Serious Securities Investment Business (Conduct of Business) Regulations, 11(1) Failure of a licensee to \u2014 (a) act with high standards of market conduct, integrity and fair dealing in the conduct of securities investment business; (b) act with due skill, care and diligence in providing any service which that licensee provides or holds themselves out as willing to provide; (c) ensure that clients are provided with sufficient and timely disclosure Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach regarding \u2014 (i) the licensee\u2019s fees, commission and recoverable disbursements; (ii) any risks associated with an investment strategy recommended to a client by the licensee; or (iii) any other matter reasonably to be regarded as necessary to enable the client to make informed decisions regarding securities investment business conducted with or through a licensee; or (d) take reasonable steps to ensure that, in relation to a private client any investment strategy in connection with securities investment business recommended to or executed on behalf that client, is suitable, having regard to all the relevant facts, except where execution-only services are being provided by the licensee. Securities Investment Business (Conduct of Business) Regulations, 11(2) Failure of a licensee to take reasonable steps to ensure that clients are given fair treatment where there is or may be in respect of a securities investment business transaction, a conflict of interest between a licensee and a client or between clients of a licensee. Very Serious Securities Investment Business (Conduct of Business) Regulations, 12(1) Failure of a licensee to classify all persons with or for whom it transacts securities investment business as either private clients, professional clients or market counterparties. Serious Securities Investment Business (Conduct of Business) Regulations, 12(2) A licensee classifying a client who would otherwise be a private client as a professional client where that client does not fall within the definition of a high net worth person where an individual or within the definition of a sophisticated person under paragraph (d)(i) or (ii) of regulation 2 and the licensee has not, in coming to the decision to classify the client as a professional client, Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach complied with the requirements set out in subparagraphs (i), (ii) or (iii). Securities Investment Business (Conduct of Business) Regulations, 12(3) A licensee classifying a client who would otherwise be a professional client as a market counterparty where the requirements set out in paragraphs (a), (b) and (c) have not been met. Serious Securities Investment Business (Conduct of Business) Regulations, 12(4) Failure of a licensee to review classifications at least annually, to ensure that the classifications remain appropriate where a licensee has classified a client as a professional client or a market counterparty under the provision of paragraphs (2) or (3). Minor Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee to ensure that any business that is outstanding is properly completed or is transferred to another licensee where a licensee decides to cease any securities investment business. Minor Securities Investment Business (Conduct of Business) Regulations, A licensee knowingly lending money or extending credit to a private client in connection with securities investment business or arranging for any other person to do so, without \u2014 (a) making and recording an assessment of the private client\u2019s financial standing, based on information disclosed by that client and being satisfied that the arrangements for the loan or credit and the amount concerned are suitable in relation to the type of securities investment agreement proposed or likely to be entered into by the licensee; or (b) the client giving the client\u2019s prior written consent to both the maximum amount of the loan or credit and the amount or basis Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach of any charges to be levied in connection with the loan or credit. Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee to which conducts securities investment business with any client to, subject to regulation 16, do so by means of a written agreement which includes, at a minimum, the matters set out in regulation 17. Serious Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee which is  effecting transactions in a contingent liability investment on behalf of a private client, to specify in a client agreement, in addition to the items in regulation 17 \u2014 (a) the circumstances in which the licensee may require additional money from the client by way of margin; (b) that the minimum margin to be required for an on-exchange transaction must be equal to the margin requirements of the relevant securities investment business intermediary; (c) the form in which the margin may be provided, and the timing thereof; or (d) the steps that the licensee may be required or entitled to take in the event that the client fails to provide the required margin. Serious Securities Investment Business (Conduct of Business) Regulations, 19(1) Failure of a licensee which is exercising discretionary portfolio management for a client to specify  in the client agreement, in addition to the items in regulation 17 \u2014 (a) the extent of discretion to be exercised by the licensee, including any restrictions on the category of investment in which the funds comprised in the portfolio may be invested, or on the amount, or the proportion of the fund which may be invested in any category or any one investment; (b) the frequency with which the client is to be supplied with a statement of the money and the investments comprised in the portfolio and a valuation thereof and the Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach basis of the valuation; (c) if the agreement is to include a measure of portfolio performance, the basis on which that performance is to be measured; or (d) whether hedging or borrowing powers are to be used, and the nature of such powers and limits on their use. Securities Investment Business (Conduct of Business) Regulations, 19(2) Failure of a licensee, on accepting the portfolio referred to under paragraph (1) to, as soon as is practical, send to the client a statement showing the current market value and composition of the portfolio. Minor Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee to, subject to paragraph (2) and after a transaction has been carried out for a client, send to the client or to the client\u2019s order promptly, a contract note with the essential features of the transaction in accordance with regulation 21. Minor Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee to establish effective complaints handling systems and procedures that ensure that \u2014 (a) adequate records of complaints, including a central register, are established and maintained; and (b) all complaints are responded to in writing within fourteen days of receipt of such complaints. Minor Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee to make available to any client, on request, within a reasonable period of time after such request is made \u2014 (a) those parts of any written material and records which relate to that client and which the licensee has sent, or is required to send, to that client under these regulations; or (b) copies of any correspondence received from that client relating to securities Minor Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach investment business, for the period during which it is required to keep relevant records under these regulations. Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee that manages a portfolio for a client to provide a written statement to the client which contains adequate information on the value and composition of the portfolio as at the end of the period covered by the statement \u2014 (a) annually at the request of the client unless paragraph (c) applies; (b) once every quarter unless paragraphs (a) or (c) applies; or (c) monthly where the client\u2019s portfolio includes an uncovered open position in a contingent liability investment. Minor Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee to establish and maintain adequate records and internal controls in respect of any mandate from a client under which the licensee may control a client\u2019s assets or liabilities in connection with securities investment business. Minor Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee to ensure that it secures adequate protection for assets belonging to a client when it is accountable for them, in accordance with Part V and any guidance issued by the Authority. Serious Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee to ensure that it maintains adequate records to enable it to meet any future obligations including the return of equivalent assets to the client where it holds assets as collateral and has exercised any associated rights to treat the assets as its own. Minor Securities Investment Failure of a licensee to ensure that where assets belonging to a client are held with a custodian, the Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Business (Conduct of Business) Regulations, custodian\u2019s records show clearly that the assets belong to one or more clients of the licensee. Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee to effect appropriate registration or recording of legal title to client assets in the name of \u2014 (a) the client; (b) a nominee company; or (c) a custodian, where the licensee has notified the client in writing, or the licensee, where the licensee has obtained the prior written consent of a private client, or in the case of a professional client or a market counterparty, has notified the client, in the case where the asset is subject to the law or market practice of a jurisdiction outside the Islands and the licensee has taken reasonable steps to determine that it is in the best interests of the client to register or record it in that way or that it is not feasible to do otherwise, having regard to the applicable law or market practice, or (d) any other person, at the written direction of the client, provided that in the case of a private client, that other person is not a company within the same group of companies as the licensee. Serious Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee or a custodian to have physical possession of any documents of title. Failure of a licensee to have physical possession the documents of title in accordance with the written instructions of a market counterparty or professional client. Serious Securities Investment Business (Conduct of Business) Regulations, A licensee engaging in stock lending activity with or for a private client or professional client where the activity is not covered in the client agreement under regulation 17. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee to, not less than once every 5 weeks, or with the permission of the Authority, not less than once every six months, perform a reconciliation of its records of client assets for which it is accountable but which are not in the licensee\u2019s physical custody, with statements obtained from custodians or other persons responsible for maintain records of legal entitlement. Minor Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee to, not less than once every six months, carry out \u2014 (a) a count of all client assets it (or a nominee company or group company) physically holds and a reconciliation with its records of such holdings; or (b) a reconciliation between the licensee\u2019s (or a nominee company\u2019s or group company\u2019s) records of holdings of client assets and the records of the location of such holdings. Minor Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee to promptly correct any discrepancies revealed by the reconciliations and make good, or provide the equivalent of, any unreconciled shortfall for which there are reasonable grounds for concluding that the licensee is responsible. Serious Securities Investment Business (Conduct of Business) Regulations, 1. Failure of a licensee to, as often as necessary or on at least one date during its financial year and not less than six months after the previous statement date, provide all active clients within five weeks of the date as at which the statement is made with a statement listing all client assets for which the licensee is accountable. 2. Failure of a licensee to ensure that a statement under sub-regulation (1) \u2014 (a) identifies assets registered in the client\u2019s own name separately from those registered otherwise; Minor SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (b) identifies separately any client assets that are being used as collateral; (c) shows the market value as at the statement date of any collateral held; or (d) in respect of a private client, bases the statement on either the trade date or the settlement date and notifies the client which basis has been used. Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee to secure the proper accounting for and handling of client money. Very serious Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee which receives client money to either \u2014 (a) pay it as soon as possible and in any event no later than the next business day after receipt, into a client bank account; or (b) pay it out in accordance with regulation 46, in order to comply with section 10. Minor Securities Investment Business (Conduct of Business) Regulations, 40(1) Failure of a licensee to, subject to regulation 42, ensure that client money is held at all times in a client bank account with one or more approved banks. Serious Securities Investment Business (Conduct of Business) Regulations, 40(2) Failure of a licensee to, no less than once in each financial year, take reasonable steps to confirm that the bank or banks used for client bank accounts remain appropriate for that purpose in accordance with the relevant guidance issued by the Authority. Serious Securities Investment 41(1) Failure of a licensee that holds or intends to hold client money with an approved bank that is a group company Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Business (Conduct of Business) Regulations, to disclose this fact to the client in writing, together with the name of the bank, and comply with regulation 40(2). Securities Investment Business (Conduct of Business) Regulations, 41(2) Failure of a licensee to either \u2014 (a) deposit the client\u2019s money with another approved bank; or (b) return the client\u2019s money to, or to the order of, the client, where the client gives written notification to a licensee that the client does not want the client\u2019s money to be held with an approved bank that is a group company. Serious Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee to notify a private client that the private client\u2019s money may be held or controlled by a securities investment business intermediary. Serious Securities Investment Business (Conduct of Business) Regulations, Failure of a licensee to ensure that the approved bank at which client money is held confirms to the licensee by means of provisions in the approved bank\u2019s custody agreement with the licensee, mandate provisions or otherwise in writing that \u2014 (a) it understands that all money in any client bank account of a licensee is held by the licensee as trustee; and (b) the bank is not entitled to combine any money in such account with any other account of the licensee or to exercise any right of lien, set-off or counterclaim against money in a client bank account in respect of any debt owed by the licensee. Minor Securities Investment Business (Conduct of Business) Failure of a licensee to, in respect of each business day, ensure that the aggregate balance on its client bank accounts is, by the close of business that day, at least equal to the client money requirement as defined in guidance issued by the Authority, as at the close of Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Regulations, business of the previous business day and ensure that \u2014 (a) any shortfall is paid into a client bank account by the close of business on the day the calculation is performed; or (b) any excess is withdrawn within the same time period. Securities Investment Business (Conduct of Business) Regulations, 45(1) Failure of a licensee to, as often as is necessary to ensure the accuracy of its records, and at least once in every five weeks, perform reconciliations on \u2014 (a) the balance on each client bank account as recorded by the licensee with the balance on that account as recorded by the approved bank with which those accounts are held; (b) the balance, currency by currency, on each client transaction account with securities investment business intermediaries as recorded by the licensee, with the balance as recorded by the intermediaries; or (c) its records of collateral received from clients within ten business days of the date to which the reconciliation relates. Minor Securities Investment Business (Conduct of Business) Regulations, 45(2) Failure of a licensee to correct any discrepancy which arises in any of the reconciliations in subsection (1), as soon as possible, unless the discrepancy arises solely as a result of timing differences between the accounting systems of the approved bank or securities investment business intermediary and those of the licensee. Serious Securities Investment Business (Conduct of Business) Regulations, 45(3) Failure of a licensee to cover the shortfall, for the period that a discrepancy remains unsolved where one set of records involved in the reconciliation indicates a shortfall in client money balances. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach 35 - Securities Investment Business (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_35\", \"num\": \"35.\", \"text\": \"SECURITIES INVESTMENT BUSINESS (EU CONNECTED FUND (ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE)) REGULATIONS, 2016 Securities Investment Business (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 3(1) Failure of a person who is required to make a notification to the Authority pursuant to section 5(2) or 5(2A) of the Securities Investment Business Act (2020 Revision) and \u2014 (a) is not a licensee and who is an EU Connected Manager who is not a person who carries on or purports to carry on securities investment business in relation to any of the activities set out in paragraph 7 of Schedule 2 of the Securities Investment Business Act (2020 Revision); or (b) is a licensee and who is an EU Connected Manager who is not a person who carries on or purports to carry on securities investment business in relation to any of the activities set out in paragraph 7 of Schedule 2 of the Securities Investment Business Act (2020 Revision), to provide to the Authority in the form designated by the Authority, the information set out in paragraphs (aa) to (ff). Serious Securities Investment Business (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 3(2) Failure of a person who is required to comply with regulation 3(1) who intends to obtain or who has obtained an EU Passport to further provide to the Authority the information set out under paragraphs (a) and (b). Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Securities Investment Business (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 4(1) Failure of a person who has complied with regulation 3 to, for each EU Connected Fund in relation to which the activities in paragraphs 5 or 6 of Schedule 2 of the Securities Investment Business Act (2020 Revision) are carried on, provide the Authority with the information set out under paragraphs (a) to (d). Serious Securities Investment Business (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 4(2) Failure of a person who complies with regulation 4(1) who intends to obtain or who has obtained an EU Passport to further provide to the Authority the information set out under paragraphs (a) to (c). Minor Securities Investment Business (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 6(1) Failure of a Cayman Islands AIFM to at all times, maintain such amount of capital that is the greater of \u2014 (a) the amount of capital and own funds the Cayman Islands AIFM is required to maintain in compliance with the Schedule; or (b) the financial resource requirement the Cayman Islands AIFM is required to maintain under the Securities Investment Business (Financial Requirements and Standards) Regulations (2003). Serious Securities Investment Business (EU Connected Fund (Alternative Investment Fund Managers 6(2) 1. Failure of a Cayman Islands AIFM to notify the Authority forthwith in writing where the Cayman Islands AIFM has reason to believe that the Cayman Islands AIFM is in breach of the capital requirements stipulated in paragraph (1) or anticipates being in breach within a period of one month. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Directive)) Regulations, 2. Failure of a Cayman Islands AIFM to specify in the notice the steps which the Cayman Islands AIFM is taking or has taken to remedy the breach. Securities Investment Business (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, Failure of a licensee to inform the Authority in writing within seven days of ceasing to be a Cayman Islands AIFM and to submit the following and any other information required by the Authority to amend the licensee\u2019s licence \u2014 (a) the licensee\u2019s licence certificate; (b) the reason why the licensee is no longer an EU Connected Manager; or (c) written confirmation indicating whether the EU Connected Funds previously managed or marketed by the licensee have been wound up or transferred. Serious Securities Investment Business (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 8(a) Failure of a licensee to inform the Authority in writing of a change in any of the information provided to the Authority pursuant to regulation 3 within seven days. Serious Securities Investment Business (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 8(b) Failure of a licensee to inform the Authority in writing of a change in any of the information provided to the Authority pursuant to regulation 4 within twenty-one days. Serious Securities Investment 8(c) Failure of a licensee to inform the Authority in writing of a change in any of the information provided to the Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Business (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, Authority upon making a notification under regulation 4, within twenty-one days of commencing activities in respect of the EU Connected Fund. Securities Investment Business (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 8(d) Failure of a licensee to inform the Authority in writing of a change in any of the information provided to the Authority immediately upon submitting an application for an EU Passport, the information required at regulation 3(1)(ff) and regulation 4. Serious Securities Investment Business (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, Failure of a Cayman Islands AIFM to, within six months of its financial year, provide together with the documents required to be submitted to the Authority pursuant to section 13 of the Securities Investment Business Act (2020 Revision) and the Securities Investment Business (Financial Requirements and Standards) Regulations, 2003 \u2014 (a) a declaration confirming compliance with regulations 3, 4 and 8 as at the end of the financial year; (b) evidence of authorisation of the Cayman Islands AIFM from the relevant EU Member State, if applicable; or (c) a declaration that the Cayman Islands AIFM is compliant with all of the requirements of the AIFMD that are applicable to the Cayman Islands AIFM and the requirements of the Cayman Islands AIFM\u2019s Member State of reference under the AIFMD if authorised as an AIFM in a Member State. Serious Securities Failure of a Cayman Islands AIFM to comply at all times Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Investment Business (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, with the requirements of the Schedule applicable to the Cayman Islands AIFM to the extent required in accordance with the AIFMD. Securities Investment Business (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 13(a) Failure of an EU Connected Manager referred to in regulation 12 to notify the Authority within twenty-one days of any change to the information provided under that regulation. Serious Securities Investment Business (EU Connected Fund (Alternative Investment Fund Managers Directive)) Regulations, 13(b) Failure of an EU Connected Manager referred to in regulation 12 to notify the Authority within twenty-one days of the EU Connected Manager ceasing to be an EU Connected Manager. Serious Securities Investment Business (EU Connected Fund (Alternative Investment Fund Managers Directive)) Failure of an EU Connected Manager, at all times when requested by the Authority, to provide the Authority with all information necessary for the Authority to satisfy itself that the EU Connected Manager is in compliance with the provisions of these Regulations and the AIFMD as are applicable to the EU Connected Manager. Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Regulations, 36 - Securities Investment Business (Financial Requirements and Standards) Regulations\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_36\", \"num\": \"36.\", \"text\": \"SECURITIES INVESTMENT BUSINESS (FINANCIAL REQUIREMENTS AND STANDARDS) REGULATIONS, 2003 Securities Investment Business (Financial Requirements and Standards) Regulations, Failure of a licensee to maintain adequate financial resources to meet its securities investment business commitments or to withstand the risk to which its business is subject. Serious Securities Investment Business (Financial Requirements and Standards) Regulations, A licensee using a currency other than the Cayman Islands dollar or United States dollar as the licensee\u2019s reporting currency without the prior approval of the Authority. Serious Securities Investment Business (Financial Requirements and Standards) Regulations, 1. Failure of a licensee to \u2014 (b) maintain adequate and current accounting records; or (c) maintain internal systems and controls and risk management processes that are adequate for the size, nature and complexity of its securities investment business activities. 2. Failure of a licensee to maintain accounting records which provide accounting information for any period during the five years immediately preceding the date on which a license was first granted to the licensee Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach by the Authority. Securities Investment Business (Financial Requirements and Standards) Regulations, Failure of a licensee to perform reconciliations \u2014 (a) at least once every five weeks on all balances with banks or building societies and correct any difference forthwith, unless the difference arises solely as a result of identified differences in timing between the records of the licensee and the bank or building society; (b) at least once every five weeks, on all balances and positions with securities investment business intermediaries and correct any differences by agreement with the relevant intermediary on a timely basis; or (c) at least once every business day, on the licensee\u2019s own margin accounts with securities investment business intermediaries and correct any differences by agreement with the relevant intermediary on a timely basis. Serious Securities Investment Business (Financial Requirements and Standards) Regulations, 1. Failure of a licensee to submit to the Authority the documents and supplementary information under paragraphs (a) to (c). 2. Failure of a licensee to submit the audited accounts of each subsidiary and consolidated audited accounts, together with the annual audited accounts of the licensee itself, where the license has a subsidiary or subsidiaries. Serious Securities Investment Business (Financial Requirements and Standards) Regulations, 1. Failure of a licensee to calculate its financial resources and its financial resource requirement in accordance with Schedule 1 and any relevant guidance issued by the Authority under section 12. 2. Failure of a licensee to ensure that the licensee\u2019s base requirement in Schedule 1 is greater of one quarter of relevant annual expenditure and \u2014 (d) in the case of broker-dealers, market makers and securities managers, one hundred thousand dollars; or Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (e) in the case of all other licensees, fifteen thousand dollars. 3. Failure of a licensee to maintain financial resources in excess of its financial resources requirement at all times. Securities Investment Business (Financial Requirements and Standards) Regulations, Failure of a licensee to \u2014 (a) obtain the written consent of the Authority before seeking to reduce or change the nature of its issued capital, or the rights and obligations of shareholders; (b) report to the Authority the acquisition of ten per cent or more of the voting shares of another company; or (c) obtain the prior written consent of the Authority regarding any agreement to sell or merge the whole or any part of the licensee to or with a third party. Serious 37 - Securities Investment Business (Registration and Deregistration) Regulations\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_37\", \"num\": \"37.\", \"text\": \"SECURITIES INVESTMENT BUSINESS (REGISTRATION AND DEREGISTRATION) REGULATIONS, 2019 Securities Investment Business (Registration and Deregistration) Regulations, 2(1) Failure of an applicant for registration as a registered person under the Securities Investment Business Act (2020 Revision) to submit to the Authority \u2014 (a) the completed application form; (b) any other information requested by the Authority for the purposes of assessing the application; or (c) the registration fee specified in regulation 9. Very Serious Securities Investment Business (Registration and 3(1) Failure of a registered person that ceases to carry on any regulated activity listed in Schedule 2 of the Securities Investment Business Act (2020 Revision) to apply to the Authority for deregistration in accordance with regulation 3. Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Deregistration) Regulations, Securities Investment Business (Registration and Deregistration) Regulations, 3(2) Failure of an applicant, prior to applying for deregistration, to ensure that \u2014 (a) the relevant fees are paid; (b) the applicant\u2019s required annual declarations have been submitted; or (c) the applicant has no outstanding queries from, or regulatory filings with, the Authority. Serious Securities Investment Business (Registration and Deregistration) Regulations, 3(3) Failure of an applicant for deregistration to submit to the Authority, all or any of the following \u2014 (a) written notice of the applicant\u2019s intention to deregister in accordance with section 5(4B) of the Securities  Investment Business Act (2020 Revision); (b) the fee for deregistration specified in regulation 9; (c) a certified copy of the resolution of its senior officers which indicates the date on which the registered person has ceased to carry on, as a business, the relevant regulated activities listed in Schedule 2 of the Securities  Investment Business Act (2020 Revision); and (d) an affidavit which is filed in accordance with paragraph (4). Serious Securities Investment Business (Registration and Deregistration) Regulations, 3(4) Failure of a senior officer of the applicant for deregistration to file an affidavit for, or on behalf of, the applicant, that attests to the following \u2014 (a) the reason for the cessation of business; (b) that, as far as the senior officer is aware, the applicant has operated in accordance with its articles or other constitutional documents; (c) that all client relationships have been properly terminated or transferred to another service provider; (d) that the applicant has not conducted its securities investment business and has not Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach wound up such business in a manner that is prejudicial to its clients and creditors; and (e) that the applicant intends either \u2014 (i) to continue as a legal entity in the Islands; (ii) to apply to be struck-off from the relevant  register by the respective Registrar in the Islands; or (iii) to merge with another registered person. Securities Investment Business (Registration and Deregistration) Regulations, 1. Failure of a registered person that ceases to carry on securities investment business due to the commencement of voluntary liquidation of the registered person to apply to the Authority for deregistration. 2. Failure of a registered person that ceases to carry on securities investment business due to the commencement of voluntary liquidation of the registered person to provide the following to the Authority \u2014 (a) notice of voluntary winding up of the registered person (Form No. 19 of the Companies Winding Up Rules (2023 Consolidation); (b) voluntary liquidator\u2019s consent to act (Form No. 20 of the Companies Winding Up Rules (2023 Consolidation); or (c) a declaration of solvency (Form No. 21 of the Companies Winding Up Rules (2023 Consolidation). Serious Securities Investment Business (Registration and Deregistration) Regulations, 1. Failure of a registered person that ceases to carry on securities investment business due to the court supervised or appointed liquidation of the registered person to apply to the Authority for deregistration. 2. Failure of a registered person that ceases to carry on securities investment business due to the court supervised or appointed liquidation of the registered person to provide to the Authority a certified copy of the supervision or winding up order issued by the Serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Grand Court. Securities Investment Business (Registration and Deregistration) Regulations, 6(1) 1. Failure of a registered person that ceases to carry on securities investment business in the Islands by reason of its intended merger with another registered person to apply to the Authority for deregistration. 2. Failure of a registered person that ceases to carry on securities investment business in the Islands by reason of its intended merger with another registered person to provide any or all of the following to the Authority \u2014 (a) an application to the Authority for prior approval of the merger which is accompanied by \u2014 (i) resolutions of the merging and surviving parties; or (ii) the plan of merger and appendices; or (b) such other documents as the Authority may specify. Serious Securities Investment Business (Registration and Deregistration) Regulations, 6(2) Where the Authority approves the application referred to in paragraph (1)(a), failure of the surviving registered person, upon the merger becoming effective, to provide to the Authority a certified copy of the certificate of merger within seven days of its issuance. Minor Securities Investment Business (Registration and Deregistration) Regulations, Failure of a registered person that ceases to carry on securities investment business in the Islands by reason of the transfer of its legal entity to another jurisdiction to apply for deregistration in accordance with paragraph (2). Serious Securities Investment 8(1) Failure of a registered person that has never carried on business as a registered person to apply for Serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Business (Registration and Deregistration) Regulations, deregistration in accordance with paragraph (2). Securities Investment Business (Registration and Deregistration) Regulations, 9(1) Failure of an applicant for registration as a registered person under the Securities Investment Business Act (2020 Revision) to pay the prescribed registration fee to the Authority. Minor Securities Investment Business (Registration and Deregistration) Regulations, 9(2) Failure of a registered person to pay the prescribed annual fee to the Authority. Minor Securities Investment Business (Registration and Deregistration) Regulations, 9(3) Failure of a registered person that seeks to deregister a securities investment business to pay the prescribed deregistration fee to the Authority. Minor\u201d. 38 - Virtual Assets (Service Providers) Act\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_38\", \"num\": \"38.\", \"text\": \"Virtual Asset (Service Providers) Act (2025 Revision) Virtual Asset (Service Providers) Act (2025 Revision) 4(1)(a) Subject to sections 4(2) and 4(3), a person carrying on or purporting to carry on, virtual asset service in or from within the Islands where the person is not a registered person in accordance with this Act. Very serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Virtual Asset (Service Providers) Act (2025 Revision) 4(2) A natural person carrying on, or purporting to carry on, in or from within the Islands virtual asset service as a business or in the course of business. Very serious Virtual Asset (Service Providers) Act (2025 Revision) 5(5) 1. Failure of a registered person to pay the prescribed renewal fee on or before 15th January in each year. 2. Failure of a registered person who does not pay the prescribed renewal fee on or before the 15th day of January in each year, to pay the surcharge of one-twelfth of that fee for every month, or part of a month, after 15th January in each year that the fee is not paid. Minor Virtual Asset (Service Providers) Act (2025 Revision) 6(1)(a) Subject to section 6(3), failure of a person who is not an existing licensee to apply to be a registered person under the Virtual Asset (Service Providers) Act (2025 Revision), where the person at the commencement of the Virtual Asset (Service Providers) Act, 2020 [Law 14 of 2020] is carrying on virtual asset service for which a licence is required under the Virtual Asset (Service Providers) Act (2025 Revision). Very serious Virtual Asset (Service Providers) Act (2025 Revision) 6(5) Failure of a registered person to notify the Authority within fifteen days of any changes to the information provided under section 6(1) that occurs after submission of the application. Very serious Virtual Asset (Service Providers) Act (2025 Revision) 6(7) A registered person publicly stating, implying or conveying that it is licensed or regulated in the Islands. Very serious Virtual Asset (Service Providers) Act (2025 Revision) 9(1) Failure of a virtual asset service provider to provide at its expense, an auditor\u2019s report, prepared by an independent auditor, on the anti-money laundering systems and procedures for compliance with the AntiMoney Laundering Regulations (2025 Revision), where required to do so by the Authority. Very serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Virtual Asset (Service Providers) Act (2025 Revision) 9(2) 1. Failure of a virtual asset service provider to prepare accounts annually. 2. Failure of a virtual asset service provider to make its accounts available for inspection upon request by the Authority at the registered office at such reasonable time as the Authority may specify. Very serious Virtual Asset (Service Providers) Act (2025 Revision) 9(3) Failure of a virtual asset service provider to \u2014 (a) ensure that \u2014 (i) its senior officers and trustees are fit and proper persons to hold the respective positions; and (ii) its beneficial owners are fit and proper persons to have such control or ownership; (b) take such steps as may be necessary to protect and secure the personal data and virtual assets of its clients; (c) ensure that all communications relating to the virtual asset service are accurate; (d) comply with the Anti-Money Laundering Regulations (2025 Revision) and other laws relating to the combating of money laundering, terrorist financing and proliferation financing; (e) for the purpose of ensuring compliance with the Anti-Money Laundering Regulations (2025 Revision), put in place anti-money laundering systems and procedures; or (f) designate an employee as the officer with responsibility for the procedures for combating money laundering, terrorist financing and proliferation financing. Very serious Virtual Asset (Service Providers) Act (2025 Revision) 9(4) Failure of a virtual asset service provider to \u2014 (a) have a registered office in the Islands; (b) provide documents, statements or such other information that may be required by the Authority to enable it to properly perform any of its functions under the Law; (c) notify the Authority of \u2014 Very serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach (i) any licence or registration in another jurisdiction; (ii) the opening of an office or establishing a physical presence in another jurisdiction; (iii) any penalties that are imposed or enforcement actions taken against it in another jurisdiction; or (iv) the holding of, or the acquisition of, a controlling interest in another person or legal arrangement engaged in virtual asset service; or (d) provide such other information as may be specified by the Authority. Virtual Asset (Service Providers) Act (2025 Revision) 9(5) 1. Failure of a virtual asset service provider, when performing a transfer of virtual assets, to collect and maintain information on the beneficiary and originator of the transfer in accordance with the Anti-Money Laundering Regulations (2025 Revision) and any additional information specified by the Authority, for all transfers performed and to comply with any other requirements outlined therein. 2. Failure of a virtual asset service provider to ensure that its records that are collected and maintained are made available, at the request of the Authority or any competent authority, through its registered office. 3. Failure of a virtual asset service provider to provide to the Authority or any competent authority the information requested under section 9(5)(a) within forty-eight hours of receipt of the request. Very serious Virtual Asset (Service Providers) Act (2025 Revision) 9(8) A virtual asset service provider appointing \u2014 (a) a senior officer or trustee; or (b) an anti-money laundering compliance officer, without the prior approval of the Authority. Very serious SCHEDULE 1 Monetary Authority (Administrative Fines) Regulations (2025 Revision) Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Virtual Asset (Service Providers) Act (2025 Revision) 15(1) Failure of an existing licensee who wishes to carry on virtual asset service to notify the Authority, in the manner specified by the Authority, advising of the nature and scope of the virtual asset service that the existing licensee wishes to carry on. Serious Virtual Asset (Service Providers) Act (2025 Revision) 24(3) A person knowingly or recklessly providing any information to the Authority which is false or misleading in a material respect. Very serious Virtual Asset (Service Providers) Act (2025 Revision) 25(2)(b) A virtual asset service provider carrying on business fraudulently or otherwise in a manner detrimental to the public interest, to the interest of its clients or to the interest of its creditors. Very serious Virtual Asset (Service Providers) Act (2025 Revision) 25(2)(c) A virtual asset service provider contravening any provision of the Virtual Asset (Service Providers) Act (2025 Revision), or of any regulations made under the Virtual Asset (Service Providers) Act (2025 Revision) or of the Anti-Money Laundering Regulations (2025 Revision). Very serious Virtual Asset (Service Providers) Act (2025 Revision) 25(2)(d) Failure of a virtual asset service provider to comply with a condition of its licence and registration. Very serious Virtual Asset (Service Providers) Act (2025 Revision) 25(2)(e) Failure of virtual asset service provider to conduct the direction and management of its business in a fit and proper manner. Very serious Virtual Asset (Service Providers) Act (2025 Revision) 25(2)(f) A virtual asset service provider having senior officers, trustees or persons who have acquired ownership or control who are not fit and proper persons. Very serious Virtual Asset (Service Providers) Act (2025 Revision) 25(2)(g) A virtual asset service provider which is a \u201ccorporate services provider\u201d, as defined in the Beneficial Ownership Transparency Act, 2023 [Act 13 of 2023] in contravention of that Act. Very serious Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 1 Column 1 Title of Act, Regulation or Rule Column 2 Prescribed provision Column 3 Description of breach Column 4 Category of breach Virtual Asset (Service Providers) Act (2025 Revision) 28(1) 1. A virtual asset service provider issuing shares totalling ten per cent or more of the total shares in a company which is a virtual asset service provider under the Virtual Asset (Service Providers) Act (2025 Revision), without the prior approval of the Authority. 2. A person or a virtual asset service provider voluntarily transferring or disposing of issued shares or interests without the prior approval of the Authority. Serious Virtual Asset (Service Providers) Act (2025 Revision) 28(3) Failure of a virtual asset service provider to provide such information to the Authority, and within the specific time as the Authority may require, for the purpose of assessing whether persons acquiring control or ownership of such shares or partnership interest in accordance with section 28(1) or (2) as the case may be, are fit and proper persons to have such control or ownership. Serious Virtual Asset (Service Providers) Act (2025 Revision) 28(5) Failure of a company or partnership to inform the Authority of the number of shares or interests and the identity of the person in whom the shares or interests have vested as soon as it becomes aware that shares in a company or the interests in a partnership which is a virtual asset service provider have been vested involuntarily or through process of law in a person. Serious SCHEDULE 2 Monetary Authority (Administrative Fines) Regulations (2025 Revision) SCHEDULE 2 PRESCRIBED FORMS (regulations 8 and 10) PART 1 - BREACH AND FINE NOTICES FORM 1 BREACH NOTICE FOR PROPOSED FIXED FINE Monetary Authority Act (2020 Revision), ss 42A and 42B Monetary Authority (Administrative Fines) Regulations (2025 Revision) To: [Here insert the party\u2019s name and address] (\u201cyou\u201d). At [delete whichever of the following is not applicable]: [Here insert the party\u2019s physical address. OR Here insert the party\u2019s email for notices from the Authority to the party under regulation 28.] TAKE NOTICE that the Cayman Islands Monetary Authority proposes to impose a fixed fine of five thousand dollars on you. Particulars are as follows: \u2022 The relevant prescribed provision is: [Here insert the prescribed provision from column 2 in Schedule 1 that the Authority believes has been breached and the full citation of the primary law.] \u2022 The facts and circumstances the Authority believes constituted the breach are: Monetary Authority (Administrative Fines) Regulations (2025 Revision) FORM 1 [Here insert the facts and circumstances contended to constitute the breach and any relevant surrounding circumstances.] \u2022 The amount of five thousand dollars is fixed under s 42B(1) of the Monetary Authority Act (2020 Revision). AND TAKE FURTHER NOTICE that, within [Here insert \u201c30 days\u201d OR \u201cany longer period the Authority decides] after the giving of this notice to you, you may give the Authority a rectification notice or a notice making representations about whether it should impose the fine. Dated ______________________, 20_____. ______________________________________________________ Signed on behalf of the Cayman Islands Monetary Authority FORM 2 Monetary Authority (Administrative Fines) Regulations (2025 Revision) FORM 2 BREACH NOTICE FOR PROPOSED DISCRETIONARY FINE Monetary Authority Act (2020 Revision), ss 42A and 42B Monetary Authority (Administrative Fines) Regulations (2025 Revision) To: [Here insert the party\u2019s name and address] (\u201cyou\u201d). At [delete whichever of the following is not applicable]: [Here insert the party\u2019s physical address. OR Here insert any email address under regulation28 for notices from the Authority to the party.] TAKE NOTICE that the Cayman Islands Monetary Authority proposes to impose a discretionary fine of [Here insert the amount of the proposed fine.] on you. Particulars are as follows: \u2022 The relevant prescribed provision is: [Here insert the prescribed provision from column 2 in Schedule 1 that the Authority believes has been breached and the full citation of the primary law.] \u2022 The facts and circumstances the Authority believes constituted the breach are: [Here insert the facts and circumstances contended to constitute the breach and any relevant surrounding circumstances.] AND TAKE FURTHER NOTICE that within [Here insert \u201c30 days\u201d OR \u201cany longer period the Authority decides] after the giving of this notice to you, you may give the Authority a notice making representations about whether it should impose the fine, the proposed amount of the fine, or both. Dated ______________________, 20_____. ______________________________________________________ Signed on behalf of the Cayman Islands Monetary Authority Monetary Authority (Administrative Fines) Regulations (2025 Revision) FORM 3 FORM 3 FINE NOTICE FOR FIXED FINE Monetary Authority Act (2020 Revision), ss 42A and 42B Monetary Authority (Administrative Fines) Regulations (2025 Revision) To: [Here insert the party\u2019s name and address] (\u201cyou\u201d). At [delete whichever of the following is not applicable]: [Here insert the party\u2019s physical address. OR Here insert any email address under regulation28 for notices from the Authority to the party.] TAKE NOTICE that the Cayman Islands Monetary Authority has imposed a fixed fine of five thousand dollars on you. You are required to pay the fine [Here insert \u201cimmediately\u201d or, if the Authority has decided to give time to pay, the period within which the fine is required to be paid.] Particulars are as follows: \u2022 The relevant prescribed provision is: [Here insert the prescribed provision from column 2 in Schedule 1 that the Authority believes has been breached and the full citation of the primary law.] \u2022 The reasons for the decision to impose the fine are [delete whichever of the following is not applicable]: [Here insert: (a) If no reply to the relevant breach notice was given during the reply period: \u201cthe reply period has ended, the Authority still holds the belief stated in the relevant breach notice and that, consequentially, s 42B of the Act and regulation14(2) of the Regulations requires the fine to be imposed\u201d. FORM 3 Monetary Authority (Administrative Fines) Regulations (2025 Revision) OR (b) if such a reply was given, the Authority\u2019s findings on each matter raised in the reply that is relevant to the issue of whether a fine should be imposed.] AND TAKE FURTHER NOTICE of the following under the Act and Regulations: \u2022 Under s 42B(1), the amount of the fine is fixed at five thousand dollars. \u2022 Under regulation 13 you may, within 30 days after receiving this notice, issue a rectification notice to the Authority if you have rectified the breach specified in this notice within that period. \u2022 Under Part 4 of the Regulations you may, within 30 days after receiving this notice, apply to the Authority\u2019s Management Committee to review the decision to impose the fine. However, you cannot apply for a review of the amount of the fine. \u2022 Form 6 under Schedule 2 to the Regulations is to be used for any such application. \u2022 Compound interest accrues on the fine at daily rests until all of the fine and the interest have been paid. \u2022 The Authority may enforce the fine and interest as a debt. \u2022 Under s 42B, the Authority may also impose further fines on you of up to twenty thousand dollars in total if the fine is not paid and the breach does not stop or is not remedied. Dated ______________________, 20_____. ______________________________________________________ Signed on behalf of the Cayman Islands Monetary Authority Monetary Authority (Administrative Fines) Regulations (2025 Revision) FORM 4 FORM 4 FINE NOTICE FOR FIXED FINE (CONTINUING) Monetary Authority Act (2020 Revision), ss 42A and 42B Monetary Authority (Administrative Fines) Regulations (2025 Revision) To: [Here insert the party\u2019s name and address] (\u201cyou\u201d). At [delete whichever of the following is not applicable]: [Here insert the party\u2019s physical address. OR Here insert any email address under regulation28 for notices from the Authority to the party.] TAKE NOTICE that the Cayman Islands Monetary Authority has imposed a fixed fine (continuing) of five thousand dollars (\u201cthis fine\u201d) on you. You are required to pay this fine [Here insert \u201cimmediately\u201d or, if the Authority has decided to give time to pay, the period within which this fine is required to be paid.] Particulars are as follows: \u2022 This fine relates to a fine notice for a fixed fine (primary) given to you that was dated [Here insert date of the relevant fixed fine and, if more than 2 were given on that day, otherwise identify that fine.]. \u2022 The reason for imposing this fine is that the ground under s 42B(2) of the Act for imposing this fine exists, namely that: (a) the breach for which the fixed fine was imposed has not stopped and has not been remedied; and (b) the fine imposed by the fixed fine (and any previous fixed fines (continuing) imposed for the fixed fine) have not been paid. AND TAKE FURTHER NOTICE of the following under the Act and Regulations: \u2022 Under s 42B(2), the amount of this fine is fixed at five thousand dollars. FORM 4 Monetary Authority (Administrative Fines) Regulations (2025 Revision) \u2022 Under Part 4 of the Regulations you may, within 30 days after receiving this notice, apply to the Authority\u2019s Management Committee to review the decision to impose the fine. However, you cannot apply for a review of the amount of this fine. \u2022 Form 6 under Schedule 2 to the Regulations is to be used for any such application. \u2022 Compound interest accrues on this fine at daily rests until all of this fine and the interest have been paid. \u2022 The Authority may enforce this fine and the interest against you as a debt. Dated ______________________, 20_____. ______________________________________________________ Signed on behalf of the Cayman Islands Monetary Authority Monetary Authority (Administrative Fines) Regulations (2025 Revision) FORM 5 FORM 5 FINE NOTICE FOR DISCRETIONARY FINE Monetary Authority Act (2020 Revision), ss 42A and 42B Monetary Authority (Administrative Fines) Regulations (2025 Revision) To: [Here insert the party\u2019s name and address] (\u201cyou\u201d). At [delete whichever of the following is not applicable]: [Here insert the party\u2019s physical address. OR Here insert any email address under regulation28 for notices from the Authority to the party.] TAKE NOTICE that the Cayman Islands Monetary Authority has imposed a discretionary fine of [Here insert the amount of the discretionary fine.] on you. You are required to pay the fine [Here insert \u201cimmediately\u201d or, if the Authority has decided to give time to pay, the period within which the fine is required to be paid.] Particulars are as follows: \u2022 The relevant prescribed provision is: [Here insert the prescribed provision from column 2 in Schedule 1 that the Authority believes has been breached and the full citation of the primary law.] \u2022 The reasons for the decision to impose the fine are: [Here insert the reasons. Also, if a reply was given to the relevant breach notice (if any) during the reply period, also insert the Authority\u2019s findings on each matter raised in the reply that addressed the issue of whether a fine should be imposed.] \u2022 The reasons for the amount of the fine are: FORM 5 Monetary Authority (Administrative Fines) Regulations (2025 Revision) [Here insert the reasons. Also, if a reply addressed the issue of the amount, also insert the Authority\u2019s findings on each relevant matter raised in the reply.] AND TAKE FURTHER NOTICE of the following under the Act and Regulations: \u2022 Under Part 4 of the Regulations you may within 30 days after receiving this notice, apply to the Grand Court for leave to appeal against the decision to impose the fine or its amount, or both. [Omit this paragraph if the party entered into a discount agreement for the breach and the fine is no more than the amount agreed under the agreement.] \u2022 Compound interest accrues on the fine at daily rests until all of the fine and the interest have been paid. \u2022 The Authority may enforce the fine and interest as a debt. Dated ______________________, 20_____. ______________________________________________________ Signed on behalf of the Cayman Islands Monetary Authority Monetary Authority (Administrative Fines) Regulations (2025 Revision) PART 2 - REVIEWS AND APPEALS PART 2 - REVIEWS AND APPEALS FORM 6 APPLICATION TO REVIEW FIXED FINE The Monetary Authority (Administrative Fines) Regulations (2025 Revision) To: the Cayman Islands Monetary Authority At [delete whichever of the following is not applicable]: [Here insert the Authority\u2019s physical address. OR If the Authority has accepted the sending of applications to review fixed fines at a particular email address, here insert that address.] TAKE NOTICE that, under regulation 16, the following party applies to the Authority\u2019s Management Committee for that committee to review the decision to impose the fixed fine imposed by the fine notice received by the party on [Here insert date the notice was received and, if more than 2 were given on that day, otherwise identify the fine.]. Party\u2019s full name: [Here insert the party\u2019s full name] The party\u2019s physical address is: [Here insert the party\u2019s physical address] The party\u2019s email address for notices from the Authority to the party is [Here insert the party\u2019s email address] Particulars about the application are as follows: \u2022 The relevant prescribed provision set out in the fine notice is: [Here insert the prescribed provision as per the fine notice.] \u2022 The grounds on which the party relies on for the review are: FORM 6 Monetary Authority (Administrative Fines) Regulations (2025 Revision) [Here insert fully the grounds relied on.] \u2022 The facts and circumstances that the party relies on for the grounds are: [Here insert the facts and circumstances relied on, including those contended to be different from those set out in the relevant breach notice and any relevant surrounding circumstances.] Dated ______________________, 20_____. ______________________________________________________ Signed on behalf of the Party ______________________________________________________ Position with the party (If the party is not an individual) Monetary Authority (Administrative Fines) Regulations (2025 Revision) FORM 7 FORM 7 REVIEW DECISION FOR FIXED FINE The Monetary Authority (Administrative Fines) Regulations (2025 Revision) To: Party\u2019s full name: [Here insert the party\u2019s full name] To: [Here insert the party\u2019s name and address] (\u201cyou\u201d). At [delete whichever of the following is not applicable]: [Here insert the party\u2019s physical address. OR Here insert any email address under regulation28 for notices from the Authority to the party.] Date of relevant fixed fine: [Here insert the date of relevant fixed fine and, if more than 2 were given on that day, otherwise identify that fine.]. TAKE NOTICE that the Authority\u2019s Management Committee has reconsidered the decision to impose the fine and decided to [affirm the decision OR set the decision aside. (delete whichever is not applicable)]. [Omit the following 2 paragraphs if the review decision is to set aside.] The Committee\u2019s findings on each ground on which the review was sought and its reasons for each finding are: [Here insert the findings on each ground and the reasons for each finding.] Dated ______________________, 20_____. ______________________________________________________ Signed on behalf of the Management Committee of the Cayman Islands Monetary Authority PART 3 - ENFORCEMENT Monetary Authority (Administrative Fines) Regulations (2025 Revision) PART 3 - ENFORCEMENT FORM 8 CERTIFICATE OF FINE AND INTEREST OWING Monetary Authority Act (2020 Revision) Monetary Authority (Administrative Fines) Regulations (2025 Revision) I certify as follows under regulation 30(3)(d) \u2014 1. I am the managing director\/acting managing director [delete whichever is not applicable] of the Cayman Islands Monetary Authority, having been duly appointed under s 13 of the Monetary Authority Act (2020 Revision). 2. The following fine and interest on it are owing to the Crown under the Act and Regulations: Debtor: [Here  insert party\u2019s name as per the fine notice] Amount of fine: [Here insert amount of fine] Due date: [Here insert the day the fine was required to be paid under the relevant fine notice] Interest to date: [Here insert the amount of interest, worked out under regulation 25]. Total of fine and interest: [Here insert the total amount of the fine and interest]. 3. Annexed and marked with the letter \u201cA\u201d is a true copy of the fine notice that imposed the fine, given to the debtor. 4. The fine has not been stayed. Dated ______________________, 20_____. ______________________________________________________ Signature ______________________________________________________ Full name Managing Director\/Managing Director\u2019s delegate [delete whichever is not applicable] as appointed under s 13 of the Cayman Islands Monetary Authority Act (2020 Revision). Monetary Authority (Administrative Fines) Regulations (2025 Revision) FORM 8 Publication in consolidated and revised form authorised by the Cabinet this 21st day of January, 2025. Kim Bullings Clerk of the Cabinet. Monetary Authority (Administrative Fines) Regulations (2025 Revision) ENDNOTES ENDNOTES Table of Legislation history: SL # Act\/Law # Legislation Commencement Gazette 28\/2024 Monetary Authority (Administrative Fines) (Amendment) Regulations, 2024 31-Jul-2024 LG26\/2024\/s13 (2022 Revision) 25-Jan-2022 LG5\/2022\/s7 162\/2020 Monetary Authority (Administrative Fines) (Amendment) (No. 3) Regulations, 2020 9-Dec-2020 LG90\/2020\/s1 56\/2020 Citation of Acts of Parliament Act, 2020 3-Dec-2020 LG89\/2020\/s1 133\/2020 Monetary Authority (Administrative Fines) (Amendment) (No. 2) Regulations, 2020 28-Oct-2020 LG80\/2020\/s1 86\/2020 Monetary Authority (Administrative Fines) (Amendment) Regulations, 2020 26-Jun-2020 LG47\/2020\/s3 13\/2018 Monetary Authority (Administrative Fines) (Amendment) Regulations, 2018 14-Mar-2018 GE21\/2018\/s1 98\/2017 15-Dec-2017 GE106\/2017\/s2 ENDNOTES Monetary Authority (Administrative Fines) Regulations  (2025 Revision) (Price: $44.80)\", \"element\": 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Authority (Administrative Fines) Regulations, 2017 made the 15th\nDecember, 2017, as amended by the Cayman Islands Constitution (Amendment) Order\n2020 (UKSI 2020 No. 1283) and the Citation of Acts of Parliament Act, 2020 [Act 56 of\n2020], and consolidated with \u2014\n\nMonetary Authority (Administrative Fines) (Amendment) Regulations, 2018 made\n13th March 2018\nMonetary Authority (Administrative Fines) (Amendment) Regulations, 2020 made\n24th June 2020\nMonetary Authority (Administrative Fines) (Amendment) (No. 2) Regulations,\n2020 made 27th October 2020\nMonetary Authority (Administrative Fines) (Amendment) (No. 3) Regulations,\n2020 made 8th December 2020\nMonetary Authority (Administrative Fines) Regulations, 2020 made 30th July,\n2024.\n\nOriginally enacted \u2014\nAct 56 of 2020-7th December, 2020.\n\nOriginally made \u2014\nU.K. Order 2020-11th November, 2020\n\nConsolidated and revised this 31st day of December, 2024.\n\nNote (not forming part of this Act): This revision replaces the 2022 Revision which\nshould now be discarded\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\nArrangement of Regulations\n\nc\nRevised as at 31st December, 2024\nPage 3\n\nCAYMAN ISLANDS\n\nMonetary Authority Act\n(2020 Revision)\nMONETARY AUTHORITY (ADMINISTRATIVE\nFINES) REGULATIONS\n(2025 Revision)\nArrangement of Regulations\nRegulation\nPage\nPART 1 - PRELIMINARY\n1.\nCitation ......................................................................................................................................7\n2.\nDefinitions ..................................................................................................................................7\nPART 2 - PRESCRIBED MATTERS\nBreaches and their categories\n9\n3.\nBreach of prescribed provisions to be proceeded with under Part VI of the Monetary\nAuthority Act (2020 Revision) .....................................................................................................9\nDiscretionary fine criteria\n9\n4.\nWhen the criteria apply ..............................................................................................................9\n5.\nGeneral criteria in relation to both fine and amount ....................................................................9\n6.\nAdditional criteria in relation to fine amount .............................................................................. 10\n7.\nPower to discount usual fine to reflect agreement .................................................................... 11\nForms\n11\n8.\nPrescribed forms ..................................................................................................................... 11\nPART 3 - FINE PROCESS\nGeneral\n11\n9.\nSteps required ......................................................................................................................... 11\n\nArrangement of Regulations\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 4\nRevised as at 31st December, 2024\nc\n\n10.\nGeneral provisions in relation to fine and breach notices ......................................................... 12\nBreach notice and reply\n12\n11.\nRequirements for breach notice ............................................................................................... 12\n12.\nDuty to consider reply .............................................................................................................. 13\n13.\nRectification of a breach subject to a fixed fine ........................................................................ 13\nImposing a fine\n14\n14.\nDecision about fine .................................................................................................................. 14\n15.\nRequirements for fine notice .................................................................................................... 14\nPART 4 - REVIEWS AND APPEALS\nInternal review of fixed fines by the Authority\n15\n16.\nApplication to Management Committee for review ................................................................... 15\n17.\nNo stay of original decision ...................................................................................................... 15\n18.\nManagement Committee decision on application for review ..................................................... 15\nAppeal against discretionary fines to Grand Court\n16\n19.\nApplication to the Grand Court for leave to appeal ................................................................... 16\n20.\nApplication of Grand Court Rules and practice directions about judicial reviews ...................... 16\n21.\nSecurity for costs ..................................................................................................................... 16\n22.\nStay of original decision only by application ............................................................................. 16\n23.\nHearing and outcome .............................................................................................................. 17\nPART 5 - PAYMENT AND ENFORCEMENT\n24.\nFine is a debt to the Crown ...................................................................................................... 17\n25.\nInterest on fines ....................................................................................................................... 18\n26.\nPayment of more than one fine ................................................................................................ 18\n27.\nEnforcement ............................................................................................................................ 18\nPART 6 - MISCELLANEOUS\n28.\nElectronic notices by the Authority ........................................................................................... 18\n29.\nEvidentiary provisions .............................................................................................................. 19\n30.\nConsultation requirements before issuing rules ........................................................................ 19\n31.\nTransitional provision ............................................................................................................... 20\nSCHEDULE 1\n21\nPRESCRIBED PROVISIONS AND BREACH CATEGORIES\n21\n1   - Anti-Money Laundering Regulations\n21\n2   - Banks and Trust Companies Act\n27\n3   - Private Trust Companies Regulations\n38\n4   - Building Societies Act\n41\n5   - Companies Management Act\n45\n6   - Cooperative Societies Act\n52\n7   - Development Bank Act\n56\n8   - Directors Registration and Licensing Act\n60\n9   - Insurance Act\n65\n10 - Insurance (Capital and Solvency) (Class A Insurers) Regulations\n77\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\nArrangement of Regulations\n\nc\nRevised as at 31st December, 2024\nPage 5\n\n11 - Insurance (Capital and Solvency) (Classes B, C, and Insurers) Regulations\n81\n12 - Monetary Authority Act\n82\n13 - Rule on Internal Controls\n82\n14 - Rule on the Cancellation of a Licence or Certificate of Registration\n83\n15 - Rule on Country and Transfer Risk Management for Banks\n84\n16 - Rule on Corporate Governance for Insurers\n85\n17 - Rule on the Segregation of Assets\n92\n18 - Rule on the Management of Credit Risks and Problem Assets\n94\n19 - Rule on Interest Rate Risk Management for Banks\n105\n20 - Rule on the Contents of Offering Documents\n106\n21 - Rule on Large Exposures and Credit Risk Concentration for Banks\n106\n22 - Rule on the Calculation of Asset Values\n111\n23 - Liquidity Risk Management Rules and Guidelines\n114\n24 - Rule on Market Conduct \u2013 Insurers, Agents and Brokers\n120\n25 - Rule on Operational Risk Management for Banks\n138\n26 - Leverage Ratio Rules and Guidelines\n139\n27 - Rules on Investments, Securities and Derivatives Risk Management for Banks\n140\n28 - Money Services Act\n141\n29 - Mutual Funds Act\n148\n30 - Mutual Funds (Annual Returns) Regulations\n157\n31 - Mutual Funds (EU Connected Fund (Alternative Investment Fund Managers\nDirective)) Regulations\n157\n32 - Private Funds Act\n162\n33 - Securities Investment Business Act\n170\n34 - Securities Investment Business (Conduct of Business) Regulations\n175\n35 - Securities Investment Business (EU Connected Fund (Alternative Investment Fund\nManagers Directive)) Regulations\n191\n36 - Securities Investment Business (Financial Requirements and Standards)\nRegulations\n196\n37 - Securities Investment Business (Registration and Deregistration) Regulations\n198\n38 - Virtual Assets (Service Providers) Act\n202\nSCHEDULE 2\n208\nPRESCRIBED FORMS\n208\nPART 1 - BREACH AND FINE NOTICES\n208\nFORM 1\n208\nBREACH NOTICE FOR PROPOSED FIXED FINE\n208\nFORM 2\n210\nBREACH NOTICE FOR PROPOSED DISCRETIONARY FINE\n210\nFORM 3\n211\nFINE NOTICE FOR FIXED FINE\n211\n\nArrangement of Regulations\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 6\nRevised as at 31st December, 2024\nc\n\nFORM 4\n213\nFINE NOTICE FOR FIXED FINE (CONTINUING)\n213\nFORM 5\n215\nFINE NOTICE FOR DISCRETIONARY FINE\n215\nPART 2 - REVIEWS AND APPEALS\n217\nFORM 6\n217\nAPPLICATION TO REVIEW FIXED FINE\n217\nFORM 7\n219\nREVIEW DECISION FOR FIXED FINE\n219\nPART 3 - ENFORCEMENT\n220\nFORM 8\n220\nCERTIFICATE OF FINE AND INTEREST OWING\n220\nENDNOTES\n223\nTable of Legislation history: ............................................................................................................. 223\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\nRegulation 1\n\nc\nRevised as at 31st December, 2024\nPage 7\n\nCAYMAN ISLANDS\n\nMonetary Authority Act\n(2020 Revision)\nMONETARY AUTHORITY (ADMINISTRATIVE\nFINES) REGULATIONS\n(2025 Revision)\n\nPART 1 - PRELIMINARY\n1.\nCitation\n1.\nThese Regulations may be cited as the Monetary Authority (Administrative Fines)\nRegulations (2025 Revision).\n2.\nDefinitions\n2.\nIn these Regulations \u2014\n\u201cappeal\u201d means an appeal for which leave is granted by the Grand Court under\nregulation 19 and any further appeals relating to the decision on such an appeal;\n\u201cbreach notice\u201d means a notice complying with regulation 11 of the Authority\u2019s\nintention to impose a fine, issued by the Authority to a party that the Authority\nbelieves has breached a prescribed provision;\n\u201cdiscretionary fine\u201d means \u2014\n(a)\na proposed fine for which the Authority has fine discretions; or\n(b) a fine that the Authority exercised fine discretions to impose;\n\nRegulation 2\nMonetary Authority (Administrative Fines) Regulations  (2025 Revision)\n\nPage 8\nRevised as at 31st December, 2024\nc\n\n\u201cdiscount agreement\u201d means an agreement in principle between the Authority\nand a party that has breached a prescribed provision about the amount of a\nproposed discretionary fine;\n\u201cfine discretions\u201d means the Authority\u2019s discretions under section 42B(5) of\nthe Monetary Authority Act (2020 Revision) about whether or not to impose a\nfine or its amount;\n\u201cfine notice\u201d means a notice complying with regulation 15 issued by the\nAuthority to a party that has breached a prescribed provision of the fine;\n\u201cfixed fine\u201d means a fine referred to in section 42B(1) of the Monetary\nAuthority Act (2020 Revision);\n\u201cfixed fine (continuing)\u201d means a fine referred to in section 42B(2) of\nthe Monetary Authority Act (2020 Revision);\n\u201cgive\u201d, in relation to a notice or information, includes to deliver, provide, send\nor transmit the notice or information;\n\u201cinterest\u201d means interest accrued or accruing on a fine under regulation 25;\n\u201cnotice\u201d means written information given, or to be given, electronically or by\nanother mode of communication;\n\u201coriginal decision\u201d means the Authority\u2019s decision \u2014\n(a)\nin relation to a fixed fine or fixed fine (continuing), to impose the fine; or\n(b) in relation to a discretionary fine, to impose the fine, about its amount,\nor both;\n\u201cparty\u201d, in relation to a provision of these Regulations about a breach, fine or\nproposed fine, means the person on whom the fine has been imposed or is being\nproposed or considered to be imposed;\n\u201crectification notice\u201d means a notice to the Authority by a party that has\nbreached a prescribed provision that the breach was rectified within thirty days\nafter the party received the breach notice;\n\u201creply\u201d means a notice to the Authority by a party who has received a breach\nnotice, making representations opposing the Authority\u2019s proposed action to\nimpose a fine;\n\u201creply period\u201d means a period stated in a breach notice within which the party\nwho received the notice may give a reply to the Authority;\n\u201cstayed\u201d, in relation to a fine, means that the fine may not be imposed because\nof the operation of an order under regulation 22(2); and\n\u201cwinding up notice\u201d means a demand under section 93(a) of the Companies\nAct (2025 Revision) as it applies under a law of the Islands or a similar demand\nunder the legislation of another jurisdiction.\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\nRegulation 3\n\nc\nRevised as at 31st December, 2024\nPage 9\n\nPART 2 - PRESCRIBED MATTERS\nBreaches and their categories\n3.\nBreach of prescribed provisions to be proceeded with under Part VI of\nthe Monetary Authority Act (2020 Revision)\n3.\n(1) The breach of a prescribed provision set out in column 2 of Schedule 1 of the\nAct, Regulation, or Rule set out in column 1 of that Schedule may be proceeded\nwith under Part VIA of the Act.\n(2) In relation to proceedings under Part VIA of the Monetary Authority Act (2020\nRevision), each breach of a prescribed provision is classified in column 4 of\nSchedule 1 as minor, serious or very serious.\n(3)  Where there is an inconsistency between the description of a breach set out in\nColumn 3 of Schedule 1 and the prescribed provision referred to in Column 2\nof Schedule 1, the prescribed provision referred to in Column 2 shall prevail.\n(4)  It shall not be a defence for a person who is the subject of an administrative fine\nunder these Regulations to show that the description set out in Column 3 of\nSchedule 1 is inconsistent with the prescribed provision referred to in Column\n2 of Schedule 1.\nDiscretionary fine criteria\n4.\nWhen the criteria apply\n4.\nRegulations 5 and 6 prescribe, in relation to section 42F(1)(a) of the Monetary\nAuthority Act (2020 Revision), criteria for exercising fine discretions when \u2014\n(a)\nissuing breach notices;\n(b) considering or reconsidering matters under regulations 12(2) or\n23(2)(b); and\n(c)\nimposing discretionary fines.\n5.\nGeneral criteria in relation to both fine and amount\n5.\n(1) The criteria referred to in regulation 4 are \u2014\n(a)\nthe nature and seriousness of the breach;\n(b) the degree of the party\u2019s inadvertence, intent or negligence in committing\nthe breach;\n(c)\nif the breach is a continuing one, its duration;\n(d) the measures or precautions the party took to prevent the breach;\n(e)\nthe measures or precautions that a reasonable person in the party\u2019s\nposition, acting prudently and exercising due diligence, would have taken\nto prevent the breach;\n\nRegulation 6\nMonetary Authority (Administrative Fines) Regulations  (2025 Revision)\n\nPage 10\nRevised as at 31st December, 2024\nc\n\n(f)\nwhether or not the breach was due to \u2014\n(i)\nreasonable reliance on information given to the party; or\n(ii) a cause beyond the party\u2019s control, including, for example, someone\nelse\u2019s act or default or an accident;\n(g) the degree of difficulty in detecting the breach;\n(h) evidence of intent by the party to conceal the breach or mislead the\nAuthority;\n(i)\nthe party\u2019s conduct after becoming aware of the breach, including, for\nexample \u2014\n(i)\nwhether and how quickly the party brought the breach to the\nAuthority\u2019s attention; and\n(ii) the party\u2019s efforts to remedy the breach or prevent its reoccurrence;\n(j)\nany financial or other damage or loss or other harm done or caused by the\nbreach, including, for example, to \u2014\n(i)\nthe party\u2019s creditors, customers, investors, policyholders or\nshareholders;\n(ii) financial markets; or\n(iii) the performance of the Authority\u2019s functions;\n(k) whether, before or after the breach, there was a change to the party\u2019s\nbusiness or affairs that affects or may affect the consequences of the breach\nfor the party, including, for example, the party\u2019s ability to pay a fine;\n(l)\nif the Authority has imposed a fine on the party in similar circumstances\nto the breach, the amount of that fine; and\n(m) the party\u2019s history of compliance, in the five years before the breach, with\nthe Anti-Money Laundering Regulations (2025 Revision) and similar laws\nin other jurisdictions.\n(2) In considering the party\u2019s history of compliance, regard need only be had to the\nparty\u2019s compliance with, and breaches of, those laws of which the Authority is\naware or is made aware by the party.\n(3) Paragraph (2) applies even if no punishment was imposed or no other action\nrelating to the breach was taken under those laws.\n6.\nAdditional criteria in relation to fine amount\n6.\nIn deciding the amount of a fine, the criteria also include \u2014\n(a)\nthe following in relation to the party \u2014\n(i)\nany circumstances of mitigation that may exist;\n(ii) resources and ability to pay; and\n(iii) financial hardship;\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\nRegulation 7\n\nc\nRevised as at 31st December, 2024\nPage 11\n\n(b) potential adverse financial consequences on third parties of imposing a\nfine in the amount proposed; and\n(c)\na circumstance that aggravates, or may tend to aggravate, the breach or its\neffects.\n7.\nPower to discount usual fine to reflect agreement\n7.\n(1) The Authority may, but need not, negotiate with a party to attempt to reach a\ndiscount agreement with the party, whether or not the Authority has given a\nbreach notice.\n(2) Subject to paragraph (3), the Authority may discount the usual fine to reflect the\nfact of the discount agreement and the stage in the fine process under Part 3 at\nwhich the agreement was reached.\n(3) The Authority shall not discount any component of the usual fine that represents\nthe application of the disgorgement principle under section 42F of the Monetary\nAuthority Act (2020 Revision).\n(4) In this regulation, \u201cusual fine\u201d means the amount of the fine the Authority\ndecided, or would otherwise have decided \u2014\n(a)\nbefore taking into account the discount agreement; and\n(b) after considering \u2014\n(i)\nall factors and criteria and the order of importance under section 42F\nof the Monetary Authority Act (2020 Revision); and\n(ii) the criteria prescribed in regulations 5 and 6.\nForms\n8.\nPrescribed forms\n8.\nSchedule 2 prescribes forms for use, subject to regulation 10, under these Regulations.\nPART 3 - FINE PROCESS\nGeneral\n9.\nSteps required\n9.\n(1) The Authority may only impose a fixed fine or discretionary fine by taking the\nfollowing steps \u2014\n(a)\ngiving the party a breach notice;\n(b) if regulation 12 or 13 applies, complying with that regulation; and\n(c)\ngiving the party a fine notice.\n(2) However, the following exceptions apply in relation to discretionary fines \u2014\n\nRegulation 10\nMonetary Authority (Administrative Fines) Regulations  (2025 Revision)\n\nPage 12\nRevised as at 31st December, 2024\nc\n\n(a)\nif the party entered into a discount agreement for the breach and the fine is\nno more than the amount agreed under the agreement, a fine notice may be\ngiven without first giving a breach notice; and\n(b) if, under regulation 23(2), a fine is varied on appeal, the steps do not apply\nto the fine as varied.\n(3) The Authority may only impose a fixed fine (continuing) \u2014\n(a)\nby giving the party a fine notice; and\n(b) if the relevant fixed fine is not stayed.\n(4) A decision relating to the imposition of a fixed fine, a fixed fine (continuing) or\na discretionary fine need only be made on the balance of probabilities.\n10.\nGeneral provisions in relation to fine and breach notices\n10. The following apply in relation to a breach notice or fine notice \u2014\n(a)\nit is not mandatory to use the prescribed form under Schedule 2;\n(b) the notice may be in another form that substantially complies with the\nrelevant requirements under this Part;\n(c)\nthe notice is deemed to comply with those requirements if \u2014\n(i)\nits form appears to follow the prescribed form; and\n(ii) it has been completed, or substantially completed, in the way\nrequired by the prescribed form; and\n(d) if the notice contains an inaccuracy, it is only invalid because of the\ninaccuracy if the party establishes that the inaccuracy was material and it\nmisled the party.\nBreach notice and reply\n11.\nRequirements for breach notice\n11. (1) A breach notice shall be dated and state all of the following \u2014\n(a)\nthe party\u2019s name;\n(b) that the Authority proposes to impose a fine on the party for a specified\nbreach that it believes the party committed;\n(c)\nthe prescribed provision for which the fine is proposed to be imposed;\n(d) the nature of the specified breach;\n(e)\na summary of the facts and circumstances that the Authority believes\nconstituted the specified breach;\n(f)\neither \u2014\n(i)\nin relation to a fixed fine, that the fine is fixed at five thousand\ndollars; or\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\nRegulation 12\n\nc\nRevised as at 31st December, 2024\nPage 13\n\n(ii) in relation to a discretionary fine, the fine the Authority proposes for\nthe specified breach;\n(g) that the party may give the Authority a reply within the reply period; and\n(h) that, for a fixed fine, the party may give the Authority a rectification notice.\n(2) The reply period is required to end at least thirty days after the giving of the\nbreach notice.\n12.\nDuty to consider reply\n12. (1) This regulation applies only if \u2014\n(a)\na breach notice has been given for a fixed fine, fixed fine (continuing) or\ndiscretionary fine;\n(b) the reply period has ended; and\n(c)\na reply has been given.\n(2) The Authority has a duty to \u2014\n(a)\nreconsider whether it still holds the belief stated in the breach notice, in\nthe light of all matters raised in the reply concerning that belief; and\n(b) if the notice was for a discretionary fine, consider the matters raised in the\nreply to the extent they are relevant to exercising fine discretions.\n13.\nRectification of a breach subject to a fixed fine\n13. (1) This regulation applies only if \u2014\n(a)\na breach notice has been given for a fixed fine;\n(b) the party subject to the breach notice rectified the breach specified in the\nnotice within thirty days of receiving the notice;\n(c)\nthe reply period has ended; and\n(d) a rectification notice has been given.\n(2) The Authority has a duty to consider, in light of the matters raised in the\nrectification notice, whether the specified breach was rectified within thirty days\nof the issue of the breach notice to its satisfaction.\n(3) If the Authority is satisfied that the breach was rectified as described in\nparagraph (2) and, in the case of the breach of a filing requirement that the party\nhas requested a filing extension and paid any applicable filing extension fees,\nthe Authority shall \u2014\n(a)\nrefrain from issuing a fine notice or imposing a fine on the party for the\nbreach; and\n(b) give the party notice of its decision in accordance with regulation 14(6).\n\nRegulation 14\nMonetary Authority (Administrative Fines) Regulations  (2025 Revision)\n\nPage 14\nRevised as at 31st December, 2024\nc\n\nImposing a fine\n14.\nDecision about fine\n14. (1) This regulation applies at the end of the reply period in relation to a breach\nnotice if \u2014\n(a)\nno reply has been given;\n(b) a reply has been given and the Authority has complied with regulation 12;\nor\n(c)\na rectification notice has been given and the Authority has complied with\nregulation 13.\n(2) If the breach notice was for a fixed fine or fixed fine (continuing) and the\nAuthority still holds the belief stated in the notice and is not satisfied that the\nbreach was rectified within thirty days of the issue of the notice, the Authority\nis required to impose the fine.\n(3) If the notice was for a discretionary fine, the fine discretions may be exercised.\n(4) The amount of a discretionary fine shall not be more than the amount stated in\nthe notice.\n(5) If the Authority imposes a fine, it may decide that the fine is payable\nimmediately on the giving of a fine notice or within a particular period after that\ntime.\n(6) If the Authority decides not to impose any fine, it is required to give the party\nnotice of the decision within fifteen days after the end of the reply period.\n15.\nRequirements for fine notice\n15. (1) A fine notice is required to be dated and state all of the following \u2014\n(a)\nthe party\u2019s name;\n(b) that the Authority has imposed a specified fine on the party;\n(c)\nthe amount of the fine; and\n(d) when the fine is required to be paid.\n(2) If the specified fine is a fixed fine, the fine notice shall state \u2014\n(a)\nthe prescribed provision for which the fine is imposed;\n(b) a description of the breach;\n(c)\nif a reply was given during the reply period, the reasons why the Authority\nstill holds the belief stated in the breach notice;\n(d) if a rectification notice was given within the reply period, the reasons why\nthe Authority is not satisfied that the breach was rectified within thirty days\nof the issue of the breach notice; and\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\nRegulation 16\n\nc\nRevised as at 31st December, 2024\nPage 15\n\n(e)\nthat the party may, within thirty days after receiving the fine notice, apply\nto the Management Committee to review the decision to impose the fine.\n(3) If the specified fine is a fixed fine (continuing), the fine notice shall state \u2014\n(a)\nthe date of the fine notice given for the relevant fixed fine; and\n(b) that the party may, within thirty days after receiving the fine notice, apply\nto the Management Committee to review the decision to impose the fine.\n(4) If the specified fine is a discretionary fine, the fine notice shall state \u2014\n(a)\nthe prescribed provision for which the fine is imposed;\n(b) a description of the breach;\n(c)\nthe reasons for the way in which fine discretions were exercised; and\n(d) that the party may, within thirty days after receiving the fine notice apply\nto the Grand Court for leave to appeal against the decision to impose the\nfine, its amount or both.\nPART 4 - REVIEWS AND APPEALS\nInternal review of fixed fines by the Authority\n16.\nApplication to Management Committee for review\n16. (1) A party that has received a fine notice for a fixed fine or fixed fine (continuing)\nmay apply to the Authority for its Management Committee to review the\noriginal decision.\n(2) An application under this regulation shall be made in the prescribed form, within\nthirty days after receiving the notice.\n17.\nNo stay of original decision\n17. A review does not stay the operation of the original decision.\n18.\nManagement Committee decision on application for review\n18. (1) The Management Committee shall, within twenty days after receiving an\napplication for review, reconsider the original decision and decide whether to\naffirm it or set it aside.\n(2) The Management Committee shall, within ten days after making a decision on\nthe application, give the party notice of its decision.\n(3) If the decision is to affirm the original decision, the notice of the decision on the\napplication for review shall also state \u2014\n(a)\nthe reasons for the decision; and\n\nRegulation 19\nMonetary Authority (Administrative Fines) Regulations  (2025 Revision)\n\nPage 16\nRevised as at 31st December, 2024\nc\n\n(b) that the party may apply to the Grand Court for judicial review of the\ndecision.\n(4) If the decision is to set aside the original decision, it is deemed never to have\nbeen made.\n(5) The Supervisory Head of the division of the Authority that made the original\ndecision may make written representations to the Management Committee\nconcerning an application for review of the original decision, but shall not\notherwise participate in any discussion, decision, debate or vote of the\nManagement Committee concerning the review.\nAppeal against discretionary fines to Grand Court\n19.\nApplication to the Grand Court for leave to appeal\n19. (1) A party that receives a fine notice for a discretionary fine may apply to the Grand\nCourt for leave to appeal against the original decision within thirty days after\nreceiving the notice.\n(2) The Grand Court may only grant leave to appeal under this regulation if \u2014\n(a)\nthe party has grounds for seeking judicial review of the decision; or\n(b) the decision was made with a lack of proportionality or was not rational.\n(3) Notwithstanding paragraph (1), a party may not apply for leave to appeal against\nthe original decision if the party entered into a discount agreement for the breach\nand the fine is no more than the amount agreed to.\n20.\nApplication of Grand Court Rules and practice directions about judicial\nreviews\n20. (1) The Grand Court Rules (2022 Consolidation) and the Court\u2019s practice directions\nabout judicial reviews apply to an appeal, with necessary changes, as if the\nappeal were an application for judicial review.\n(2) Notwithstanding paragraph (1), the Court\u2019s rules about alternative dispute\nresolution do not apply to the appeal.\n21.\nSecurity for costs\n21. The Authority may apply to the Grand Court \u2014\n(a)\nfor an order that the appellant provide sufficient security for costs; and\n(b) for a stay of the appeal proceedings until such security is provided.\n22.\nStay of original decision only by application\n22. (1) An appeal does not stay the operation of the original decision.\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\nRegulation 23\n\nc\nRevised as at 31st December, 2024\nPage 17\n\n(2) However, the Grand Court may, on the appellant\u2019s application, order that the\nfine imposed by the original decision be stayed to secure the effectiveness of the\nappeal.\n(3) The stay ordered by the Grand Court \u2014\n(a)\nmay be given on conditions that the Court considers appropriate;\n(b) operates for the period fixed by the Court; and\n(c)\nmay be amended or revoked by the Court.\n(4) The period of a stay shall not extend past when the Grand Court decides the\nappeal.\n23.\nHearing and outcome\n23. (1) An appeal may only be decided on the evidence on which the Authority\nexercised the relevant fine discretions.\n(2) After hearing an appeal, the Grand Court may \u2014\n(a)\naffirm, set aside or vary the original decision; or\n(b) set aside the original decision and remit the matter to the Authority for it\nto reconsider subject to such directions as the Court considers fit.\n(3) The following apply if the Grand Court\u2019s decision is to affirm the original\ndecision or to vary it in a way that a fine is still imposed \u2014\n(a)\nthe Court\u2019s decision is (other than in relation to regulations 9, 16 and 19)\ndeemed to have always been the original decision;\n(b) the Court may, at the Authority\u2019s request, give judgment against the party\nfor all or any part of the fine that continues to be owing, and for interest;\nand\n(c)\nthe Authority\u2019s request may be made during the appeal, when the Court\u2019s\ndecision is handed down or at any later time on the tendering of a\ncertificate under regulation 29(3)(d) about the amount owing.\n(4) If the Grand Court\u2019s decision is to set aside and not to remit the matter to the\nAuthority for reconsideration \u2014\n(a)\nboth the fine and interest are deemed to have never been owing; and\n(b) any fixed fine (continuing) imposed for the breach is deemed to have also\nbeen set aside and to have never been owing.\nPART 5 - PAYMENT AND ENFORCEMENT\n24.\nFine is a debt to the Crown\n24. (1) A fine becomes a debt owing to the Crown on the day the fine was required to\nbe paid under the relevant fine notice.\n\nRegulation 25\nMonetary Authority (Administrative Fines) Regulations  (2025 Revision)\n\nPage 18\nRevised as at 31st December, 2024\nc\n\n(2) Paragraph (1) is subject to any setting aside or variation of the fine on a review\napplied for under regulation 16 or an appeal.\n25.\nInterest on fines\n25. (1) Interest of five percent a year accrues while all or any part of a fine continues to\nbe owing, starting on the day immediately after the fine becomes a debt to the\nCrown and ending on the day the fine is paid in full, both days inclusive.\n(2) The interest accrues daily and as compound interest.\n(3) The interest is also a debt owing to the Crown.\n(4) The accruing of interest applies even while the fine is stayed.\n(5) Payments relating to the fine are to be applied to the interest first.\n(6) This regulation is subject to any setting aside or variation of the fine in a review\napplied for under regulation 16 or an appeal.\n26.\nPayment of more than one fine\n26. If more than one fine has been imposed on a party, payments for the fines are to be\napplied in the order in which the fines and interest became owing.\n27.\nEnforcement\n27. (1) The Crown may recover in a civil proceeding, as a debt, the unpaid amount of a\nfine or interest, or both.\n(2) However, paragraph (1) does not apply while the fine is stayed.\n(3) A proceeding to recover a debt under this regulation does not prevent \u2014\n(a)\ninterest continuing to accrue on the total owing; or\n(b) if the party is a body corporate, the Crown enforcing the fine by serving a\nwinding up notice for the debt.\nPART 6 - MISCELLANEOUS\n28.\nElectronic notices by the Authority\n28. (1) The Authority may give a party a notice for any purpose of these Regulations\nby sending it to an email address that the party last gave the Authority notice of,\nas follows \u2014\n(a)\nthe party\u2019s email address;\n(b) if the party is a body corporate (either in its own right or as a trustee of a\ntrust), the email address of \u2014\n(i)\nany of its directors or members; or\n(ii) its registered office provider; or\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\nRegulation 29\n\nc\nRevised as at 31st December, 2024\nPage 19\n\n(c)\nif the party is a partnership, the email address of \u2014\n(i)\nany of its partners; or\n(ii) its registered office provider (if it has a registered office).\n(2) In this regulation \u2014\n\u201cpartners\u201d does not include a limited partner of a limited partnership; and\n\u201cregistered office provider\u201d means the person who provides or maintains the\nparty\u2019s registered office as required under a Law.\n29.\nEvidentiary provisions\n29. (1) This regulation applies to a proceeding under Part VIA of the Monetary\nAuthority Act (2020 Revision), including a review applied for under regulation\n16, an appeal, a proceeding referred to in regulation 26 and a proceeding\nresulting from the giving of a winding up notice for a fine or interest.\n(2) A signature purporting to be the signature of the managing director or anyone\nelse acting on the Authority\u2019s behalf is evidence of the signature it purports\nto be.\n(3) A certificate signed, or purporting to be signed, by the managing director or the\nmanaging director\u2019s delegate stating a matter as follows is evidence of that\nmatter \u2014\n(a)\nthat a stated document is a copy of a notice given under these Regulations;\n(b) that an email address stated in the copy was, when the notice was given to\nits stated recipient, the recipient\u2019s email address under regulation 28;\n(c)\nthat on a stated day the recipient was given the notice in a stated way;\n(d) that a fine or interest of a stated amount, or both, are owing to the Crown\nby a stated person; or\n(e)\nthat stated terms are the terms of a discount agreement.\n(4) For section 17 of the Electronic Transactions Act (2003 Revision), a certificate\nunder paragraph (3)(b) is evidence that the notice was electronically given to its\nrecipient at the time of giving stated in the notice.\n30.\nConsultation requirements before issuing rules\n30. Before issuing rules under section 42G of the Monetary Authority Act (2020\nRevision), the Authority shall carry out private sector consultation and consult the\nMinister charged with responsibility for Financial Services about the proposed rules.\n\nRegulation 31\nMonetary Authority (Administrative Fines) Regulations  (2025 Revision)\n\nPage 20\nRevised as at 31st December, 2024\nc\n\n31.\nTransitional provision\n31. The Authority shall not impose a fixed fine, fixed fine (continuing) or a discretionary\nfine or take any steps to do so under Part 3 in respect of the breach of a prescribed\nprovision that took place before the 15th December, 2017 or within ninety days after\nthat date.\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 21\n\n SCHEDULE 1\n(regulation 3)\nPRESCRIBED PROVISIONS AND BREACH CATEGORIES\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n1   - Anti-Money Laundering Regulations\n1.\nAnti-Money Laundering Regulations (2025 REVISION)\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n5(a)\n\nA person carrying out relevant financial business,\nforming a business relationship or carrying out a oneoff transaction without maintaining the procedures set\nout in subparagraphs (i) to (ix).\n\nSerious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n5(b)\nA person carrying out relevant financial business,\nforming a business relationship or carrying out a oneoff transaction without complying with the identification\nand record-keeping requirements of Parts 4 and 8.\n\nVery serious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n5(c)\nA person carrying out relevant financial business,\nforming a business relationship or carrying out a oneoff transaction without taking appropriate measures\nfrom time to time for the purpose of making employees\naware of \u2014\n(a) the procedures under paragraph (a) which\nare maintained by the person and which\nrelate to the relevant financial business in\nquestion; and\n(b) the\nenactments\nrelating\nto\nmoney\nlaundering, terrorist financing, proliferation\nfinancing and targeted financial sanctions.\n\nSerious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n5(d)\nA person carrying out relevant financial business,\nforming a business relationship or carrying out a oneoff transaction without providing employees from time\nto time with training in the recognition and treatment of\ntransactions carried out by, or on behalf of, any person\nwho is, or appears to be, engaged in money laundering,\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 22\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nterrorist financing or proliferation financing, or whose\nassets are subject to targeted financial sanctions\napplicable in the Islands.\n\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n5(e)\nA person carrying out relevant financial business,\nforming a business relationship or carrying out a oneoff transaction without designating an Anti-Money\nLaundering Compliance Officer.\n\nSerious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n\n10\nA person carrying out relevant financial business,\nkeeping anonymous accounts or accounts in fictitious\nnames.\nVery serious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n36\nA payment service provider of a payer \u2014\n(a) not ensuring that transfers of funds are\naccompanied by complete information on\nthe payer;\n(b) not verifying the complete information on the\npayer on the basis of documents, data or\ninformation that meet the requirements of\nregulation 20(1) before transferring the\nfunds;\n(c) not\ncollecting\nbeneficiary\nor\npayee\ninformation including the name and account\nnumber or unique transaction reference in\norder to facilitate the traceability of the\ntransaction; or\n(d) not keeping records of complete information\non the payer and payee which accompanies\ntransfers of funds for five years.\n\nSerious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n37\n1. Failure of both the payment service provider of the\npayer and the payment service provider of the payee\nto ensure that transfers of funds are accompanied\nonly by the account number of the payer or a unique\nidentifier allowing the transaction to be traced back\nto the payer where both the payment service provider\nof the payer and the payment service provider of the\npayee are situated in the Islands.\n\n2. Failure of the payment service provider of the payer\nto make available to the payment service provider of\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 23\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nthe payee complete information on the payer, within\nthree working days of receiving a request from the\npayment service provider of the payee to do so.\n\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n39\nFailure of the payment service provider of a payee to\nhave effective procedures in place in order to detect\nwhether, in the messaging or payment and settlement\nsystem used to effect a transfer of funds, the\ninformation required under regulations 37, 38 and 47 is\nobtained in accordance with the Anti-Money\nLaundering Regulations (2025 Revision).\n\nSerious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n40(1)\nThe payment service provider of a payer executing wire\ntransfers where the payment service provider is unable\nto collect and maintain information on the payer and\npayee as required under regulations 36, 37 and 38(1)\nof the Anti-Money Laundering Regulations (2025\nRevision).\n\nSerious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n\n40(2)\nFailure of a payment service provider of a payee to\nhave effective systems in place to detect missing\nrequired information on both the payer and payee.\n\nSerious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n40(3)\nFailure of a payment service provider of a payee to\neither reject a transfer or request complete information\non the payer where the payment service provider\ndetects, when receiving transfers of funds, that\ninformation on the payer required by Part 10 of the AntiMoney Laundering Regulations (2025 Revision) is\nmissing or incomplete.\n\nSerious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n\n40(4)\nFailure of a beneficiary or payee financial institution\nto \u2014\n(a) verify the identity of payee information; or\n(b) to keep records of the information for five\nyears.\nSerious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n40(5)\nFailure of a payment service provider of a payee to\nadopt risk-based policies and procedures for\ndetermining \u2014\n(a) when to execute, reject or suspend a wire\ntransfer where the required payer or payee\ninformation is incomplete and\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 24\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(b) the resulting procedures to be applied.\n\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n40(6)\n1. Where a payment service provider regularly fails to\nsupply the required information on the payer, failure\nof a payment service provider of a payee to adopt\nreasonable measures to rectify noncompliance with\nthe Anti-Money Laundering Regulations (2025\nRevision), before \u2014\n(a) rejecting any future transfers of funds from\nthat payment service provider;\n(b) restricting its business relationship with that\npayment service provider; or\n(c) terminating its business relationship with\nthat payment service provider.\n\n2. Failure of the payment service provider of the payee\nto report to the Financial Reporting Authority and to\nthe relevant Supervisory Authority any such decision\nto restrict or terminate its business relationship with\na payment service provider who regularly fails to\nsupply the required information on the payer.\n\nVery serious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n42\nFailure of the payment service provider of a payee to\nkeep records of any information received on the payer\nfor five years.\n\nSerious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n43\nFailure of an intermediary payment service provider to\nensure that all information received on the payer and\nthe payee that accompanies a transfer of funds is kept\nwith the transfer.\n\nSerious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n44\n1. Failure of an intermediary payment service provider\nto take reasonable measures, which are consistent\nwith straight-through processing, to identify crossborder transfers that lack required payer or payee\ninformation.\n\n2. Failure of an intermediary payment service provider\nto adopt risk-based policies and procedures for\ndetermining when to execute, reject or suspend a\nwire transfer where the required payer or payee\ninformation is incomplete and the resulting\nprocedures to be applied.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 25\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n47(3)\nThe intermediary payment service provider using a\npayment system with technical limitations where the\nintermediary payment service provider receives a\ntransfer of funds with incomplete information about the\npayer as required under Part 10 and the intermediary\npayment service provider is not able to provide the\npayment service provider of the payee, with the\ninformation about the payer, using a manner of\ncommunication accepted by, or agreed between, both\npayment service providers.\n\nSerious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n47(4)\nFailure of an intermediary payment service provider to,\nupon request from the payment service provider of the\npayee, make available to the payment service provider\nof the payee all the information on the payer which the\nintermediary payment service provider has received,\nirrespective of whether the information is complete or\nnot, within three working days of the date of receiving\nthat request, where the intermediary payment service\nprovider uses a payment system with technical\nlimitations.\n\nSerious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n\n47(5)\nFailure of an intermediary payment service provider to\nkeep records of all information received for five years in\nthe cases referred to in regulation 47(2) and (3).\n\nSerious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n48\nFailure of a payment service provider to respond fully\nand without delay to enquiries from the Reporting\nAuthority concerning the information about the payer\naccompanying transfers of funds and corresponding\nrecords.\n\nVery serious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n\n50\nA person carrying out relevant financial business in or\nfrom the Islands forming a business relationship, or\ncarrying out a one-off transaction, with a shell bank.\n\nVery serious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n51\nA person carrying out relevant financial business\nentering into or continuing correspondent banking and\nother similar relationships with a shell bank.\n\nVery serious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 26\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n52\nFailure of a person carrying out relevant business to, in\naddition to conducting customer due diligence\nprocedures pursuant to the Anti-Money Laundering\nRegulations (2025 Revision) \u2014\n(a) collect information to understand the nature\nof a respondent institution\u2019s business and\ndetermine\nfrom\npublicly\navailable\ninformation the reputation of the institution\nand the quality of supervision, including\nwhether the institution has been subject to\nmoney laundering or terrorist financing\ninvestigation or regulatory action;\n(b) assess the respondent institution\u2019s antimoney laundering and countering financing\nof terrorist controls;\n(c) obtain approval from senior management\nbefore establishing new correspondent\nrelationships; and\n(d) clearly understand and document the\nrespective\nresponsibilities\nof\neach\ninstitution,\nin relation to cross-border correspondent banking and\nother similar relationships.\n\nSerious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n53\nWith respect to payable-through accounts, failure of a\nperson carrying out relevant financial business to be\nsatisfied that the respondent bank \u2014\n(a) has performed customer due diligence\nobligations on its customers that have direct\naccess to the accounts of the correspondent\nbank; and\n(b) is able to provide relevant customer due\ndiligence information to the correspondent\nbank upon request.\n\nSerious\nAnti-Money\nLaundering\nRegulations\n(2025 Revision)\n53A\n1. Failure of a person carrying out relevant financial\nbusiness, who receives a notice in writing, requiring\nthe person carrying out relevant financial business to\nprovide such documents, statements or any other\ninformation as the Supervisory Authority may\nreasonably require in connection with the exercise of\nits functions], to comply with that notice within the\nperiod and in the manner specified in the notice.\nVery serious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 27\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\n2. Failure of a person carrying out relevant financial\nbusiness, a connected person or a person\nreasonably believed to have information relevant to\nan inquiry by the Supervisory Authority to, when\nrequired by a Supervisory Authority by notice in\nwriting, attend before the Supervisory Authority to\nanswer such questions or provide such information\nas the Supervisory Authority may deem necessary in\nconnection with its inquiry.\n\n3. Failure to provide information required to be provided\nto the Supervisory Authority under this regulation in\nthe English language.\n\n2   - Banks and Trust Companies Act\n2.\nBANKS AND TRUST COMPANIES ACT (2025 REVISION)\nBanks and Trust\nCompanies Act\n(2025 Revision)\n5(1)\nA person carrying on banking business transactions\nfrom within the Islands without a valid licence granted\nby the Authority authorising the person to carry on such\nbusiness.\n\nVery serious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n5(2)\nSubject to subsection (3) and to such other exemptions\nand conditions as may be prescribed by regulations\nmade by the Cabinet under this subsection, a trust\ncompany carrying on trust business as a trust company\nfrom within the Islands without a valid licence granted\nby the Authority authorising it to carry on such business.\n\nVery serious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n5(4)\n1. Failure of a controlled subsidiary to which subsection\n(3) refers to register with the Authority.\n\n2. Failure of a controlled subsidiary to which subsection\n(3) refers to file with the Authority an annual\ndeclaration at the time of registration in such form as\nthe Authority may approve, declaring \u2014\n(a) the name of the controlled subsidiary;\n(b) the name of the licensee of which the\ncontrolled subsidiary is a subsidiary;\nMinor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 28\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(c) the names of the directors and senior\nofficers of the controlled subsidiary; and\n(d) that the controlled subsidiary is a controlled\nsubsidiary to which subsection (3) applies.\n\n3. Failure of a controlled subsidiary to which subsection\n(3) refers to file with the Authority an annual\ndeclaration, on or before the 31st day of January\nevery year after registration, during the continuation\nof such registration, in such form as the Authority\nmay approve, declaring \u2014\n\n(a) the name of the controlled subsidiary;\n(b) the name of the licensee of which the\ncontrolled subsidiary is a subsidiary;\n(c) the names of the directors and senior\nofficers of the controlled subsidiary; and\n(d) that the controlled subsidiary is a controlled\nsubsidiary to which subsection (3) applies.\n\n4. Failure of a controlled subsidiary to which subsection\n(3) refers to pay to the Government the prescribed\nfee at the time of registration.\n\n5. Failure of a controlled subsidiary to which subsection\n(3) refers to pay to the Government the prescribed\nfee on or before the 31st day of January every year\nafter registration during the continuation of the\nregistration.\n\nBanks and Trust\nCompanies Act\n(2025 Revision)\n6(4)\n1. A licensee \u2014\n(a) ceasing to have a principal office in the\nIslands;\n(b) changing its principal office in the Islands\nwithout the prior approval of the Authority;\n(c) ceasing to have an authorised agent under\nparagraph (b) of subsection (2); or\n(d) changing its agent (or, where the licensee\nhas appointed two individuals to be its\nagent, either of them) without the prior\napproval of the Authority.\n\nVery serious\nBanks and Trust\nCompanies Act\n6(6)\nThe holder of a \u201cB\u201d licence \u2014\n(a) taking deposits from any person resident in\nVery serious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 29\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(2025 Revision)\nthe Islands, other than another licensee, or\nan exempted or an ordinary non-resident\ncompany which is not carrying on business\nin the Islands;\n(b) investing in any asset which represents a\nclaim on any person resident in the Islands,\nexcept a claim resulting from \u2014\n(i)\na loan to an exempted or an ordinary\nnon-resident company not carrying on\nbusiness in the Islands;\n(ii)\na loan by way of mortgage to a\nmember of its staff or to a person\npossessing or being deemed to\npossess Caymanian status under the\nImmigration (Transition) Act (2022\nRevision)\nfor\nthe\npurchase\nor\nconstruction of a residence in the\nIslands to be owner-occupied;\n(iii) a transaction with another licensee; or\n(iv) the purchase of bonds or other\nsecurities issued by the Government,\na body incorporated by statute, or a\ncompany in which the Government is\nthe sole or majority beneficial owner;\nor\n(c) carrying on any business in the Islands other\nthan one for which the \u201cB\u201d licence has been\nobtained without the written approval of the\nAuthority;\n(d) which is not a subsidiary or branch of a bank\nlicensed in a country or territory outside the\nIslands carrying on business in the Islands\nafter 26th April, 2003, without having such\nresources (including staff and facilities) and\nsuch books and records as the Authority\nconsiders appropriate having regard to the\nnature and scale of the business.\n\nBanks and Trust\nCompanies Act\n(2025 Revision)\n6(8)\n1. Failure of a holder of a licence to pay the prescribed\nannual fee on or before every 15th day of January\nafter the first grant of the licence to the Financial\nSecretary for the benefit of the revenue.\n\n2. Failure of the holder of a licence who does not pay\nMinor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 30\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nthe prescribed annual fee on or before the 15th day\nof January after the first grant of the licence to pay\nthe surcharge not exceeding one-twelfth of that fee\nfor every month or part of a month that the fee is not\npaid,, unless the Authority waives the prescribed\nannual fee or the surcharge.\n\nBanks and Trust\nCompanies Act\n(2025 Revision)\n7(1)\n1. A company which is a licensee under this Act issuing\nshares in that company which is a licensee under\nthis Act without the prior approval of the Authority.\n\n2. A company which is a licensee under this Act\ntransferring or disposing of issued shares without\nthe prior approval of the Authority.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n\n8(5)\nFailure of a licensee to maintain the net worth required\nby section 8.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n8(6)\nFailure by the parent undertaking of a Cayman banking\ngroup to ensure that the net worth stipulated in section\n8, or such higher net worth as the Authority may direct,\nis maintained both in respect of the licensee on a solo\nbasis and on a consolidated basis taking into account\nall the entities in the Cayman banking group.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n10(1)\nA licensee holding a licence for the carrying on of\nbanking business and incorporated under the\nCompanies Act (2025 Revision) having a capital\nadequacy ratio of less than \u2014\n(a) ten per cent; or\n(b) such other percentage as may be\ndetermined by the Authority from time to\ntime,\nas calculated in accordance with such form, content\nand manner as may be prescribed.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n10(2A)\nFailure by the parent undertaking of a Cayman banking\ngroup to ensure that capital requirements and other\nprudential measures that may be issued by the\nAuthority are met on a consolidated basis by the\nCayman banking group.\n\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 31\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nBanks and Trust\nCompanies Act\n(2025 Revision)\n10(2B)\nFailure by the parent undertaking of a Cayman banking\ngroup to ensure that any prudential, supervisory or risk\nmanagement measures that may be issued by the\nAuthority from time to time are met on a consolidated\nbasis by the Cayman banking group.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n11(1)(a)\nA person other than a licensee using or continuing to\nuse the words \u201cbank\u201d, \u201ctrust\u201d, \u201ctrust company\u201d, \u201ctrust\ncorporation\u201d, \u201csavings\u201d or \u201csavings and loan\u201d or any of\ntheir derivatives, either in English or in any other\nlanguage, in the description or title under which a\nperson is carrying on business from within the Islands,\nwhether or not such business is carried on in the\nIslands, without the approval of the Authority.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n11(1)(b)\nA person other than a licensee making or continuing to\nmake any representation in any billhead, letter,\nletterhead, circular, paper, notice, advertisement or in\nany other manner whatsoever that the person is\ncarrying on banking business or trust business without\nthe approval of the Authority.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n11(1)(c)\nA person other than a licensee soliciting or receiving\ndeposits from the public in any manner without the\napproval of the Authority.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n11(2)\nA company registering, or continuing to be registered\nby a name which contains the words \u201cbank\u201d, \u201ctrust\u201d,\n\u201ctrust company\u201d, \u201ctrust corporation\u201d, \u201csavings\u201d or\n\u201csavings and loan\u201d or any of their derivatives, either in\nEnglish or in any other language, in the description or\ntitle under which such company is carrying on business\nfrom within the Islands, whether or not such business is\ncarried on in the Islands, without the approval of the\nAuthority.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n11(5)(a)\nA bank or trust company carrying on or intending to\ncarry on banking or trust business, as the case may be,\nunder a name which is identical with that of any\ncompany, firm or business house, whether within the\nIslands or not, or which so nearly resembles that name\nas to be calculated to deceive.\n\nMinor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 32\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nBanks and Trust\nCompanies Act\n(2025 Revision)\n11(5)(b)\nA bank or trust company carrying on or intending to\ncarry on banking or trust business, as the case may be,\nunder a name which is calculated to suggest, falsely,\nthe patronage of or connection with some person or\nauthority, whether within the Islands or not.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n11(5)(c)\nA bank or trust company carrying on or intending to\ncarry on banking or trust business, as the case may be,\nunder a name which is calculated to suggest, falsely,\nthat such bank or trust company has a special status in\nrelation to or derived from the Government, has the\nofficial backing of or acts on behalf of the Government,\nof any department, branch, agency or organ of\nGovernment, or of any officer thereof, or is recognised\nin the Islands as a national or central bank or trust\ncompany.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n12(1)\nFailure of a licensee incorporated under the Companies\nAct (2025 Revision) to have its accounts audited\nannually or at such other times as the Authority may\nrequire by an auditor.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n12(2)\nFailure of a licensee incorporated under the Companies\nAct (2025 Revision) to forward its audited accounts to\nthe Authority within three months of the end of the\nfinancial year of the licensee, without the prior written\napproval of an extension by the Authority.\n\nMinor\nBanks and Trust\nCompanies Act\n(2025 Revision)\n12(2A)\nFailure of a licensee incorporated under the Companies\nAct (2025 Revision) to forward to the Authority\nconsolidated accounts in respect of the parent\nundertaking of the Cayman banking group of which the\nlicensee is a member within three months of the end of\nthe financial year of the parent undertaking of the\nCayman banking group, without the prior written\napproval of an extension by the Authority.\n\nMinor\nBanks and Trust\nCompanies Act\n(2025 Revision)\n12(3)\nFailure of a licensee not incorporated under the\nCompanies Act (2025 Revision) to provide a copy of the\naudited annual accounts of its head office to the\nAuthority within three months of the end of the financial\nyear of its parent company, without the prior written\napproval of an extension by the Authority.\nMinor\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 33\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\nBanks and Trust\nCompanies Act\n(2025 Revision)\n12(4)\nFailure of a licensee incorporated under the Companies\nAct (2025 Revision) to comply with a requirement to\nexplain the circumstances responsible for the change\nof its auditor, where such change occurs.\n\nMinor\nBanks and Trust\nCompanies Act\n(2025 Revision)\n13(1)\nFailure of an auditor to immediately give the Authority\nwritten notice of the auditor\u2019s information or suspicion,\nand in the case of suspicion, the auditor\u2019s reason for\nthat suspicion, where, in the course of carrying out an\naudit of the accounts of a licensee or of any entity\nforming part of a Cayman banking group the auditor\nobtains information or suspects that the licensee is \u2014\n\n(a) unable or likely to become unable to meet its\nobligations as they fall due;\n(b) carrying on or attempting to carry on\nbusiness or is winding up its business\nvoluntarily in a manner that is prejudicial to\nits investors or creditors;\n(c) carrying on or attempting to carry on\nbusiness without keeping any or sufficient\naccounting records to allow its accounts to\nbe properly audited; or\n(d) carrying on or attempting to carry on\nbusiness in a fraudulent or criminal manner;\n(e) carrying on or attempting to carry on\nbusiness without compliance with \u2014\n(i)\nthis Act or any regulations made\nhereunder;\n(ii)\nthe\nBeneficial\nOwnership\nTransparency Act, 2023 if the\nlicensee is a \u201ccorporate services\nprovider\u201d as defined in that Act;\n(iii)\nthe Monetary Authority Act (2020\nRevision);\n(iv)\nthe\nAnti-Money\nLaundering\nRegulations (2025 Revision); or\n(v)\na condition of the licence.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n\n13(3)\nA licensee appointing as an auditor a person\ndisqualified under subsection (2).\n\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 34\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nBanks and Trust\nCompanies Act\n(2025 Revision)\n14(1)(a)\nA licensee incorporated under the Companies Act\n(2025 Revision) opening a subsidiary, branch, agency\nor representative office outside the Islands without the\nprior written approval of the Authority.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n14(1)(b)\nA licensee incorporated under the Companies Act\n(2025 Revision) changing its name without the prior\nwritten approval of the Authority.\n\nMinor\nBanks and Trust\nCompanies Act\n(2025 Revision)\n14(1A)\nFailure of a licensee to inform the Authority of any\nchange in holdings that affects the composition of the\nlicensee\u2019s economic group, including any new entities\nforming part of the licensee\u2019s economic group, within\nforty-five days of the occurrence of the change.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n14(2)\n1. A licensee incorporated under the Companies Act\n(2025 Revision) holding a licence for the carrying on\nof banking business acquiring or holding a beneficial\ninterest in an entity, whether directly or indirectly, so\nthat the value of the interest at any time exceeds\ntwenty per cent of the net worth of the licensee\nwithout the prior written approval of the Authority.\n\n2. A licensee incorporated under the Companies Act\n(2025 Revision holding a licence for the carrying on\nof banking business acquiring or holding a beneficial\ninterest in an entity, whether directly or indirectly, so\nthat the value of the interest at any time exceeds\ntwenty per cent of the net worth of the licensee\nwithout it being necessary with respect to any\ninterest acquired by the licensee in satisfaction of\ndebts due to it.\n\n3. Failure of a licensee incorporated under the\nCompanies Act (2025 Revision who holds a licence\nfor the carrying on of banking business, to dispose of\nany interest acquired in satisfaction of debts due to\nthe licensee within a period not exceeding five years\nor such longer period as permitted by the Authority.\n\nMinor\nBanks and Trust\nCompanies Act\n(2025 Revision)\n14(3)\n1. Subject to subsections (4) and (5), a licensee holding\na licence for the carrying on of banking business\npurchasing, acquiring or leasing real estate without\nMinor\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 35\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nthe prior written approval of the Authority.\n\n2. Subject to subsections (4) and (5), a licensee holding\na licence for the carrying on of banking business\npurchasing, acquiring or leasing real estate which is\nnot necessary for the purpose of conducting its\nbusiness or providing housing or amenities for its\nstaff.\n\n3. Subject to subsections (4) and (5), a licensee holding\na licence for the carrying on of banking business\npurchasing, acquiring or leasing real estate where\nthe market value of the real estate exceeds twenty\nper cent of the net worth of the licensee, or such\nother sum as to the Authority may seem appropriate\nto a maximum of fifty per cent of the net worth of the\nlicensee.\n\nBanks and Trust\nCompanies Act\n(2025 Revision)\n15(1)\nFailure of a licensee holding a Trust Licence to obtain\nand maintain adequate professional indemnity\ninsurance, or have in place other appropriate\narrangements to cover risks, in respect of its trust\nbusiness.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n15(3)\nFailure of a trust company acting in its capacity as a\ntrustee of a trust which forms a business relationship or\nwhich enters into a one-off transaction with a person\nconducting relevant financial business under Schedule\n6 of the Proceeds of Crime Act (2025 Revision) to take\nreasonable steps to inform the person that the trust\ncompany is carrying on trust business and is acting in\nits capacity as a trustee of a trust \u2014\n(a) at the time or before the business\nrelationship is formed; or\n(b) at the time or before the transaction is\nentered into.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n15A(1)\nFailure of a licensee holding a Trust licence to pay the\nprescribed fee for each company for which the licensee\nprovided a registered office up to the 31st day of\nDecember in the preceding year.\n\nMinor\nBanks and Trust 15A(3)\n1. Failure of a Trust licensee to pay the prescribed fee Minor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 36\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nCompanies Act\n(2025 Revision)\nunder subsection (1) on or before every 15th day of\nJanuary.\n\n2. Failure of a licensee who does not pay [the annual\nfee] \/ [the prescribed fee under subsection (1)] on or\nbefore the 15th day of January to pay the surcharge\nnot exceeding one-twelfth of that fee for every month\nor part of a month that the fee is not paid, unless the\nfee has been waived by the Authority.\n\nBanks and Trust\nCompanies Act\n(2025 Revision)\n\n16(1)\nFailure by a licensee to have two or more directors.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n16(2)\nFailure of a licensee to apply to the Authority for its\nwritten approval of the appointment of a director or\nother senior officer before appointing the director or\nother senior officer, unless it is exempt from such a\nrequirement by the Authority.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n17(3)\n1. Failure of a licensee to \u2014\n(a) give the Authority access to its books,\nrecords, vouchers, documents, cash and\nsecurities;\n(b) give the Authority access to information from\nany member of the Cayman banking group\nor any member of the licensee\u2019s economic\ngroup including information on \u2014\n(i)\npolicies;\n(ii)\nprocedures;\n(iii) financial statements;\n(iv) audit reports;\n(v) Board reports;\n(vi) regulatory returns; and\n(vii) supervisory\nreports\nfrom\noverseas regulators;\n(c) allow the Authority to examine the business\nor affairs including the carrying on of onsite\ninspections, of any member of the Cayman\nbanking group; or\n(d) allow the Authority to conduct onsite\ninspections of a licensee,\nas the Authority may reasonably require for the purpose\nof enabling it to perform its functions under this Act.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 37\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\n2. Failure of a person who the Authority has reasonable\ngrounds to believe is carrying on banking or trust\nbusiness in the Islands in contravention of section\n5(1) or (2) to give to the Authority any information,\nmatter or thing requested from the person by the\nAuthority.\n\nBanks and Trust\nCompanies Act\n(2025 Revision)\n\n18(1)(a)\nA licensee becoming or appears likely to become\nunable to meet its obligations as they fall due.\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n18(1)(b)\nA licensee carrying on business in a manner\ndetrimental to the public interest, the interest of its\ndepositors or of the beneficiaries of any trust, or other\ncreditors.\nVery serious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n\n18(1)(c)\nA licensee contravening this Act.\nVery serious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n18(1)(ca)\nA person who holds a licence issued under section\n6(5)(c), (e) or (f) of the Act and who is a \u201ccorporate\nservices provider\u201d, as defined in the Beneficial\nOwnershipTransparency Act, 2023 [Act 13 of 2023] in\ncontravention of that Act.\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n\n18(1)(d)\nFailure of a licensee to comply with a condition of its\nlicence.\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n18(1)(e)\nFailure of a licensee to ensure that the direction and\nmanagement of the licensee\u2019s business is conducted in\na fit and proper manner.\n\nVery serious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n18(1)(f)\nA person who is not a fit and proper person holding a\nposition as a director, manager or officer of a licensee\u2019s\nbusiness.\n\nVery serious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n\n18(1)(g)\nA person who is not a fit and proper person holding or\nacquiring control or ownership of a licensee.\nVery serious\nBanks and Trust 18(1)(h)\nAn individual who is not a fit and proper person, directly Very serious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 38\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nCompanies Act\n(2025 Revision)\nor indirectly, holding or acquiring control or ownership\nof more than 25% of the shares or voting rights in a\nlicensee or the right to appoint or remove a majority of\nthe Board of directors of a licensee.\n\nBanks and Trust\nCompanies Act\n(2025 Revision)\n18A\nFailure of a licensee holding a licence to carry on\nbanking business or a Cayman banking group to make\npublic disclosures where it is required by the Authority\nto do so.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n22(4)\nA person obstructing the Authority or any other person\nin the exercise of any powers conferred on the person\nunder section 22.\n\nSerious\nBanks and Trust\nCompanies Act\n(2025 Revision)\n23\nA licensee or any director or officer of a licensee\nknowingly or wilfully supplying false or misleading\ninformation to the Authority.\n\nVery serious\n3   - Private Trust Companies Regulations\n3.\nPRIVATE TRUST COMPANIES REGULATIONS (2020 REVISION)\nPrivate Trust\nCompanies\nRegulations\n(2020 Revision)\n\n3(1)\nFailure of a private trust company to maintain its\nregistered office at the office of a company that holds a\nTrust licence under section 6(5)(c) of the Banks and\nTrust Companies Act (2025 Revision).\n\nSerious\nPrivate Trust\nCompanies\nRegulations\n(2020 Revision)\n3(1A)\nFailure of a private trust company to allow the Authority\nto inspect all documents and records of the private trust\ncompany held or that should be held at the registered\noffice at all reasonable times.\n\nSerious\nPrivate Trust\nCompanies\nRegulations\n(2020 Revision)\n3(2)\nFailure of a private trust company to keep at its\nregistered office and to make available for inspection by\nthe Authority at its registered office, in relation to each\nrelevant trust, adequate, accurate and up to date copies\nof the trust deed or other documents containing or\nrecording any or all of the following \u2014\n(a) the terms of the trust;\n(b) the name and address of the trustee;\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 39\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(c) the name and address of the settlor;\n(d) the name and address of any protector;\n(e) the name and address of any enforcer;\n(f)\nthe name and address of any contributor to\nthe trust;\n(g) the name and address of any beneficiary to\nwhom a distribution is made from the trust;\n(h) any deed or other document varying the\nterms of the trust; or\n(i)\nall financial and transactional records of the\nprivate trust company and its connected\ntrust business.\n\nPrivate Trust\nCompanies\nRegulations\n(2020 Revision)\n4(2)\n1. Failure of a private trust company to register with the\nAuthority.\n\n2. Failure of a private trust company to file with the\nAuthority in the form specified by the Authority, proof\nof the identification of the directors and shareholders\nof the private trust company, at the time of\nregistration.\n\n3. Failure of a private trust company to file with the\nAuthority in the form specified by the Authority proof\nof the identification of the directors and shareholders\nof the private trust company, on or before the 31st\nday of January every year during the continuation of\nregistration.\n\nVery serious\nPrivate Trust\nCompanies\nRegulations\n(2020 Revision)\n4(2)(a)\n1. Failure of a private trust company to file with the\nAuthority a declaration in such form as the Authority\nmay approve, declaring \u2014\n(a) the name of the private trust company;\n(b) the names and addresses of the directors of\nthe private trust company;\n(c) the\nnames\nand\naddresses\nof\nthe\nshareholders or members, if any, of the\nprivate trust company;\n(d) the name of the holder of the Trust licence\nproviding the registered office of the private\ntrust company;\n(e) that the company is a private trust company\nto which paragraph (1) applies; and\n(f)\nthat the company is in compliance with the\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 40\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nrequirements of these regulations,\nat the time of registration.\n\n2. Failure of a private trust company to file with the\nAuthority a declaration in such form as the Authority\nmay approve, declaring \u2014\n(a) the name of the private trust company;\n(b) the names and addresses of the directors of\nthe private trust company;\n(c) the\nnames\nand\naddresses\nof\nthe\nshareholders or members, if any, of the\nprivate trust company;\n(d) the name of the holder of the Trust licence\nproviding the registered office of the private\ntrust company;\n(e) that the company is a private trust company\nto which paragraph (1) applies; and\n(f)\nthat the company is in compliance with the\nrequirements of these regulations,\non or before the 31st day of January every year after\nregistration during the continuation of registration.\n\nPrivate Trust\nCompanies\nRegulations\n(2020 Revision)\n4(2)(b)\n1. Failure of a private trust company to at the time of\nregistration pay to the Authority the prescribed fee at\nthe time of registration.\n\n2. Failure of a private trust company to pay to the\nAuthority the prescribed fee on or before the 31st\nday of January every year during the continuation of\nthe registration.\n\nMinor\nPrivate Trust\nCompanies\nRegulations\n(2020 Revision)\n4(2A)\nFailure of a private trust company that fails to pay the\nannual registration fee under paragraph (2)(b) to pay\nthe surcharge not exceeding one-twelfth of the annual\nregistration fee for every month or part of a month that\nthe annual registration fee is not paid.\n\nMinor\nPrivate Trust\nCompanies\nRegulations\n(2020 Revision)\n\n4(3)\nA private trust company filing false, misleading or\ninaccurate information under paragraph (2)(a) or (aa).\n\nVery serious\nPrivate Trust\n4(4)\nFailure of a registered private trust company to inform Serious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 41\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nCompanies\nRegulations\n(2020 Revision)\nthe Authority of any change in the information provided\nto the Authority for the registration of a private trust\ncompany within thirty days of the change.\n\nPrivate Trust\nCompanies\nRegulations\n(2020 Revision)\n4A\nFailure of a private trust company registering with the\nAuthority under regulation 4(2) or a private trust\ncompany making any change to the membership of the\nBoard of the private trust company, on or after the\ncommencement of the Private Trust Companies\n(Amendment) Regulations, 2019 to have a natural\nperson appointed as a director.\n\nSerious\nPrivate Trust\nCompanies\nRegulations\n(2020 Revision)\n5\nA private trust company soliciting or receiving\ncontributions in respect of trusts of which it is trustee,\nfrom \u2014\n(a) the public; or\n(b) persons other than those who are, in relation\nto each other, connected persons.\n\nVery serious\nPrivate Trust\nCompanies\nRegulations\n(2020 Revision)\n6(1)\nFailure of a private trust company to use the words\n\u201cPrivate Trust Company\u201d or the letters \u201cPTC\u201d in the\nname by which the company is registered under the\nCompanies Act (2025 Revision).\n\nVery serious\nPrivate Trust\nCompanies\nRegulations\n(2020 Revision)\n6(2)\nA person, other than a private trust company, using the\nwords \u201cPrivate Trust Company\u201d or the letters \u201cPTC\u201d in\nthe description or title under which the person is\ncarrying on business from within the Islands, whether\nor not such business is carried on in the Islands.\n\nVery serious\n4   - Building Societies Act\n4.\nBUILDING SOCIETIES ACT (2020 REVISION)\nBuilding\nSocieties Act\n(2020 Revision)\n4(2)(da)\nFailure of a society to make rules setting forth that\ndirectors and senior officers are required to be fit and\nproper persons.\n\nSerious\nBuilding\nSocieties Act\n7(1)\nFailure of a society or the proper officer of the society\nto submit two transcripts of all rules made by the society\nVery serious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 42\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(2020 Revision)\nto the Attorney General in the prescribed manner and\nwithin the prescribed timeframe.\n\nBuilding\nSocieties Act\n(2020 Revision)\n8\nFailure of a society to pay its incorporation fees, annual\nfees or regulatory fees within the prescribed timeframe.\n\nMinor\nBuilding\nSocieties Act\n(2020 Revision)\n9(1)\nFailure of a building society which unites with another\nsociety or which transfers its engagements to any other\nsociety to notify the Registrar of a resolution.\n\nSerious\nBuilding\nSocieties Act\n(2020 Revision)\n\n10(2)\nFailure of a society to submit a notice of the change of\nname to the Registrar.\n\nMinor\nBuilding\nSocieties Act\n(2020 Revision)\n11(2)\n1. Failure of the secretary of a society to give notice of\na change of its chief office to the Registrar within\nseven days after such change.\n\n2. Failure of the secretary of a society to advertise the\nchange of the society\u2019s chief office for two days in\nany one of the newspapers published in the Islands,\nand where there is no newspaper published in the\nIslands then in one of the newspapers circulating in\nthe Islands.\nMinor\nBuilding\nSocieties Act\n(2020 Revision)\n13A(1)\nFailure of a society to obtain the approval of the\nAuthority prior to appointing a new director or senior\nofficer.\n\nSerious\nBuilding\nSocieties Act\n(2020 Revision)\n15A(1)\n1. Failure of a society to comply with the requirement\nnot to issue shares to a member representing ten per\ncent or more of total voting rights of the society\nwithout the prior approval of the Authority.\n\n2. Failure of a member to comply with the requirement\nnot to transfer or dispose of shares issued to the\nmember which represent ten per cent or more of the\ntotal voting rights of the society without the prior\napproval of the Authority.\n\nSerious\nBuilding\nSocieties Act\n21(1)\nFailure of a secretary or manager of a society to, at\nleast once in every year, prepare an account described\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 43\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(2020 Revision)\nin section 21(1)(a) and to prepare a general statement\ndescribed in section 21(1)(b).\n\nBuilding\nSocieties Act\n(2020 Revision)\n21(2)\nFailure of a secretary or manager to ensure that the\naccount and the general statement referred to under\nsection 21(1) are attested by the auditors to whom the\nmortgage deeds and other securities belonging to the\nsociety are produced and countersigned by the\nsecretary or manager.\nSerious\nBuilding\nSocieties Act\n(2020 Revision)\n21(3)\n1. Failure of a society to send a copy of the account and\ngeneral statement to every member, depositor and\ncreditor for loans.\n\n2. Failure of a society to send a copy of the account and\ngeneral statement to the Authority within fourteen\ndays after the annual or other general meeting at\nwhich it is presented.\n\nMinor\nBuilding\nSocieties Act\n(2020 Revision)\n22A(1) and (4) 1. Failure of an auditor to give to the Authority written\nnotice of specified information or written notice of a\nsuspicion, and in the case of suspicion, the auditor\u2019s\nreason for that suspicion, where in the course of\ncarrying out an audit of the accounts of a society\nunder this Act, the auditor obtains information or\nsuspects that the society is \u2014\n\n(a) unable or likely to become unable to meet its\nobligations as they fall due;\n(b) carrying on or attempting to carry on business\nor winding up its business voluntarily in a\nmanner that is prejudicial to its members;\n(c) carrying on or attempting to carry on business\nwithout keeping any or sufficient accounting\nrecords to allow its accounts to be properly\naudited;\n(d) carrying on or attempting to carry on business\nin a fraudulent or criminal manner; or\n(e) carrying on or attempting to carry on business\notherwise than in compliance with \u2014\n(i) this Act,\n(ii) the Monetary Authority Act (2020\nRevision); or\n(iii) the\nAnti-Money\nLaundering\nRegulations (2025 Revision).\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 44\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\n2. Failure of a former auditor to explain to the Authority\nthe reasons for the change where a society changes\nits auditor.\n\nBuilding\nSocieties Act\n(2020 Revision)\n33(3)\n1. Failure of a society to grant to the Authority access\nto such books, records, vouchers, documents, cash\nand securities of any society.\n\n2. Failure of a person to provide to the Authority, in such\nform as the Authority may reasonably require, such\ninformation, matter or thing from any person who the\nAuthority has reasonable grounds to believe is\ncarrying on business in contravention of this Act.\n\n3. Failure of the committee of management or Board of\ndirectors of a society, or any officer designated by\nthe committee or Board, to provide information or an\nexplanation when called upon by the Authority.\n\nSerious\nBuilding\nSocieties Act\n(2020 Revision)\n35(5)\nA person obstructing the Authority, or any other person,\nin the exercise of any powers conferred under section\n35.\n\nSerious\nBuilding\nSocieties Act\n(2020 Revision)\n39\nA person obstructing an accountant or actuary\nappointed under section 38, in the exercise of the\naccountant\u2019s or actuary\u2019s duty.\n\nSerious\nBuilding\nSocieties Act\n(2020 Revision)\n42\n1. Failure of an officer or agent of a society to produce\nany book or document directed to be produced by an\nInspector.\n\n2. Failure of an officer or agent of a society to answer\nany question of an Inspector relating to the affairs of\nthe society.\n\nSerious\nBuilding\nSocieties Act\n(2020 Revision)\n47(1)\nA person, by false representation or imposition,\nobtaining possession of any moneys, securities, books,\npapers or other effects of a society, or, having the same\nin the person\u2019s possession, withholding or misapplying\nthe same, or wilfully applying any part thereof to\npurposes other than those expressed or directed in the\nrules of the society and authorised by law.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 45\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\nBuilding\nSocieties Act\n(2020 Revision)\n48(1)\nFailure to first obtain a certificate of incorporation under\nthis Act before forming a society or before commencing\nbusiness as a building society.\n\nVery serious\nBuilding\nSocieties Act\n(2020 Revision)\n\n48(2)\nA society receiving loans or deposits in excess of the\nlimits prescribed by this Act.\n\nSerious\nBuilding\nSocieties Act\n(2020 Revision)\n49\n1. A director, secretary, surveyor, attorney-at-law or\nother officer of a society receiving or accepting from\nany other person any gift, bonus, commission or\nbenefit for or in connection with any loan made by\nthe society.\n\n2. A person paying to a director, secretary, surveyor,\nattorney-at-law or other officer of a society any gift,\nbonus, commission or benefit for or in connection\nwith any loan made by the society.\n\nSerious\nBuilding\nSocieties Act\n(2020 Revision)\n50\nA person wilfully making, ordering or allowing to be\nmade any false statement in any document required by\nthis Act to be sent to the Authority or the Registrar, or\nby erasure, omission or otherwise, wilfully falsifying any\nsuch document.\n\nVery serious\nBuilding\nSocieties Act\n(2020 Revision)\n51\n1. Neglect or refusal of a society under this Act to give\nany notice, send any return or document, or do or\nallow to be done, anything which the society is by this\nAct required to give, send, do or allow to be done.\n\n2. Neglect or refusal of a society under this Act to do\nany act, or furnish any information required for the\npurposes of this Act by the Authority, the Registrar or\nan Inspector.\n\nSerious\n5   - Companies Management Act\n5.\nCOMPANIES MANAGEMENT ACT (2025 REVISION)\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 46\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nCompanies\nManagement\nAct (2025\nRevision)\n\n5(4)\nSubject to subsection (2), failure of a person to comply\nwith the requirement to hold a current licence while\ncarrying on the business of company management.\n\nVery serious\nCompanies\nManagement\nAct (2025\nRevision)\n6(5)\nFailure of the holder of a licence under this Act to inform\nthe Authority of such changes made relating to any of\nthe information furnished in accordance with section\n5(6) as may be prescribed within fourteen days after\nany such change has occurred.\n\nMinor\nCompanies\nManagement\nAct (2025\nRevision)\n9(1)\n1. A licensee which is a company issuing shares\nwithout the approval of the Authority.\n\n2. Failure of a licensee to comply with any conditions of\nthe approval given by the Authority.\n\n3. A person who owns or has an interest in shares in\nthe company licensed under this Act transferring or\notherwise disposing of or dealing in those shares or\nthat interest without the approval of the Authority.\n\n4. Failure of a person who owns or has an interest in\nshares in a company licensed under this Act to\ncomply with any conditions of the approval given by\nthe Authority.\n\nSerious\nCompanies\nManagement\nAct (2025\nRevision)\n9(4)\nFailure of a secretary, as soon as the secretary\nbecomes aware of any shares automatically vesting\nthrough process of law in a person, to inform the\nAuthority of the number of shares and the identity of the\nperson in whom the shares have vested.\n\nSerious\nCompanies\nManagement\nAct (2025\nRevision)\n11(1)(a)\nA person, other than a licensee, using a word which\nconnotes the business of company management, either\nin English or in any other language, in the description\nor title under which the person carries on business in or\nfrom within the Islands.\n\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 47\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nCompanies\nManagement\nAct (2025\nRevision)\n11(1)(b)\nA person, other than a licensee, making a\nrepresentation in a document or in any other manner\nthat the person is carrying on the business of company\nmanagement.\n\nSerious\nCompanies\nManagement\nAct (2025\nRevision)\n11(2)(a) or (d)\n1. Failure of a licensee, being a body corporate with a\nname, or carrying on business under a name, which\nis identical with that of another person, whether\nwithin the Islands or not, or which so nearly\nresembles that name as to be likely to deceive, to\ncomply with the Authority\u2019s request to change the\nlicensee\u2019s name within three calendar months of the\nreceipt of notice from the Authority.\n\n2. Failure of a licensee, being a body corporate with a\nname, or carrying on business under a name, which\nincludes any word or expression prescribed in\nregulations, to comply with the Authority\u2019s request to\nchange the licensee\u2019s name within three calendar\nmonths of the receipt of notice from the Authority.\n\nMinor\nCompanies\nManagement\nAct (2025\nRevision)\n11(2)(b) or (c)  1. Failure of a licensee, being a body corporate with a\nname, or carrying on business under a name, which\nin the opinion of the Authority connotes, falsely, the\npatronage of or connection with a person whether\nwithin the Islands or not, to comply with the\nAuthority\u2019s request to change the licensee\u2019s name\nwithin three calendar months of the receipt of notice\nfrom the Authority.\n\n2. Failure of a licensee, being a body corporate with a\nname, or carrying on business under a name, which\nin the opinion of the Authority connotes, falsely, that\nit has a special status in relation to or derived from\nthe Government, or has the official backing of or acts\non behalf of the Government or of any of its\ndepartments or officials, to comply with the\nAuthority\u2019s request to change the licensee\u2019s name\nwithin three calendar months of the receipt of notice\nfrom the Authority.\n\nSerious\nCompanies\nManagement\nAct (2025\n13(1)\nFailure of the holder of a companies management\nlicence to have the holder\u2019s accounts audited annually\nor at such other time as the Authority may require by an\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 48\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRevision)\nauditor who is approved by the Authority and who is a\nmember of \u2014\n(a) the Institute of Chartered Accountants in\nEngland and Wales;\n(b) the Canadian Institute of Chartered\nAccountants;\n(c) the Chartered Association of Certified\nAccountants of England and Wales;\n(d) the American Institute of Certified Public\nAccountants; or\n(e) any other professional body or institute\napproved by the Authority.\n\nCompanies\nManagement\nAct (2025\nRevision)\n13(2)\nFailure of the holder of a companies management\nlicence, within six months of the end of the financial\nyear of the holder of the companies management\nlicence, to forward to the Authority \u2014\n(a) the audited accounts for the financial year\njust ended;\n(b) a certificate of compliance with this Act and\nany regulations made under this Act or the\nMonetary Authority Act (2020 Revision),\nsigned by the licensee or, if the licensee is a\nbody corporate, a director of the licensee; or\n(c) an auditor\u2019s certificate of the existence of\nadequate procedures to ensure compliance\nby the licensee with any Code of Practice\nthat may be issued under section 113 of the\nProceeds of Crime Act (2025 Revision); or\nunder regulations made under this Act.\n\nMinor\nCompanies\nManagement\nAct (2025\nRevision)\n13(3)\nFailure of the holder of a corporate services licence to,\nonce every two years (or such shorter or  longer period\nas the Authority may require in any individual case),\nforward to the Authority the certificates specified under\nsection 13(2)(b) or 13(2)(c).\n\nSerious\nCompanies\nManagement\nAct (2025\nRevision)\n13(4)\n1. A licensee changing the licensee\u2019s auditor without the\nprior written approval of the Authority.\n\n2. Failure of an outgoing auditor to explain to the\nAuthority the circumstances giving rise to the change\nof auditor.\n\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 49\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nCompanies\nManagement\nAct (2025\nRevision)\n\n13(5)\nA person signing a certificate under section 13(2)(b)\nknowing or who ought reasonably to have known that\nsuch certificate is false.\n\nSerious\nCompanies\nManagement\nAct (2025\nRevision)\n13(6)\nFailure of an auditor who, in the course of carrying out\nan audit of the accounts of a licensee, becomes aware,\nor has reasonable grounds to believe, that the licensee\nis  \u2014\n\n(a) unable to meet the licensee\u2019s obligations as\nthey fall due;\n(b) carrying on or attempting to carry on the\nlicensee\u2019s\nbusiness\nof\ncompany\nmanagement or winding up the licensee\u2019s\nbusiness of company management in a\nmanner that is prejudicial to the licensee\u2019s\nmanaged companies or their owners, or to\nthe licensee\u2019s creditors, or to the creditors of\nthe licensee\u2019s managed companies or their\nowners;\n(c) carrying on or attempting to carry on\nbusiness without keeping any or sufficient\naccounting records to allow the licensee\u2019s\naccounts to be properly audited; or\n(d) carrying on business in a fraudulent or\ncriminal manner,\nto immediately give the Authority written notice of the\nauditor\u2019s knowledge or belief, and to give reasons for\nthat knowledge or belief.\n\nSerious\nCompanies\nManagement\nAct (2025\nRevision)\n14(a)\nFailure of a licensee to comply with the requirement not\nto open a subsidiary, branch, agency or representative\noffice outside the Islands without the prior approval of\nthe Authority.\n\nSerious\nCompanies\nManagement\nAct (2025\nRevision)\n14(b)\nFailure of a licensee to comply with the requirement not\nto change the licensee\u2019s name without the prior\napproval of the Authority.\n\nMinor\nCompanies\nManagement\nAct (2025\n15(1)\nFailure of a holder of a companies management licence\nwhich is a company to comply with the requirement to\nhave no fewer than two directors at any time.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 50\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRevision)\n\nCompanies\nManagement\nAct (2025\nRevision)\n15(2)\n1. Failure of a licensee to comply with the requirement\nto obtain the prior written approval of the Authority\nbefore making an appointment to the Board of\ndirectors.\n\n2. Failure of a licensee which is a company to comply\nwith the requirement to obtain the prior written\napproval of the Authority before making an\nappointment of a senior officer.\n\n3. Failure of a holder of a corporate services licence to\ncomply with the requirement to give one month\u2019s\nprior notice to the Authority before making an\nappointment to the Board of directors.\n\n4. Failure of a holder of a corporate services licence to\ncomply with the requirement to give one month\u2019s\nprior notice to the Authority before making an\nappointment of a senior officer.\n\nSerious\nCompanies\nManagement\nAct (2025\nRevision)\n15(3)\nFailure of a licensee to remove or replace a director, or\ndismiss a senior officer, who is convicted in any country\nof an offence involving dishonesty within fourteen days\nof the conviction.\n\nSerious\nCompanies\nManagement\nAct (2025\nRevision)\n16(2)\nFailure of a person who the Authority reasonably\nbelieves is carrying on the business of company\nmanagement in contravention of this Act, or a licensee,\nto provide \u2014\n\n(a) access to, and to allow copies to be made\nof, such books, records and documents;\n(b) access to such cash and securities; or\n(c) such information or explanation,\n\nas the Authority may reasonably require for the\nperformance of the Authority\u2019s functions under this Act.\n\nSerious\nCompanies\nManagement\nAct (2025\nRevision)\n16(6)\nA person knowingly or recklessly furnishing any\ninformation, providing any explanation or making any\nstatement which is false or misleading in a material\nparticular.\nVery serious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 51\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nCompanies\nManagement\nAct (2025\nRevision)\n17(1)\nFailure of a licensee to insure with authorised insurers\nagainst the losses referred to in section 17(3).\nSerious\nCompanies\nManagement\nAct (2025\nRevision)\n18(1)(a)\nWhere a licensee is or appears likely to become unable\nto meet its obligations as they fall due.\n\nSerious\nCompanies\nManagement\nAct (2025\nRevision)\n18(1)(b)\nA licensee carrying on business in a manner\ndetrimental to the public interest or to the interest of the\nlicensee\u2019s clients or creditors.\n\nVery serious\nCompanies\nManagement\nAct (2025\nRevision)\n18(1)(c)\nA licensee contravening this Act or the Beneficial\nOwnershipTransparency Act, 2023 [Act 13 of 2023].\n\nVery serious\nCompanies\nManagement\nAct (2025\nRevision)\n18(1)(d)\nFailure of a licensee to comply with a condition of its\nlicence.\n\nSerious\nCompanies\nManagement\nAct (2025\nRevision)\n18(1)(e)\nFailure of a licensee to ensure that the direction and\nmanagement of the licensee\u2019s business is being\nconducted in a fit and proper manner.\nVery serious\nCompanies\nManagement\nAct (2025\nRevision)\n18(1)(f)\nA person who is not a fit and proper person holding a\nposition as a director, manager or officer of a licensee\u2019s\nbusiness.\n\nVery serious\nCompanies\nManagement\nAct (2025\nRevision)\n18(1)(g)\nA person who is not a fit and proper person holding or\nacquiring control or ownership of a licensee.\nVery serious\nCompanies\nManagement\nAct (2025\nRevision)\n19(7)\nA person wilfully obstructing the Authority or other\nauthorised person in the exercise of any powers\nconferred on the Authority or that other authorised\nperson.\n\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 52\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n6   - Cooperative Societies Act\n6.\nCOOPERATIVE SOCIETIES ACT (2020 REVISION)\nCooperative\nSocieties Act\n(2020 Revision)\n12\n1. Failure of a registered society to have an address\nregistered in accordance with the regulations to\nwhich all notices and communications may be sent.\n\n2. Failure of a registered society to send to the\nRegistrar notice of every change of that address.\n\nMinor\nCooperative\nSocieties Act\n(2020 Revision)\n13\nFailure of a registered society to paint or affix and keep\npainted or affixed its registered name, in letters easily\nlegible, and in a conspicuous position on the outside of\nevery office or place in which the business of the society\nis carried on.\n\nMinor\nCooperative\nSocieties Act\n(2020 Revision)\n14\nFailure of a registered society to keep a copy of this Act\nand the regulations and its rules and a list of its\nmembers open to inspection, free of charge, at all\nreasonable times at the registered address of the\nsociety.\nMinor\nCooperative\nSocieties Act\n(2020 Revision)\n25\nA person becoming a member of more than one\nregistered society with unlimited liability, whose primary\nobject is to grant loans to its members, without the\nsanction of the Registrar.\n\nSerious\nCooperative\nSocieties Act\n(2020 Revision)\n28\nA member, other than a registered society, holding\nmore than such portion of share capital of the society,\nwhere the liability of the members of the registered\nsociety is limited by shares, subject to a maximum of\ntwenty per cent, as may be prescribed by the rules.\n\nSerious\nCooperative\nSocieties Act\n(2020 Revision)\n29(4)\n1. A credit union which may issue shares which carry\nvoting rights, issuing shares representing ten per\ncent or more of total voting rights of the credit union\nto a member.\n\n2. A member transferring or disposing of issued shares\nrepresenting ten per cent or more of the total voting\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 53\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nrights of the credit union, without the prior approval\nof the Authority.\n\nCooperative\nSocieties Act\n(2020 Revision)\n29(6)\nFailure of a credit union, for the purposes of section\n29(4), to provide such information to the Authority, and\nwithin such time as the Authority may specify, for the\npurpose of assessing whether persons acquiring\ncontrol or ownership of such shares representing ten\nper cent or more of the total voting rights of the credit\nunion are fit and proper persons to have such control or\nownership.\nSerious\nCooperative\nSocieties Act\n(2020 Revision)\n\n31\nA registered society making a loan to any person other\nthan a member or another registered society.\n\nSerious\nCooperative\nSocieties Act\n(2020 Revision)\n32\nFailure of a registered society to receive deposits and\nloans from persons who are not members, in\naccordance with the prescribed conditions.\nSerious\nCooperative\nSocieties Act\n(2020 Revision)\n34(1)\nA registered society paying a dividend or bonus or\ndistributing any part of its accumulated funds before the\nbalance sheet has been certified \u2014\n(a) in the case of a society other than a credit\nunion, by an auditor approved by the\nRegistrar; and\n(b) in the case of a credit union, by an auditor\napproved by the Authority.\n\nVery serious\nCooperative\nSocieties Act\n(2020 Revision)\n34(2)\nA registered society declaring any dividend exceeding\nsix per cent per annum.\nVery serious\nCooperative\nSocieties Act\n(2020 Revision)\n\n35(1)\nFailure of a registered society which does or can derive\nprofit from its transactions, to maintain a reserve fund.\n\nSerious\nCooperative\nSocieties Act\n(2020 Revision)\n35(2)\n1. Failure of a registered society to carry to the reserve\nfund at least twenty per cent of the net profits of\nevery registered society as ascertained by the audit\nprescribed by section 39 or 45, as the case may be.\n\n2. Failure of a registered society to employ the reserve\nfund as prescribed by the regulations.\n\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 54\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nCooperative\nSocieties Act\n(2020 Revision)\n38A\n1. Failure of a credit union to obtain the approval of the\nAuthority prior to appointing a director or senior\nofficer.\n\n2. Failure of a credit union to require the director or\nsenior officer to be a fit and proper person.\n\nSerious\nCooperative\nSocieties Act\n(2020 Revision)\n39(1)\nFailure of a credit union to have its accounts audited\nannually or at such other times as the Authority may\nrequire, by an auditor, who is a chartered accountant, a\ncertified\npublic\naccountant,\nor\nsome\nother\nprofessionally qualified accountant, approved by the\nAuthority.\n\nSerious\nCooperative\nSocieties Act\n(2020 Revision)\n39(2)\nFailure of a credit union to forward the audited accounts\nto the Authority within three months of the end of the\nfinancial year of the credit union, unless prior written\napproval for an extension has been granted by the\nAuthority.\n\nMinor\nCooperative\nSocieties Act\n(2020 Revision)\n39A(1)\nFailure of an auditor to immediately give the Authority\nwritten notice of the information or suspicion and, in the\ncase of suspicion, the auditor\u2019s reason for that\nsuspicion if an auditor, in the course of carrying out an\naudit of the accounts of a credit union under this Act,\nobtains information or suspects that the credit union\nis \u2014\n(a) unable or likely to become unable to meet its\nobligations as they fall due;\n(b) carrying on or attempting to carry on\nbusiness or winding up its business\nvoluntarily in a manner that is prejudicial to\nits members;\n(c) carrying on or attempting to carry on\nbusiness without keeping any or sufficient\naccounting records to allow its accounts to\nbe properly audited;\n(d) carrying on or attempting to carry on\nbusiness in a fraudulent or criminal manner;\nor\n(e) carrying on or attempting to carry on\nbusiness otherwise than in compliance\nwith \u2014\n(i)\nthe Act or the Regulations;\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 55\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(ii)\nthe Monetary Authority Act (2020\nRevision); or\n(iii) the\nAnti-Money\nLaundering\nRegulations (2025 Revision).\n\nCooperative\nSocieties Act\n(2020 Revision)\n\n39A(3)\nA credit union appointing as an auditor a person\ndisqualified under subsection (2).\n\nSerious\nCooperative\nSocieties Act\n(2020 Revision)\n39A(5)\nWhere a credit union changes its auditor, failure of a\nformer auditor to explain the reasons for the change\nwhere required by the Authority to explain such\nreasons.\n\nSerious\nCooperative\nSocieties Act\n(2020 Revision)\n40(3)\n1. Failure of a credit union to grant the Authority access\nto such books, records, vouchers, documents, cash\nand securities of the credit union.\n\n2. Failure of a person who the Authority has reasonable\ngrounds to believe is carrying on business in\ncontravention of this Act to provide such information,\nmatter or thing requested from the person, by the\nAuthority, in such form as the Authority may\nreasonably require.\n\n3. Failure of the committee of a credit union, or any\nofficer designated by the committee to provide to the\nAuthority such information or explanation, as the\nAuthority may reasonably require for the purpose of\nenabling it to perform its functions under this Act.\n\nSerious\nCooperative\nSocieties Act\n(2020 Revision)\n\n42(5)\nA person obstructing the Authority or any other person\nin exercise of its powers conferred under section 42.\n\nSerious\nCooperative\nSocieties Act\n(2020 Revision)\n61(2)\nFailure of a registered society to send to the Registrar,\na copy of every special resolution, signed by the\nchairperson of the meeting at which the resolution was\nconfirmed and countersigned by the secretary of the\nsociety.\n\nSerious\nCooperative\nSocieties Act\n66\nA person other than \u2014\n(a) a registered society; or\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 56\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(2020 Revision)\n(b) any person or that person\u2019s successor in\ninterest who traded or carried on business at\nthe time of the passing of this Act,\ntrading or carrying on business under any name or title\nof which the word \u201ccooperative\u201d or \u201ccooperation\u201d or any\nabbreviation, or the words \u201ccredit union\u201d or \u201ccredit\nunions\u201d or any abbreviation is part.\n\nCooperative\nSocieties Act\n(2020 Revision)\n68(1)(a)\nA registered society and every officer or member of the\nregistered society wilfully neglecting or refusing to do\nany act or to furnish any information required for the\npurposes of this Act by the Authority or the Registrar or\nother person duly authorised by the Registrar in writing\nin that behalf.\n\nSerious\nCooperative\nSocieties Act\n(2020 Revision)\n68(1)(b)\nA registered society and every officer or member of the\nregistered society wilfully making a false return or\nfurnishing any false information.\n\nSerious\nCooperative\nSocieties Act\n(2020 Revision)\n68(2)(a)\nA person wilfully or without any reasonable excuse,\ndisobeying any summons, requisition or lawfully written\norder issued under this Act.\n\nSerious\nCooperative\nSocieties Act\n(2020 Revision)\n68(2)(b)\nA person failing to furnish any information lawfully\nrequired from that person by a person authorised to do\nso under this Act.\n\nSerious\nCooperative\nSocieties Act\n(2020 Revision)\n69\nA person obtaining possession of any property of a\nsociety by false representation or imposition, or\nobtaining possession of any property of a society and\nwithholding or misplacing the same, or wilfully applying\nany part of the property to purposes other than those\nexpressed, or directed in the rules of the society and\nauthorised by this Act.\n\nSerious\n7   - Development Bank Act\n7.\nDEVELOPMENT BANK ACT (2018 REVISION)\nDevelopment\n5(1)\nFailure of the Board to appoint a general manager to be Serious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 57\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nBank Act (2018\nRevision)\n\nthe chief executive officer of the Bank.\n\nDevelopment\nBank Act (2018\nRevision)\n5(3)\nFailure of the Board to appoint officers to be responsible\nfor \u2014\n(a) managing the loan portfolio and the loan\nadministration process of the Bank;\n(b) managing and recording the funds of the\nBank\nand\nmanaging\nall\nfinancial\ntransactions of the Bank; and\n(c) establishing, maintaining and reviewing the\ninternal controls established by the Bank in\norder to assess compliance with the\nestablished policies of the Bank.\n\nSerious\nDevelopment\nBank Act (2018\nRevision)\n19\nThe Bank allowing the aggregate of the liabilities of the\nBank outstanding at any one time including bonds and\ndebentures issued by the Bank, to exceed the amount\nof the authorised capital or such sum as may be\nprovided for in regulations made under section 31,\nwithout the written approval of the Cabinet.\n\nSerious\nDevelopment\nBank Act (2018\nRevision)\n20\n1. Failure of the Bank to establish and maintain a\nreserve fund.\n\n2. Failure of the Bank to allocate to the reserve fund,\nat the end of its financial year, not less than twenty\nper cent of the net income for that financial year\nwhenever the total amount standing to the credit of\nsuch reserve is less than the paid-up portion of the\nauthorised capital of the Bank.\n\nSerious\nDevelopment\nBank Act (2018\nRevision)\n21(1)\n1. Failure of the Bank to keep proper accounting\nrecords in accordance with generally accepted\naccounting principles.\n\n2. Failure of the Bank to prepare a statement of\naccounts in respect of each financial year.\n\nSerious\nDevelopment\nBank Act (2018\nRevision)\n21(3)\nFailure of the Bank to have its statement of accounts\naudited annually by an auditor who is a chartered\naccountant, a certified public accountant, a firm of\nprofessional\nqualified\naccountants\nor\nother\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 58\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nprofessionally qualified accountant appointed by the\nBoard, after consultation with the Authority.\n\nDevelopment\nBank Act (2018\nRevision)\n21(4)\nFailure of the Bank to give to the auditor on request \u2014\n(a) access to all books, documents, and\nrecords (including any held by means of\ncomputer), and copies of any such items;\n(b) all such information as the auditor may\nrequest and which is within the Bank\u2019s\nknowledge and capabilities; and\n(c) copies of the statement of accounts for any\nprevious financial year.\nSerious\nDevelopment\nBank Act (2018\nRevision)\n21(5)\n1. Failure of the auditor to complete the audit and send\nto the Board copies of that auditor\u2019s report on the\nstatement of accounts.\n\n2. Failure of the Board to submit the auditor\u2019s report\nannually to the Minister, the Authority and the\nFinancial Secretary within three months of the end\nof the financial year together with an audited\nbalance sheet and income and expenditure\naccounts as at the close of the previous financial\nyear.\n\nSerious\nDevelopment\nBank Act (2018\nRevision)\n22(1)\nFailure of the Bank to prepare a report, in a form\napproved by the Minister, of what has been done in the\ndischarge of the Bank\u2019s functions in a financial year, as\nsoon as possible after the end of that financial year and\nin any event not later than seven months after the end\nof that financial year.\n\nSerious\nDevelopment\nBank Act (2018\nRevision)\n23(2)\nFailure of the Bank to at all times, as may be specified\nby the Authority, furnish to the Authority such returns in\nrespect of such of its business as the Authority may\nspecify in writing and in such form as the Authority may\nreasonably require.\n\nSerious\nDevelopment\nBank Act\n(2018 Revision)\n23(3)\nFailure of the Bank, within three months of the end of\nthe financial year of the Bank, to forward to the Authority\nan auditor\u2019s certificate of the existence of adequate\nprocedures to ensure compliance with the Anti-Money\nLaundering Regulations (2025 Revision) and any Code\nof Practice which may be issued under sections 113 or\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 59\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n180 of the Proceeds of Crime Act (2025 Revision).\n\nDevelopment\nBank Act (2018\nRevision)\n23(8)\n1. Failure of Bank to grant the Authority access to such\nbooks, records, vouchers, documents, cash and\nsecurities of the Bank.\n\n2. Failure of a director or officer of the Bank or any\nsimilar person to provide to the Authority such\ninformation, matter or thing requested from the\ndirector, officer or similar person, for such\ninformation or explanation, as the Authority may\nreasonably require for the purpose of enabling it to\nperform its functions under this Act.\n\n3. Failure of a director or officer of the Bank or any\nsimilar person to provide such information requested\nby the Authority, in such form as the Authority may\nreasonably require.\n\nSerious\nDevelopment\nBank Act (2018\nRevision)\n25(5)\nA person obstructing the Authority or any other person\nin the exercise of any powers conferred under section\n25.\n\nSerious\nDevelopment\nBank Act (2018\nRevision)\n27\nThe Bank including information with respect to any\nparticular individual or particular undertaking (other\nthan the undertaking of the Bank) in any report laid\nbefore the Cayman Islands Parliament under this Act\nwithout the consent of the individual or undertaking.\n\nVery serious\nDevelopment\nBank Act (2018\nRevision)\n29(1)\nFailure of the Bank, where the Bank has made a loan\nunder this Act, to \u2014\n(a) from time to time, make or cause to be made\nsuch examination as may be necessary to\nensure that the loan is being applied to the\npurpose for which it was made;\n(b) require financial statements in such detail as\nit may be determined to be submitted by the\nperson in receipt of the loan biannually or at\nshorter intervals at the discretion of the\nBank.\n\nMinor\nDevelopment\n29(2)\nA person failing to submit any financial statement or to Minor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 60\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nBank Act (2018\nRevision)\nproduce any book, document or other matter or thing\ndemanded in accordance with subsection (1).\n\n8   - Directors Registration and Licensing Act\n8.\nDIRECTORS REGISTRATION AND LICENSING ACT, 2014\nDirectors\nRegistration and\nLicensing Act,\n2014\n\n4(1)\nA natural person appointed as a director of a covered\nentity, subject to subsection (4), acting in that capacity\nwithout being registered under this Act.\n\nVery serious\nDirectors\nRegistration and\nLicensing Act,\n2014\n4(2)\nA natural person who, on or after the date of\ncommencement of this Act, is proposed to be appointed\nas a director of a covered entity being appointed to act\nin that capacity without being registered by the\nAuthority.\n\nVery serious\nDirectors\nRegistration and\nLicensing Act,\n2014\n4(3)\nSubject to subsection(4), a natural person who, prior to\nthe date of commencement of this Act, is a director of a\ncovered entity continuing to act in that capacity on or\nafter that date without making an application for\nregistration, and being registered as a director, by the\nAuthority.\n\nVery serious\nDirectors\nRegistration and\nLicensing Act,\n2014\n5(4)\nFailure of an applicant who has submitted an\napplication for registration to the Authority to, in the time\nprescribed, cease to act as a director of a covered entity\nif, for any reason, the application for registration is\nrefused.\n\nSerious\nDirectors\nRegistration and\nLicensing Act,\n2014\n6(2)\n1. Failure of each registered director to pay to the\nAuthority the prescribed annual fee, on or before the\n15th January in each calendar year.\n\n2. Failure of each registered director who fails to pay\nthe prescribed annual fee by the 15th January in\neach calendar year to pay a surcharge of onetwelfth of that fee for every month or part of a month\nafter the 15th January in each year that the fee is\nMinor\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 61\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nnot paid.\n\nDirectors\nRegistration and\nLicensing Act,\n2014\n\n6(2)\nFailure of each registered director to, on or before the\n15th January in each calendar year, provide to the\nAuthority the information in the prescribed form.\n\nSerious\nDirectors\nRegistration and\nLicensing Act,\n2014\n6(3)\nFailure of a registered director to inform the Authority if\nthere is any change in the information provided to the\nAuthority for the registration of a director, within twentyone days of the change.\n\nSerious\nDirectors\nRegistration and\nLicensing Act,\n2014\n\n8(1)\nAn applicant serving as a director for any covered entity\nwhere the Authority refuses to register an applicant\nunder this Part.\nVery serious\nDirectors\nRegistration and\nLicensing Act,\n2014\n\n9(1)\nSubject to subsection (4), a natural person being a\nprofessional director without holding a valid licence\nissued under this Act.\nVery serious\nDirectors\nRegistration and\nLicensing Act,\n2014\n9(2)\nA natural person who, on or after the date of\ncommencement of this Act proposes to be a\nprofessional director being or carrying on business as a\nprofessional director without holding a valid licence\nissued under this Act.\n\nVery serious\nDirectors\nRegistration and\nLicensing Act,\n2014\n9(3)\nSubject to subsection (4), a natural person who is a\nprofessional\ndirector\nprior\nto\nthe\ndate\nof\ncommencement of this Act continuing to act in that\ncapacity on or after the date of commencement of this\nAct, without being licensed by the Authority.\n\nVery serious\nDirectors\nRegistration and\nLicensing Act,\n2014\n\n13(1)\nAn applicant serving as a professional director for any\ncovered entity where the Authority refuses to grant a\nlicence to an applicant under Part III.\nVery serious\nDirectors\nRegistration and\nLicensing Act,\n14(1)(a)\nFailure of a professional director who is granted a\nlicence under Part III to, upon the grant of the license,\npay the prescribed licence fee to the Authority.\nMinor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 62\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n2014\n\nDirectors\nRegistration and\nLicensing Act,\n2014\n\n14(1)(b)\nFailure of a professional director, who is granted a\nlicence under Part III to, upon the grant of the license,\ncomply with the conditions of the licence.\nVery serious\nDirectors\nRegistration and\nLicensing Act,\n2014\n14(2)\n1. Failure of a licensed professional director to, on or\nbefore the 15th January in each calendar year pay\nto the Authority the prescribed annual fee.\n\n2. Failure of a licensed professional director who fails\nto pay the prescribed annual fee on or before the\n15th January in each calendar year, to pay a\nsurcharge of one-twelfth of that fee for every month\nor part of a month after the 15th January in each\nyear that the fee is not paid.\n\nMinor\nDirectors\nRegistration and\nLicensing Act,\n2014\n14(2)\nFailure of a licensed professional director to, on or\nbefore the 15th January in each calendar year, provide\nto the Authority the information in the prescribed form.\n\nSerious\nDirectors\nRegistration and\nLicensing Act,\n2014\n14(3)\nFailure of a professional director to inform the Authority\nif there is any change in the information provided to the\nAuthority for the grant of a licence, within twenty-one\ndays of the change.\n\nSerious\nDirectors\nRegistration and\nLicensing Act,\n2014\n15(1)\nFailure of a professional director to at all times be\ncovered by insurance with an insurer, to cover loss\narising from claims in respect of civil liability incurred in\nconnection with the business of the professional\ndirector, in an amount which is a minimum aggregate\ncover of one million dollars and a minimum cover of one\nmillion dollars for each and every claim.\n\nSerious\nDirectors\nRegistration and\nLicensing Act,\n2014\n\n15(2)\nFailure of a professional director to file with the\nAuthority current details of the insurance required under\nsubsection (1).\nMinor\nDirectors\nRegistration and\n17(1)\nA corporate director appointed as a director of a\ncovered entity, subject to section 22, acting in that\nVery serious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 63\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nLicensing Act,\n2014\n\ncapacity without being licensed as a corporate director\nunder this Act.\nDirectors\nRegistration and\nLicensing Act,\n2014\n17(2)\nA corporate director who, on or after the date of\ncommencement of this Act, is proposed to be appointed\nas a director of a covered entity being appointed to act\nin that capacity without being licensed as a corporate\ndirector under this Act.\n\nSerious\nDirectors\nRegistration and\nLicensing Act,\n2014\n18(7)\n1. Failure of a licensed corporate director to, on or\nbefore the 15th January in each calendar year, pay\nto the Authority the prescribed annual fee.\n\n2. Failure of a licensed corporate director who fails to\npay the prescribed annual fee on or before the 15th\nJanuary in each calendar year, to pay a surcharge of\none-twelfth of that fee for every month or part of a\nmonth after the 15th January in each year that the\nfee is not paid.\n\nSerious\nDirectors\nRegistration and\nLicensing Act,\n2014\n\n18(7)\n1. Failure of each licensed corporate director to on or\nbefore the 15th January in each calendar year, pay\nto the Authority the prescribed annual fee.\n\n2. Failure of each licensed corporate director who fails\nto pay the prescribed annual fee, a surcharge of onetwelfth of that fee for every month or part of a month\nafter the 15th January in each year that the fee is not\npaid.\n\nMinor\nDirectors\nRegistration and\nLicensing Act,\n2014\n18(8)\nFailure of a corporate director to within twenty-one days\nof any change in the information provided to the\nAuthority for the grant of a licence under Part IV, inform\nthe Authority of the change.\n\nSerious\nDirectors\nRegistration and\nLicensing Act,\n2014\n20(1)\nFailure of a corporate director to \u2014\n(a) be registered as an ordinary resident\ncompany,\nan\nordinary\nnon-resident\ncompany, an exempted company or foreign\ncompany in accordance with the Companies\nAct (2025 Revision);\n(b) appoint to its Board at least two natural\npersons who are registered or licensed\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 64\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nunder this Act;\n(c) before the appointment of any new or\nadditional person to its Board, apply to the\nAuthority for its written approval of that\nappointment.\n\nDirectors\nRegistration and\nLicensing Act,\n2014\n21(1)\nFailure of the subsidiary, whether wholly owned or\notherwise, of \u2014\n(a) a corporate director;\n(b) the holder of a mutual funds administrators\nlicence; or\n(c) the holder of a companies management\nlicence,\nthat is appointed to act as a director of a covered entity\nto be licensed under this Act unless that subsidiary\nholds a mutual funds administrators licence or a\ncompanies management licence.\n\nVery serious\nDirectors\nRegistration and\nLicensing Act,\n2014\n21(2)\nFailure of a corporate director to at all times be covered\nby insurance with an insurer, to cover loss arising from\nclaims in respect of civil liability incurred in connection\nwith the business of the corporate director, in an\namount which is a minimum aggregate cover of one\nmillion dollars and a minimum cover of one million\ndollars for each and every claim.\n\nSerious\nDirectors\nRegistration and\nLicensing Act,\n2014\n\n21(3)\nFailure of a corporate director to file with the Authority\ncurrent details of the insurance required under\nsubsection (2)\nMinor\nDirectors\nRegistration and\nLicensing Act,\n2014\n24(2)\n1. Failure of \u2014\n(a) a person whom the Authority reasonably\nbelieves is acting as a director of a covered\nentity in contravention of this Act;\n(b) a registered director, professional director or\ncorporate director; or\n(c) any person whom the Authority reasonably\nbelieves has relevant information relating to\n(a) or (b),\nto provide access to and allow copies to be made of any\nbooks, records or documents that the Authority may\nreasonably require.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 65\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\n2. Failure of \u2014\n(a) a person whom the Authority reasonably\nbelieves is acting as a director of a covered\nentity in contravention of this Act;\n(b) a registered director, professional director or\ncorporate director; or\n(c) any person whom the Authority reasonably\nbelieves has relevant information relating to\n(a) or (b),\nto furnish any information or explanation the Authority\nmay reasonably require for the performance of its\nfunctions under this Act or the Monetary Authority Act\n(2020 Revision).\n\nDirectors\nRegistration and\nLicensing Act,\n2014\n24(5)\nA person to whom subsection (2) applies knowingly or\nrecklessly, furnishing any information, providing any\nexplanation or making any statement to the Authority\nwhich is false or misleading in a material particular.\n\nVery serious\n9   - Insurance Act\n9.\nINSURANCE ACT, 2010 (as amended)\nInsurance Act,\n2010 (as\namended)\n3(1)\nA person carrying on \u2014\n(a) insurance business;\n(b) reinsurance business; or\n(c) business as an insurance agent, insurance\nbroker, or insurance\nmanager,\nwithout holding a valid licence issued for that purpose\nunder this Act.\n\nVery serious\nInsurance Act,\n2010 (as\namended)\n4(4)(b)\nFailure of an insurer that is not a class D insurer and\nnot a class B insurer incorporated as a segregated\nportfolio company under Part 14 of the Companies Act\n(2025 Revision) to be separately licensed for long term\nbusiness and for general business.\n\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 66\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nInsurance Act,\n2010 (as\namended)\n4(4)(d)\nFailure of an insurance manager who also carries on\nbusiness as either an insurance broker or an insurance\nagent to be separately licensed in respect of each such\nactivity.\n\nSerious\nInsurance Act,\n2010 (as\namended)\n7(1)\nFailure of a licensee to pay the prescribed annual fee in\nrespect of each category of licence held on or before\nevery 15th day of January after the first grant of the\nlicence.\n\nMinor\nInsurance Act,\n2010 (as\namended)\n7(2)\nFailure of a licensee who fails to pay the prescribed\nannual fee by the date specified in subsection (1), to\npay to the general revenue of the Islands, a surcharge\nnot exceeding one-twelfth of the prescribed annual fee\nfor every month or part of a month that the prescribed\nannual fee is not paid, unless the Authority waives the\nsurcharge.\n\nMinor\nInsurance Act,\n2010\n8(1)\n1. Failure of a licensee to carry on insurance business\nonly in accordance with the information given in its\napproved licence application and business plan.\n\n2. Failure of a licensee to seek the prior written\napproval of the Authority for any change to the\napproved business plan or in the information\nsupplied in the application.\n\n3. A licensee \u2014\n(a) opening outside the Islands a subsidiary,\nbranch, agency or representative office or\nchanging its name; or\n(b) where it is an insurer other than an external\ninsurer conducting insurance business \u2014\n(i)\nother than long term business,\namalgamating with any one or more\ninsurers or,\n(ii)\nother than in the normal course of\nbusiness, transferring its insurance\noperations or any part thereof, or\naccepting transfer of the insurance\noperations or any part thereof from\nanother insurer,\nwithout the prior written approval of the Authority.\n\nVery serious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 67\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n4. Failure of a licensee that is required to have a place\nof business in the Islands to maintain in the Islands\nsuch resources, including staff and facilities, books\nand records as the Authority may consider\nappropriate, having regard to the nature and scale\nof the business.\n\nInsurance Act,\n2010 (as\namended)\n8(2)\nFailure of an insurer to \u2014\n(a) maintain a margin of solvency in accordance\nwith the prescribed solvency requirements;\n(b) maintain adequate arrangements for the\nmanagement of risks, including the\nreinsurance thereof where appropriate;\n(c) maintain capital in accordance with the\nprescribed capital requirements;\n(d) authorise at least one person resident in the\nIslands and approved by the Authority to\naccept on its behalf service of process in any\nlegal proceedings and any notices required\nto be served on it;\n(e) where it is a member of an insurance group,\ninform the Authority of any activity or\ntransaction undertaken or proposed by\nanother member of the group that could\nreasonably be expected to have a material\neffect on the insurer;\n(f)\nwhere it is an external insurer, be\nresponsible for all contracts of domestic\nbusiness issued by any branch or subsidiary\nand also for all acts, omissions and liabilities\nof such branch or subsidiary activity; or\n(g) maintain an effective system of governance\nas approved by the Authority.\n\nVery serious\nInsurance Act,\n2010 (as\namended)\n8(3)\nFailure of an insurance agent, insurance broker or an\ninsurance manager to establish and maintain a\nseparate account for the brokerage, agency and\nmanagement account separate from the accounts\nmaintained for each insurer.\n\nVery serious\nInsurance Act,\n2010 (as\namended)\n8(4)\nFailure of a class B insurer that is established as a\nsegregated portfolio company under Part 14 of the\nCompanies Act (2025 Revision) to, in respect of each\nsegregated portfolio \u2014\nVery serious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 68\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(a) maintain the prescribed margin of solvency;\n(b) unless waived by the Authority, comply with\nsection 9(1)(a) and (c); and\n(c) cause each submission under paragraph (b)\nto be prepared using the same financial year\nend.\n\nInsurance Act,\n2010 (as\namended)\n9(1)\n1. Failure of an insurer, except as otherwise approved\nby the Authority in writing and subject to subsection\n(3), to submit to the Authority by way of annual\nreturn, within six months of the end of its financial\nyear all or any of the following \u2014\n(a) audited financial statements prepared in\naccordance with internationally recognised\naccounting standards by an independent\nauditor approved by the Authority, together\nwith a copy of any prescribed management\nletter issued by the auditor;\n(b) an actuarial valuation of its assets and\nliabilities including loss and loss expense\nprovisions, certified by an actuary approved\nby the Authority;\n(c) certification of solvency prepared by a\nperson approved by the Authority in\naccordance\nwith\nthe\nprescribed\nrequirements;\n(d) written confirmation that the information set\nout in the application for the licence, as\nmodified by any subsequent changes\napproved by the Authority, remains correct;\nor\n(e) such other information as may be\nprescribed.\n\nSerious\nInsurance Act,\n2010 (as\namended)\n9(2)\nFailure of a class A insurer to, except as otherwise\napproved in writing by the Authority, submit in the return\nunder subsection (1) \u2014\n(a) a list of insurance agents and insurance\nbrokers who have the class A insurer\u2019s\nauthority to solicit domestic business on its\nbehalf; and\n(b) confirmation that the class A insurer is\nsatisfied that the agents are fit and proper\npersons and have complied with the\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 69\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\napplicable requirements under this Act.\n\nInsurance Act,\n2010 (as\namended)\n9(4)\n1.\nFailure of an insurer to disclose the standards\napplied in the audited financial statements and\nactuarial valuation referred to in subsection (1)(a)\nand (b).\n\n2. Failure of a class A insurer or class D insurer to\npublish its audited financial statements at a time no\nlater than the time that it submits them to the\nAuthority.\n\n3. Failure of a class B(iii) insurer to make its audited\nfinancial statements available to insured persons,\nthird party beneficiaries, and such other persons as\nmay be prescribed, on request.\n\nSerious\nInsurance Act,\n2010 (as\namended)\n10\n1. Failure of an insurance broker or an insurance\nmanager to, except as otherwise approved by the\nAuthority in writing, submit to the Authority by way\nof annual return, within six months of the end of its\nfinancial year \u2014\n(a) financial statements prepared in accordance\nwith internationally recognised accounting\nstandards;\n(b) written confirmation that the information set\nout in the licence application, as modified by\nany subsequent changes approved by the\nAuthority, remains correct;\n(c) evidence\nof\nadequate\nprofessional\nindemnity insurance as required under\nsection 13; and\n(d) such other information as may be\nprescribed.\n\n2. Failure of an insurance broker to, except as\notherwise approved by the Authority in writing, in\nrespect of domestic business, submit a list of all\ninsurers for whom the insurance broker is\nauthorised to act, commissions received from each\ninsurer and the premium income received on behalf\nof and remitted to each such insurer during the\nfinancial year.\n\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 70\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n3. Failure of an insurance manager to, except as\notherwise approved by the Authority in writing,\nsubmit a list of all insurers for whom the insurance\nmanager acts.\n\nInsurance Act,\n2010 (as\namended)\n11\nFailure of an insurance agent to, except as otherwise\napproved by the Authority in writing, submit to the\nAuthority by way of annual return within six months of\nthe end of the calendar year, in respect of the insurance\nagent\u2019s domestic business \u2014\n(a) confirmation in writing that the insurance\nagent is acting for no more than two insurers\nand the names of those insurers;\n(b) evidence of the existence of a power of\nattorney, agency agreement or guarantee or\nprofessional\nindemnity\ninsurance\nas\nrequired under section 14; and\n(c) confirmation in writing that the information\nset out in the insurance agent\u2019s application\nfor the licence, as modified by any\nsubsequent changes approved by the\nAuthority, remains correct.\n\nSerious\nInsurance Act,\n2010 (as\namended)\n12(1)\n1. A licensee issuing shares totalling more than ten per\ncent of the authorised share capital of a company\nthat is a licensee under this Act, without the prior\napproval of the Authority.\n\n2. A licensee transferring or disposing of in any\nmanner, issued shares totalling more than ten per\ncent of the issued share capital or total voting rights\nof a company that is a licensee under this Act,\nwithout the prior approval of the Authority.\n\nSerious\nInsurance Act,\n2010 (as\namended)\n12(2)\nFailure of a licensee under subsection (1) to provide\nsuch information to the Authority, and within such\nperiod of time, as the Authority may require for the\npurpose of assessing whether persons acquiring\ncontrol or ownership of such shares or voting rights in\nthe licensee are fit and proper persons to have such\ncontrol or ownership.\n\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 71\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nInsurance Act,\n2010 (as\namended)\n20(1)\nFailure of an auditor to immediately give the Authority\nwritten notice of the auditor\u2019s information or suspicion,\nand in the case of suspicion, the auditor\u2019s reason for\nthat suspicion if the auditor, where in the course of\ncarrying out an audit of the accounts of a licensee under\nthis Act, the auditor obtains information or suspects that\nthe licensee is \u2014\n(a) unable or likely to become unable to meet its\nobligations as they fall due;\n(b) carrying on or attempting to carry on\nbusiness or winding up its business\nvoluntarily in a manner that is prejudicial to\nits policyholders or creditors;\n(c) carrying on or attempting to carry on\nbusiness without keeping any or sufficient\naccounting records to allow its accounts to\nbe properly audited;\n(d) carrying on or attempting to carry on\nbusiness in a fraudulent or criminal manner;\nor\n(e) carrying on or attempting to carry on\nbusiness otherwise than in compliance\nwith \u2014\n(i)\nthe Act or the Regulations;\n(ia)  the\nBeneficial\nOwnership\nTransparency Act, 2023 [Act 13 of\n2023] if the licensee is a \u201ccorporate\nservices provider\u201d as defined in that\nAct;\n(ii)\nthe Monetary Authority Act (2020\nRevision);\n(iii) the\nAnti-Money\nLaundering\nRegulations (2025 Revision); or\n(iv) a condition of the licence.\n\nSerious\nInsurance Act,\n2010 (as\namended)\n20(3)\nA licensee appointing as an auditor a person\ndisqualified under subsection (2).\n\nSerious\nInsurance Act,\n2010 (as\namended)\n20(5)\nWhen a licensee changes its auditor, failure of the\nformer auditor to explain the reasons for the change if\nrequired by the Authority to do so.\n\nSerious\nInsurance Act,\n2010 (as\n21(2)\nFailure of an insurance manager to report to the\nAuthority if the insurance manager in respect of any\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 72\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\namended)\ninsurer for or with whom the insurance manager is\nmanaging insurance business \u2014\n(a) has concerns regarding the fitness and\nprobity of the insurer;\n(b) obtains information or suspects that the\ninsurer is unable or likely to become unable\nto meet its obligations as they fall due;\n(c) obtains information or suspects that the\ninsurer is carrying on or attempting to carry\non business in a fraudulent or criminal\nmanner;\n(d) obtains information that the insurer is\ninvolved in any criminal proceedings,\nwhether in the Islands or abroad;\n(e) obtains information about a material change\nin the nature of the insurer\u2019s business that\nhas not been reported to the Authority;\n(f)\nin relation to a class B(i) insurer or class\nB(ii), obtains information that the limit on\nunrelated business is exceeded; or\n(g) obtains information or suspects that the\ninsurer is carrying on or attempting to carry\non business otherwise than in compliance\nwith \u2014\n(i)\nthis Act or the Regulations;\n(ia)\nthe\nBeneficial\nOwnership\nTransparency Act, 2023 [Act 13 of\n2023];\n(ii)\nthe Monetary Authority Act (2020\nRevision);\n(iii) the\nAnti-Money\nLaundering\nRegulations (2025 Revision); or\n(iv) a condition of its licence.\n\nInsurance Act,\n2010 (as\namended)\n23(1)\nFailure of a licensee in relation to a policy, a line of\nbusiness or the entire business of the licensee, to\ncomply with a direction given by the Authority to cease\nor refrain from committing certain acts or pursuing a\nparticular course of conduct, and to perform such acts\nas in the opinion of the Authority are necessary to\nremedy or ameliorate the situation.\n\nVery serious\nInsurance Act,\n2010 (as\n28D\nFailure of a portfolio insurance company to \u2014\n(a) at all times be controlled by a relevant\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 73\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\namended)\ninsurer;\n(b) include in its name the letters \u201cPIC\u201d or\n\u201cP.I.C.\u201d or the words \u201cPortfolio Insurance\nCompany\u201d;\n(c) carry on insurance business only in\naccordance with the information given in its\nbusiness plan and seek the prior written\napproval of the Authority for any change to\nthe approved business plan;\n(d) without the prior written approval of the\nAuthority \u2014\n(i)\nopen outside the Islands a subsidiary,\nbranch, agency or representative\noffice or change its name; or\n(ii)\nwhere it is conducting insurance\nbusiness other than long term\nbusiness, amalgamate with any one or\nmore insurers or other portfolio\ninsurance companies or, other than in\nthe normal course of business,\ntransfer its insurance operations or\nany part thereof, or accept transfer of\nthe insurance operations or any part\nthereof from an insurer or portfolio\ninsurance company;\n(e) maintain a margin of solvency in accordance\nwith the prescribed solvency requirements;\n(f)\nmaintain adequate arrangements for the\nmanagement of risks, including the\nreinsurance thereof where appropriate;\n(g) maintain capital in accordance with the\nprescribed capital requirements;\n(h) maintain an effective system of governance\napproved by the Authority; and\n(i)\nwhere its controlling relevant insurer is a\nclass B (iii) insurer or a class B (iv) insurer,\nmake its audited financial statements\navailable to insured persons, third party\nbeneficiaries, and any other persons that\nmay be prescribed, on request.\n\nInsurance Act,\n2010 (as\namended)\n28E(1)\nFailure of a portfolio insurance company to, except as\notherwise provided by the Authority in writing and\nsubject to subsection (2), submit to the Authority by way\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 74\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nof annual return, within six months of the end of its\nfinancial year \u2014\n(a) unless waived by the Authority, audited\nfinancial statements prepared in accordance\nwith internationally recognised accounting\nstandards by an independent auditor\napproved by the Authority, together with a\ncopy of any prescribed management letter\nissued by the auditor;\n(b) an actuarial valuation of its assets and\nliabilities including loss and loss expense\nprovisions, certified by an actuary approved\nby the Authority;\n(c) unless waived by the Authority, certification\nof solvency prepared by a person approved\nby the Authority in accordance with the\nprescribed requirements; and\n(d) any other information as may be prescribed.\n\nInsurance Act,\n2010 (as\namended)\n28E(2)\nFailure of a portfolio insurance company that \u2014\n(a) does not conduct long term business; or\n(b) conducts insurance business of the type\ndescribed in section 4(3)(c),\nto comply with subsection (1)(a) or (d).\n\nSerious\nInsurance Act,\n2010 (as\namended)\n28E(3)\nFailure of a portfolio insurance company to ensure that\nthe audited financial statements and actuarial valuation\nreferred to in subsections (1)(a) and (b) disclose the\nstandards applied.\nSerious\nInsurance Act,\n2010 (as\namended)\n28F\nA relevant insurer controlling more than one portfolio\ninsurance company on behalf of any relevant\nsegregated portfolio.\n\nSerious\nInsurance Act,\n2010 (as\namended)\n28G\nFailure of a portfolio insurance company to have a\nminimum of two directors.\n\nSerious\nInsurance Act,\n2010 (as\namended)\n28I(1)\nFailure of a portfolio insurance company to appoint the\nsame insurance manager as its controlling relevant\ninsurer.\nFailure of a portfolio insurance company to maintain, at\nthe insurance manager\u2019s place of business or at\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 75\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nanother location approved by the Authority, full and\nproper records of the business activities of the portfolio\ninsurance company sufficient to \u2014\n(a) explain the transactions of the portfolio\ninsurance company;\n(b) disclose, with reasonable accuracy, at any\ntime the state of the affairs of the portfolio\ninsurance company; and\n(c) enable the portfolio insurance company to\nprepare annual financial statements.\n\nInsurance Act,\n2010 (as\namended)\n28I(4)\nFailure of a portfolio insurance company to have the\nsame registered office as its controlling relevant\ninsurer.\n\nSerious\nInsurance Act,\n2010 (as\namended)\n28O(1)\nA portfolio insurance company issuing, transferring or\ndisposing of voting shares in the portfolio insurance\ncompany without the prior approval of the Authority.\n\nSerious\nInsurance Act,\n2010 (as\namended)\n28O(2)\n1. A portfolio insurance company issuing non-voting\nshares totalling more than ten per cent of the entire\nauthorised share capital of a portfolio insurance\ncompany without the prior approval of the Authority.\n\n2. A portfolio insurance company transferring or\ndisposing of issued non-voting shares totalling more\nthan ten per cent of the entire authorised share\ncapital of the portfolio insurance company, without\nthe prior approval of the Authority.\n\nSerious\nInsurance Act,\n2010 (as\namended)\n28O(3)\nFailure of a portfolio insurance company, for the\npurpose of subsections (1) and (2), to provide the\ninformation to the Authority, within the period of time,\nthe Authority requires for the purposes of assessing\nwhether persons acquiring control or ownership of\nshares in the portfolio insurance company are fit and\nproper persons to have control or ownership.\n\nSerious\nInsurance Act,\n2010 (as\namended)\n28R(3)\nA director knowingly making a declaration under\nsubsection (1)(a) without reasonable grounds or\nknowingly making a false declaration.\n\nSerious\nInsurance Act,\n28S\nA portfolio insurance company, applicant for Very serious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 76\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n2010 (as\namended)\nregistration as a portfolio insurance company, or any\ndirector or officer of a portfolio insurance company or of\nan applicant knowingly or wilfully supplying false or\nmisleading information to the Authority.\n\nInsurance Act,\n2010 (as\namended)\n29(1)\nFailure of an insurer, subject to subsection (2), to\nensure that all proceeds paid or payable to a policy\nholder or a beneficiary under a contract of insurance in\nrespect of long term business issued by the insurer,\ninures exclusively for the benefit of the policy holder or\nthe beneficiary in accordance with the terms of the\ncontract and in accordance with paragraphs (a) and (b).\n\nSerious\nInsurance Act,\n2010 (as\namended)\n36(1)(a)\nA person who is not a licensee or has not been\napproved by the Authority using or continuing to use, in\nEnglish or in any other language, the words\n\u201cinsurance\u201d, \u201cassurance\u201d, \u201cindemnity\u201d, \u201cguarantee\u201d,\n\u201cunderwriting\u201d, \u201creinsurance\u201d, \u201csurety\u201d, \u201ccasualty\u201d or any\nother word which in the opinion of the Authority\nconnotes insurance business or any of their derivatives\nin the description or title under which the person carries\non business in or from within the Islands.\n\nSerious\nInsurance Act,\n2010 (as\namended)\n36(1)(b)\nA person who is not a licensee or has not been\napproved by the Authority making or continuing to make\nany representation in any billhead, letter, letterhead,\ncircular, paper, notice or advertisement, or by any\nmanner whatsoever, that the person is carrying on\ninsurance business.\n\nSerious\nInsurance Act,\n2010 (as\namended)\n37\nA licensee, applicant for a licence, or any director or\nofficer of a licensee or of an applicant knowingly or\nwilfully supplying false or misleading information to the\nAuthority.\n\nVery serious\nInsurance Act,\n2010 (as\namended)\n38\nA person knowingly making, issuing or permitting to be\nmade or issued any representation about or description\nof the person\u2019s insurance business, by whatever form\nor method, that is misleading or likely to be misleading\nto the public.\n\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 77\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n10 - Insurance (Capital and Solvency) (Class A Insurers)\nRegulations\n10. INSURANCE (CAPITAL AND SOLVENCY) (CLASS A INSURERS) REGULATIONS, 2012\nInsurance\n(Capital and\nSolvency)\n(Class A\nInsurers)\nRegulations,\n2012\n\n4(1)\nFailure of a class A insurer to maintain adequate\nfinancial resources to meet its insurance business\ncommitments and adequately manage its risks as\nrequired by the Insurance Act, 2010 [Law 32 of 2010].\nSerious\nInsurance\n(Capital and\nSolvency)\n(Class A\nInsurers)\nRegulations,\n2012\n5(1)\nFailure of a class A external insurer that carries on\ndomestic business, except as otherwise approved by\nthe Authority, to place and at all times maintain upon\ntrust, with a person approved by the Authority, in a\nsegregated account at a bank in the Islands which holds\nan \u201cA\u201d licence issued under the Banks and Trust\nCompanies Act (2025 Revision) assets in an amount at\nleast equal to the prescribed capital requirement.\n\nVery serious\nInsurance\n(Capital and\nSolvency)\n(Class A\nInsurers)\nRegulations,\n2012\n\n6(1)\nFailure of a class A insurer that is a local insurer to\nensure that the available capital of the class A insurer\nexceeds the minimum capital requirement at all times.\nVery serious\nInsurance\n(Capital and\nSolvency)\n(Class A\nInsurers)\nRegulations,\n2012\n\n6(3)\nFailure of a class A insurer to ensure that the class A\ninsurer\u2019s available capital exceeds the prescribed\ncapital requirement, unless otherwise approved by the\nAuthority.\nVery serious\nInsurance\n(Capital and\n6(5)\nFailure of a class A insurer to ensure that if the Authority\nsets an enhanced prescribed capital requirement for an\nVery serious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 78\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nSolvency)\n(Class A\nInsurers)\nRegulations,\n2012\n\ninsurer pursuant to paragraph (4), the available capital\nof the insurer is equal to or exceeds the enhanced\nprescribed capital requirement until such time as the\nAuthority directs otherwise.\n\nInsurance\n(Capital and\nSolvency)\n(Class A\nInsurers)\nRegulations,\n2012\n6(6)\nFailure of a class A insurer to, at the end of each\nquarter, calculate, using net written premium for the\ntwelve months ending in that quarter, and record the\nminimum capital requirement and prescribed capital\nrequirement and if required the enhanced prescribed\ncapital requirement, in the format prescribed in\nSchedule 2.\n\nSerious\nInsurance\n(Capital and\nSolvency)\n(Class A\nInsurers)\nRegulations,\n2012\n6(8)\n1. Failure of a class A insurer to maintain the\ncalculation required under subsection (6) at the\ninsurer\u2019s principal place of business in the Islands\nfor a period of five years from the completion of the\ncalculation.\n\n2. Failure of a class A insurer to produce the\ncalculations to the Authority if so directed by it on or\nbefore a date specified in the direction.\n\nSerious\nInsurance\n(Capital and\nSolvency)\n(Class A\nInsurers)\nRegulations,\n2012\n\n6(9)\nFailure of a class A insurer to notify the Authority within\nthirty business days of the end of each quarter where it\nfails to meet the minimum capital requirement,\nprescribed capital requirement or enhanced prescribed\ncapital requirement.\n\nSerious\nInsurance\n(Capital and\nSolvency)\n(Class A\nInsurers)\nRegulations,\n2012\n\n6(11)\nFailure of a class A insurer to comply with any\nrequirement or direction imposed by the Authority\npursuant to paragraph (10) within the time period\nspecified by the Authority.\n\nVery serious\nInsurance\n(Capital and\nSolvency)\n7(1)\nFailure of a class A insurer to hold capital for its\nsubsidiaries equivalent to the book value of the\ninvestments in the subsidiaries or associates that are\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 79\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(Class A\nInsurers)\nRegulations,\n2012\n\nnot regulated financial institutions.\n\nInsurance\n(Capital and\nSolvency)\n(Class A\nInsurers)\nRegulations,\n2012\n7(2)\nFailure of a class A insurer which holds a controlling\ninterest in a subsidiary that is a regulated financial\ninstitution to, on a consolidated basis, calculate the\ndifference between \u2014\n(a) the amount of capital the subsidiary would\nrequire to meet the minimum capital\nrequirement\nif\nthe\nminimum\ncapital\nrequirement applied to it; and\n(b) the capital available to the subsidiary after\nthe subtraction of all applicable deductions.\n\nSerious\nInsurance\n(Capital and\nSolvency)\n(Class A\nInsurers)\nRegulations,\n2012\n\n7(3)\nFailure of a class A insurer which owns less than one\nhundred per cent of the regulated financial institution\nsubsidiary, to include its pro rata share of the\nsubsidiary\u2019s capital available and capital required in the\nminimum capital requirement calculation.\n\nSerious\nInsurance\n(Capital and\nSolvency)\n(Class A\nInsurers)\nRegulations,\n2012\n\n7(4)\nFailure of a class A insurer to, in the event that the\nsubsidiary\u2019s capital available exceeds its minimum\ncapital requirement, add the excess to the capital\navailable to the parent company.\nMinor\nInsurance\n(Capital and\nSolvency)\n(Class A\nInsurers)\nRegulations,\n2012\n\n7(5)\nFailure of a class A insurer to, in the event that the\nsubsidiary\u2019s capital available is less than its minimum\ncapital requirement, add the shortfall to the minimum\ncapital requirement of the parent company.\nSerious\nInsurance\n(Capital and\nSolvency)\n10(2)\nFailure of a class A insurer to maintain the margins for\na class A insurer writing general business as specified\nin Schedule 3 for each class of business.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 80\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(Class A\nInsurers)\nRegulations,\n2012\n\nInsurance\n(Capital and\nSolvency)\n(Class A\nInsurers)\nRegulations,\n2012\n\n10(3)\nFailure of a class A insurer to maintain the margin for a\nclass A insurer writing long-term business at a minimum\nof two and a half per cent of discounted policy liabilities\nexcluding pension and annuity reserves.\nSerious\nInsurance\n(Capital and\nSolvency)\n(Class A\nInsurers)\nRegulations,\n2012\n\n11(1)\nFailure of a class A insurer to apply a risk margin for all\nbusiness exposed to catastrophe risks.\nVery serious\nInsurance\n(Capital and\nSolvency)\n(Class A\nInsurers)\nRegulations,\n2012\n\n11(2)\n\n1. Failure of a class A insurer to notify the Authority of\nwhich method will be employed for the calculation of\nits catastrophe margin.\n\n2. A class A insurer changing methods for the\ncalculation of its catastrophe margin without the prior\napproval of the Authority.\nMinor\nInsurance\n(Capital and\nSolvency)\n(Class A\nInsurers)\nRegulations,\n2012\n\n12(1)\nFailure of a class A insurer to apply a risk margin under\nregulation 11 which equals the per event excess\nretention for all lines exposed to catastrophe losses\nplus the cost of one reinstatement of catastrophe\nreinsurance cover in cases where the reinstatement\nreinsurance cover has not been pre-paid by the insurer.\n\nVery serious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 81\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n11 - Insurance (Capital and Solvency) (Classes B, C, and Insurers)\nRegulations\n11. INSURANCE (CAPITAL AND SOLVENCY) (CLASSES B, C, AND D INSURERS)\nREGULATIONS (2018 REVISION)\nInsurance\n(Capital and\nSolvency)\n(Classes B, C,\nand D Insurers)\nRegulations\n(2018 Revision)\n\n9(1)\nFailure of a Class B insurer, Class C insurer or Class D\ninsurer to keep solvency equal to or in excess of the\ntotal prescribed capital requirement, unless otherwise\napproved by the Authority.\nVery serious\nInsurance\n(Capital and\nSolvency)\n(Classes B, C,\nand D Insurers)\nRegulations\n(2018 Revision)\n\n9(2)\nFailure of a licensee to meet with the Authority and\npresent a remedial action plan to the Authority where\nthe capital of a licensee falls below the prescribed\ncapital requirement but is greater than minimum capital\nrequirement\nVery serious\nInsurance\n(Capital and\nSolvency)\n(Classes B, C,\nand D Insurers)\nRegulations\n(2018 Revision)\n\n10(1)\nFailure of an insurer to, on or before its filing date,\nfurnish the Authority with the insurer\u2019s capital and\nsolvency return.\nSerious\nInsurance\n(Capital and\nSolvency)\n(Classes B, C,\nand D Insurers)\nRegulations\n(2018 Revision)\n\n10(2)\nFailure of an insurer to  keep a copy of its capital and\nsolvency return at its principal office for a period of five\nyears beginning with its filing date, and produce it to the\nAuthority if so directed by it on or before a date specified\nin the direction.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 82\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n12 - Monetary Authority Act\n12. MONETARY AUTHORITY ACT (2020 REVISION)\nMonetary\nAuthority Act\n(2020 Revision)\n34(17)(a)\nA person without reasonable cause failing to comply\nwith a requirement of the Authority under subsection (8)\nor a direction of the Authority under subsection (9).\n\nVery serious\nMonetary\nAuthority Act\n(2020 Revision)\n34(17)(b)\nA person without reasonable cause destroying,\nmutilating, defacing, hiding or removing a document\nwith intent to avoid the provisions of subsection (8) or\n(9).\n\nVery serious\nMonetary\nAuthority Act\n(2020 Revision)\n34(17)(c)\nA person without reasonable cause wilfully obstructing\nan inquiry by the Authority, made in accordance with\nsubsection (8) or (9).\n\nVery serious\n13 - Rule on Internal Controls\n13. RULE ON INTERNAL CONTROLS \u2013 GENERAL FOR ALL LICENSEES MADE BY THE\nAUTHORITY PURSUANT TO SECTION 34(1)(A) OF THE MONETARY AUTHORITY\nACT(2020 REVISION)\nRule on Internal\nControls \u2013\nGeneral for all\nLicensees made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n4.1\nFailure of the licensee to establish, implement, and\nmaintain internal controls, strategies, policies, and\nprocedures appropriate for the size,  complexity, and\nnature of its activities.\nSerious\nRule on Internal\nControls \u2013\nGeneral for all\n4.2\nFailure of the licensee to obtain Board of directors\u2019\napproval for internal controls, strategies, policies, and\nprocedures.\nMinor\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 83\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nLicensees made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on Internal\nControls \u2013\nGeneral for all\nLicensees made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n4.3\nFailure of the licensee to take necessary steps to\nmonitor its internal controls.\nMinor\n14 - Rule on the Cancellation of a Licence or Certificate of\nRegistration\n14. RULE ON THE CANCELLATION OF A LICENCE OR CERTIFICATE OF REGISTRATION\nOF REGULATED MUTUAL FUNDS MADE BY THE AUTHORITY PURSUANT TO SECTION\n34(1)(A) OF THE MONETARY AUTHORITY ACT (2020 REVISION)\nRule on the\nCancellation of\na Licence or\nCertificate of\nRegistration of\nRegulated\nMutual Funds\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n4.1\nFailure of a regulated mutual fund to make an\napplication to the Authority for the Cancellation of a\nLicence or Certificate of Registration when the fund\nintends to cease to carry on, or has ceased to carry on,\nbusiness as a fund pursuant to the Mutual Funds Act\n(2025 Revision) within \u2014\n(a) 21 days from the date the Fund ceases to\ncarry on business; or\n(b) before December 31 of the year the Fund\nceases to carry on business.\n\nMinor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 84\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRule on the\nCancellation of\na Licence or\nCertificate of\nRegistration of\nRegulated\nMutual Funds\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n4.3\nFailure of a fund that has never carried on business to\nmake an application to the Authority for the cancellation\nof a licence or de-registration within 21 days from the\ndate of the resolution that has been passed by the\noperators, shareholders or unit holders.\nMinor\nRule on the\nCancellation of\na Licence or\nCertificate of\nRegistration of\nRegulated\nMutual Funds\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n4.4\nFailure of a Fund to pay the licence surrender fee or\nsubmit all documentation as prescribed in order to\ncancel its Licence or Certificate of Registration.\nMinor\n15 - Rule on Country and Transfer Risk Management for Banks\n15. RULE ON COUNTRY AND TRANSFER RISK MANAGEMENT FOR BANKS MADE BY THE\nAUTHORITY PURSUANT TO SECTION 34 OF THE MONETARY AUTHORITY ACT (2020\nREVISION)\nRule on Country\nand Transfer\nRisk\nManagement for\nBanks made by\nthe Authority\n4.1\nFailure of the bank to establish, implement, and\nmaintain strategies, policies, and procedures for\ncountry and transfer risk management appropriate for\nthe size, complexity, and nature of its activities that set\noperating limits or other practices for country and\ntransfer risk exposures.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 85\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\nRule on Country\nand Transfer\nRisk\nManagement for\nBanks made by\nthe Authority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n4.2\nFailure of the bank to obtain Board of directors\u2019\napproval for strategies, policies, and procedures.\nMinor\nRule on Country\nand Transfer\nRisk\nManagement for\nBanks made by\nthe Authority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n4.3\nFailure of the bank to take necessary steps to measure,\nmonitor and control country and transfer risk.\nMinor\n16 - Rule on Corporate Governance for Insurers\n16. RULE ON CORPORATE GOVERNANCE FOR INSURERS MADE BY THE AUTHORITY\nPURSUANT TO SECTION 34(1)(A) OF THE MONETARY AUTHORITY ACT (2020\nREVISION)\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\n5.1\nFailure of an insurer to establish, implement, and\nmaintain a corporate governance framework which\nprovides for sound and prudent management and\noversight of the insurer\u2019s business and adequately\nrecognises and protects the interests of policyholders.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 86\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.2\nFailure of the insurer\u2019s Governing Body to set and\noversee the implementation of the insurer\u2019s corporate\nculture, business objectives and strategies for\nachieving those objectives, in line with the insurer\u2019s\nlong term interests and viability, and the legitimate\ninterests of its stakeholders, including fair treatment of\npolicyholders.\nSerious\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.3.1\nFailure by an insurer to clearly define and document the\nroles and responsibilities allocated to the Governing\nBody, senior management and Control Functions,\nwhere applicable, so as to promote an appropriate\nseparation of the oversight function from management\nresponsibilities.\nSerious\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.3.2\nFailure by the Governing Body to oversee senior\nmanagement, including the appointment and dismissal\nof senior managers, set appropriate performance\nstandards for senior management and ensure that\nsenior management is managing the affairs of the\ninsurer in accordance with the strategies and policies\nset by the Governing Body.\nSerious\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\n5.3.3\nFailure by the insurer\u2019s Governing Body to provide\noversight in respect of the design and implementation\nof sound risk management and internal control systems\nand functions.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 87\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.4\nFailure of the Governing Body to have, on an on-going\nbasis, the information outlined in (a) to (h).\nSerious\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.5\nFailure of the Governing Body to establish clear and\nobjective independence criteria which should be met by\na sufficient number of members of the Governing Body\nto promote objectivity in decision making by the\nGoverning Body with respect to all insurers insuring\nthird party risks, with the exception of those holding\nClass B (i) and Class C licenses.\nSerious\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.6.1\nFailure of the Governing Body to undertake the duties\noutlined in (a) to (c) on an on-going basis.\nSerious\nRule on\nCorporate\nGovernance for\nInsurers made\n5.6.2\nFailure of the Governing Body to regularly undertake\nthe duties outlined in (a) to (i).\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 88\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.7\nFailure of members of the Governing Body to undertake\ntheir duties in accordance with rule 5.7.1 to 5.7.10.\nSerious\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.8.1\nFailure of the Governing Body to ensure that an actuary\nappointed under the Insurance Act, 2010 [Law 32 of\n2010]is granted direct access to the Governing Body\nand to all relevant information.\nSerious\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.8.2\nFailure of the Governing Body to have in place an\nappropriate compliance committee or person who\nshould report directly and regularly to the Governing\nBody on all compliance matters.\nSerious\nRule on\nCorporate\nGovernance for\n5.9\nFailure of the Governing Body to have mechanisms in\nplace for documenting the delegation and monitoring\nthe exercise of delegated functions.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 89\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.10.1\nFailure of a director or a member of senior management\nto declare conflicts of interest.\nSerious\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.10.2\n1. Failure of the Governing Body to establish a\ndocumented \u2018conflicts of interest\u2019 policy for its\nmembers.\n\n2. Failure of the Governing Body to ensure that where\nconflicts of interest arise, they are noted in the\nminutes of the meeting to which the subject matter\nof the conflict relates.\nSerious\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.10.3\n1. Failure of directors and senior management to\nconfirm to the Governing Body in writing, via an\nannual declaration, that any conflicts of interest\nhave been declared throughout the year.\n\n2. Failure of directors and senior management to\ncommunicate\nchanges\nto\nthe\ndeclaration\nthroughout the year.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 90\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.11.1\nFailure of an insurer\u2019s Governing Body to adopt and\noversee the effective implementation of a written\nremuneration policy in accordance with rule 5.11.1.\nSerious\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.11.2\nFailure of the Governing Body to ensure that the\nremuneration policy at minimum, covers those\nindividuals who are members of the Governing Body,\nand where an insurer has its own employees, senior\nmanagement, employees in charge of Control\nFunctions and other employees whose actions may\nhave a material impact on the risk exposures of the\ninsurer (major risk-taking staff).\nSerious\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.12.1\nFailure of the Governing Body to ensure there is a\nreliable financial reporting process for both public and\nsupervisory purposes that is supported by clearly\ndefined roles and responsibilities of the Governing\nBody, senior management and the external auditor.\nSerious\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.12.2\nFailure of the Governing Body or its Audit Committee to\nensure there is adequate governance and oversight of\nthe external audit process.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 91\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.13.1\nFailure of the Governing Body to have access to\naccurate, relevant and timely information regarding the\ninsurer.\nSerious\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.13.2\nFailure of the Governing Body to approve systems and\ncontrols to ensure the promotion of appropriate, timely\nand effective communications with the Authority on the\ngovernance of the insurer.\nSerious\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.13.3\nFailure of the Governing Body to hold regular Board\nmeetings, not less than annually.\nSerious\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.14.1\nFailure of the Governing Body to ensure it is not subject\nto undue influence from Senior Management or other\nparties and that it has access to all relevant information\nabout the insurer.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 92\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.14.2\nFailure of the Governing Body to approve appropriate\npolicies and procedures to ensure that Senior\nManagement \u2014\n(a) is sufficiently accountable to the Governing\nBody;\n(b) carries out the day-to-day operations of the\ninsurer effectively and in accordance with\nthe insurer\u2019s corporate culture, business\nobjectives, and strategies, in line with the\ninsurer\u2019s long term interests and viability;\n(c) promotes\nsound\nrisk\nmanagement,\ncompliance\nand\nfair\ntreatment\nof\npolicyholders;\n(d) provides the Governing Body adequate and\ntimely information to enable the Governing\nBody to carry out its duties and functions\nincluding the monitoring and review of the\nperformance and risk exposures of the\ninsurer, and the performance of Senior\nManagement; or\n(e) maintains adequate and orderly records of\nthe internal organisation that can be easily\naccessed.\nSerious\nRule on\nCorporate\nGovernance for\nInsurers made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.15\nFailure of the insurer to demonstrate the adequacy and\neffectiveness of its corporate governance framework,\nas required by the Authority.\nSerious\n17 - Rule on the Segregation of Assets\n17. RULE ON THE SEGREGATION OF ASSETS \u2013 LICENSED FUNDS MADE BY THE\nAUTHORITY PURSUANT TO SECTION 34(1)(a) OF THE MONETARY AUTHORITY ACT\n(2020 REVISION)\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 93\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRule on the\nSegregation of\nAssets \u2013\nLicensed Funds\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.1\nFailure of the Fund to segregate and account for\nseparately from any assets of any Service Provider the\nPortfolio, excluding cash.\nSerious\nRule on the\nSegregation of\nAssets \u2013\nLicensed Funds\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.2\nFailure of the fund to ensure that any Service Provider\nthat holds or manages the Portfolio complies with Rule\n5.1.\nSerious\nRule on the\nSegregation of\nAssets \u2013\nLicensed Funds\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.3\nFailure of the fund to ensure by contract that any\nService Provider that holds or manages the Portfolio is\nregulated by the Authority, or by a Recognised\nOverseas Regulatory Authority, or by another regulator\napproved by the Authority.\nSerious\nRule on the\nSegregation of\nAssets \u2013\nLicensed Funds\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\n5.6\nFailure of the operators of the fund to establish,\nimplement and maintain (or to oversee) strategies,\npolicies, and procedures to ensure compliance with\nthese Rules, consistent with the fund\u2019s offering\ndocument and appropriate for the size, complexity, and\nnature of its activities and investors.\nVery serious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 94\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n18 - Rule on the Management of Credit Risks and Problem Assets\n18. RULE ON THE MANAGEMENT OF CREDIT RISK AND PROBLEM ASSETS MADE BY\nTHE AUTHORITY PURSUANT TO SECTION 34(1)(A)  OF THE MONETARY AUTHORITY\nACT (2020 REVISION)\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.1.1\n1. Failure of Credit Risk Holders to establish,\nimplement and maintain strategies, policies, and\nprocedures for credit risk management appropriate\nfor the size, complexity, and nature of its activities.\n\n2. Failure of Credit Risk Holders to create an\nappropriate credit risk environment that \u2014\n(a) facilitates a sound credit-granting process;\n(b) measures, monitors and controls credit risk;\n(c) Includes a reliable credit risk asset\nclassification system;\n(d) identifies and manages problem assets;\n(e) establishes adequate provisions in a timely\nmanner;\n(f)\nmanages the use of risk mitigants;\n(g) includes adequate reporting to the Board; or\n(h) accords with the applicable acceptable\naccounting framework, as necessary.\n\nSerious\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n5.2.1\nFailure of the Credit Risk Holder to obtain the approval\nof the Board of directors for its strategies, policies, and\nprocedures including those related to credit granting,\nasset classification and provisioning.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 95\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.2.2\nFailure of the Board of directors to regularly review the\nstrategies, policies and procedures and direct changes\nas necessary.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.2.3\nFailure of the Board of directors to ensure that the\nCredit Risk Holder has appropriate credit risk\nassessment processes and effective internal controls\ncommensurate with the size, nature and complexity of\nits lending operations, to consistently determine\nadequate provisions for asset losses in accordance\nwith the Credit Risk Holder\u2019s stated policies and\nprocedures, the applicable accounting framework and\nsupervisory guidance.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.2.4\nFailure of a Credit Risk Holder to document all\nstrategies, policies and procedures and to make them\naccessible to relevant parties.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\n5.2.5\nFailure of a Credit Risk Holder to ensure that its\nstrategies and policies clearly articulating the Credit\nRisk Holder\u2019s risk tolerance, including how much and\nwhat types of risk it is prepared to undertake.\nMinor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 96\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.2.6\nFailure of Senior Management to implement the\nstrategy and framework set by the Board.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.3.1\nFailure of Credit Risk Holders to operate with sound,\nwell-defined credit-granting criteria.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.3.2\nFailure of Credit Risk Holders to establish overall credit\nlimits at the level of individual borrowers and\ncounterparties, and groups or connected counterparties\nthat aggregate in comparable and meaningful manner\ndifferent types of exposures, both in the banking and\ntrading book and on and off the balance sheet.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 97\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.3.3\nFailure of Credit Risk Holders to make credit decisions\nfree of conflicts of interest and on an arm\u2019s length basis.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.3.4\nFailure of the Credit Risk Holder to ensure that the\npolicy prescribes that the major credit risk exposures\nexceeding a pre-defined amount or percentage of the\nCredit Risk Holder\u2019s capital, and credit risk exposures\nthat are especially risky or are otherwise not in line with\nthe mainstream of the Credit Risk Holder\u2019s activities are\nto be decided by the Credit Risk Holder\u2019s Board or\nSenior Management or a credit risk management\nfunction independent of the business lines with\nreporting and access to the Board.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.3.5\nFailure of the Credit Risk Holder to have a clearlyestablished process in place for approving new credits\nas well as the amendment, renewal and re-financing of\nexisting credits.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\n5.4.1\nFailure of the Credit Risk Holder to have policies and\nprocesses to monitor the total indebtedness of entities\nto which they extend credit and any risk factors that may\nresult in default including significant unhedged foreign\nexchange risk.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 98\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.4.2\nFailure of the Credit Risk Holder to take the necessary\nsteps to measure, monitor and control credit risk\nderived from both on and off balance sheet assets.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.4.3\nFailure to undertake a periodic formal review of loans to\nwhich credit risk ratings are assigned to reasonably\nassure that those ratings are accurate and up to date.\nSerious\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.4.4\nFailure of the Credit Risk Holder to include credit risk\nexposures in their stress testing programs for risk\nmanagement purposes.\nMinor\nRule on the\nManagement of\nCredit Risk and\n5.5.1\nFailure of the Credit Risk Holder to have a system in\nplace to reliably classify assets on the basis of credit\nrisk.\nMinor\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 99\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.5.2\nFailure of a Credit Risk Holder to, at a minimum,\nadversely classify assets when they are contractually in\narrears.\nSerious\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.5.3\nFailure of Credit Risk Holder to ensure that asset\nclassification systems have as a minimum, the\ncategories under paragraphs (a) to (e).\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n5.6.1\nFailure of a Credit Risk Holder to identify an asset as a\nproblem asset when there is reason to believe that all\namounts due will not be collected.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 100\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.6.2\nFailure of a Credit Risk Holder to formulate and\ndocument policies and processes for identifying and\nmanaging problem assets.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.6.3\nFailure of a Credit Risk Holder to conduct consistent\nregular reviews of their problem assets both on and offbalance sheet and asset classification, provisioning and\nwrite-offs.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.6.4\nFailure of a Credit Risk Holder to have organisational\nresources for the early identification of deteriorating\nassets, for ongoing oversight of problem assets, and for\ncollecting on past due obligations.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\n5.7.1\nFailure of a Credit Risk Holder to have appropriate\npolicies and processes to ensure that provisions and\nwrite-offs are timely and reflect realistic repayment and\nrecovery expectations, taking into account market and\nmacroeconomic conditions and past loss experience.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 101\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n5.7.2\nFailure of a Credit Risk Holder to ensure that its\naggregate amount of individual and collectively\nassessed asset loss provisions are adequate to absorb\nestimated credit losses and are consistent with the\nobjectives of the applicable accounting framework.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.7.3\nFailure of a Credit Risk Holder to have and retain\nadequate documentation to support the asset\nclassification and provisioning levels.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.7.4\nFailure of the Credit Risk Holder to provide the Authority\nwith full access to information concerning the\nclassification of assets and provisioning in relevant\ndetail, as requested from time to time.\nMinor\nRule on the\nManagement of 5.7.5\nFailure of the Credit Risk Holder to have policies and\nprocedures in place to appropriate validate a model to Minor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 102\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nassess and measure expected credit losses, if it uses\nsuch a model.\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.8.1\nFailure of the Credit Risk Holder to have appropriate\nmechanisms in place for regularly assessing the value\nof risk mitigants, including guarantees, credit\nderivatives and collateral.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.8.2\nFailure of the Credit Risk Holder to periodically assess\nwhether the types and volume of risk mitigants used\npose a concentration risk and whether it is within the\ntolerance levels defined by the Board of directors.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n5.9.1\nFailure of the Credit Risk Holder to provide to their\nrespective Board timely and appropriate information on\nthe condition of their asset portfolio.\nMinor\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 103\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(2020 Revision)\n\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.9.2\nFailure of the Credit Risk Holder to provide the\nminimum information as outlined.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.10.1\nFailure of the Credit Risk Holder to seek the prior written\napproval of the Authority for the acquisition of those\nassets outlined at paragraphs (a) and (b).\nSerious\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.11.1\nFailure by a Credit Risk Holder to consider the\nadequacy of provisioning and the appropriateness of\nthe classification status if assets are refinanced or\nrescheduled.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\n5.12.1\nA Credit Risk Holder classifying a problem asset as\nperforming when paragraphs (a) to (c) are not met.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 104\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n5.12.2\nFailure of a Credit Risk Holder to follow reclassification\ndirectives issued by the Authority under any applicable\nprovisions in the relevant regulatory laws.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.12.3\nFailure of a Credit Risk Holder to support with evidence\nupgraded\nreclassifications\nwith\ndemonstrated\nimprovements in credit risk.\nMinor\nRule on the\nManagement of\nCredit Risk and\nProblem Assets\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.13.1\nFailure of a Credit Risk Holder to fully write off assets\nclassified as Loss within 90 calendar days.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 105\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n19 - Rule on Interest Rate Risk Management for Banks\n19. RULE ON INTEREST RATE RISK MANAGEMENT FOR BANKS MADE BY THE\nAUTHORITY PURSUANT TO SECTION 34 OF THE MONETARY AUTHORITY ACT (2020\nREVISION)\nRule on Interest\nRate Risk\nManagement for\nBanks made by\nthe Authority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n4.1\nFailure of the bank to establish, implement and\nmaintain strategies, policies, and procedures for\ninterest rate risk management appropriate for the size,\ncomplexity, and nature of its activities.\nSerious\nRule on Interest\nRate Risk\nManagement for\nBanks made by\nthe Authority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n4.2\nFailure of the bank to obtain Board of directors\u2019\napproval for strategies, policies, and procedures.\nMinor\nRule on Interest\nRate Risk\nManagement for\nBanks made by\nthe Authority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n4.3\nFailure of the bank to take necessary steps to measure,\nmonitor and control interest rate risk.\nMinor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 106\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n20 - Rule on the Contents of Offering Documents\n20. RULE ON THE CONTENTS OF OFFERING DOCUMENTS \u2013 LICENSED FUNDS MADE BY\nTHE AUTHORITY PURSUANT TO SECTION 34 OF THE MONETARY AUTHORITY ACT\n(2020 REVISION)\nRule on the\nContents of\nOffering\nDocuments \u2013\nLicensed Funds\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n5.1\nFailure of the fund to include the information outlined at\nsubparagraphs (i) to (xxii) in its Offering Document.\nSerious\n21 - Rule on Large Exposures and Credit Risk Concentration for\nBanks\n21. RULES ON LARGE EXPOSURES AND CREDIT RISK CONCENTRATION FOR BANKS\nMADE BY THE AUTHORITY PURSUANT TO SECTION 34(1)(A) OF THE MONETARY\nAUTHORITY ACT (2020 REVISION)\nRules on Large\nExposures and\nCredit Risk\nConcentration\nfor Banks made\nby the Authority\npursuant to\n5.2\nFailure of a bank to adopt internal policies and internal\nlimits that will ensure compliance with the exposure\nlimits contained in Rules 5.8 to 5.17.\nMinor\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 107\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRules on Large\nExposures and\nCredit Risk\nConcentration\nfor Banks made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.3\nFailure of a bank to have adequate information systems\nto identify and measure its large exposures and identify\nbreaches of any of these Rules.\nMinor\nRules on Large\nExposures and\nCredit Risk\nConcentration\nfor Banks made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.4\nFailure of a bank to report any breach of these Rules to\nthe bank\u2019s Board of directors or audit committee.\nMinor\nRules on Large\nExposures and\nCredit Risk\nConcentration\nfor Banks made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.5\nFailure of a bank to assign a designated independent\nunit or officer, to monitor large exposures to ensure its\ncompliance with the limits established by these Rules\nand the bank\u2019s internal limits.\nMinor\nRules on Large\nExposures and\n5.6\nFailure of a bank to ensure that regular independent\nreviews are conducted to verify that the bank\u2019s Minor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 108\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nCredit Risk\nConcentration\nfor Banks made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nestablished policies, limits and procedures are strictly\nadhered to in relation to large exposures.\nRules on Large\nExposures and\nCredit Risk\nConcentration\nfor Banks made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.7\nFailure of a bank to report all large exposures quarterly\non the Authority\u2019s Form BS and schedules.\nMinor\nRules on Large\nExposures and\nCredit Risk\nConcentration\nfor Banks made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.8\nFailure of a bank to obtain prior written approval of the\nAuthority before incurring exposures to an individual\ncounterparty or group of connected counterparties that\nexceeds 25% of its capital base.\nSerious\nRules on Large\nExposures and\nCredit Risk\nConcentration\nfor Banks made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n5.9\nFailure of a bank to obtain prior written approval of the\nAuthority before exceeding 800% of the bank\u2019s total\ncapital base of all large exposures that are not exempt.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 109\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(2020 Revision)\n\nRules on Large\nExposures and\nCredit Risk\nConcentration\nfor Banks made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.10\nFailure of a bank to ensure that the total of all exposures\nto related counterparties does not exceed 25% of a\nbank\u2019s capital base.\nSerious\nRules on Large\nExposures and\nCredit Risk\nConcentration\nfor Banks made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.12\nA bank excluding exposures to related counterparties\nas defined in Rules 4.8 (c) and (d) from the aggregate\nlimits defined in Rule 5.10 without meeting the criteria\nunder paragraphs (a) and (b).\nMinor\nRules on Large\nExposures and\nCredit Risk\nConcentration\nfor Banks made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.13\nFailure of a bank to ensure that the total of unsecured\nexposures to any one group of related counterparties\ndefined in Rules 4.8(c) and (d) does not exceed 1% of\nthe bank\u2019s capital base.\nMinor\nRules on Large\nExposures and\nCredit Risk\nConcentration\nfor Banks made\n5.14\nFailure of a bank to ensure that the total of unsecured\nexposures to all related counterparties defined in Rules\n4.8 (c) and (d) does not exceed 5% of the bank\u2019s capital\nbase.\nMinor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 110\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRules on Large\nExposures and\nCredit Risk\nConcentration\nfor Banks made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.15\nFailure of a bank which is subject to consolidated\nsupervision to obtain approval by the Authority for\nexposures that are guaranteed by another banking\ninstitution to exceed the 25% single exposure limit\ncontained in Rule 5.8, provided that 5.15.1 to 5.15.6 is\nmet.\nMinor\nRules on Large\nExposures and\nCredit Risk\nConcentration\nfor Banks made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.19\nFailure of a bank to notify the Authority immediately of\nany breach of any limits imposed by these Rules and\nas otherwise agreed with the Authority.\nMinor\nRules on Large\nExposures and\nCredit Risk\nConcentration\nfor Banks made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.20\nFailure of a bank to take immediate action to bring the\nexposure within permitted limits as soon as possible.\nMinor\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 111\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRules on Large\nExposures and\nCredit Risk\nConcentration\nfor Banks made\nby the Authority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n6.1\nFailure of a bank to report its twenty largest exposures\non the Authority\u2019s Form BS and schedules.\nMinor\n22 - Rule on the Calculation of Asset Values\n22. RULE ON THE CALCULATION OF ASSET VALUES \u2013 LICENSED FUNDS MADE BY THE\nAUTHORITY PURSUANT TO SECTION 34 OF THE MONETARY AUTHORITY ACT (2020\nREVISION)\nRule on the\nCalculation of\nAsset Values \u2013\nLicensed Funds\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n5.1\nFailure of a fund to establish, implement and maintain\na NAV Calculation Policy that ensures a Fund\u2019s NAV is\nfair, reliable, of high quality and verifiable.\nSerious\nRule on the\nCalculation of\nAsset Values \u2013\nLicensed Funds\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n5.2\nFailure of a Fund to ensure that the NAV Calculation\nPolicy complies with rules 5.2.1 to 5.2.8.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 112\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\nRule on the\nCalculation of\nAsset Values \u2013\nLicensed Funds\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n5.3\nFailure of a Fund to ensure that the NAV Calculation\nPolicy requires the Fund to value the securities within\nits portfolio(s) using Market Prices.\nSerious\nRule on the\nCalculation of\nAsset Values \u2013\nLicensed Funds\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n5.4\n1. Failure of a Fund to justify and identify any\nweaknesses in Pricing Models with any Pricing\nModels.\n\n2. Failure of a Fund to ensure that any Pricing Model\nis capable of practical implementation by the\nrelevant Service Providers.\nSerious\nRule on the\nCalculation of\nAsset Values \u2013\nLicensed Funds\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n5.5\nFailure of a Fund to require the Fund\u2019s relevant Service\nProviders to apply the NAV Calculation Policy and any\nPricing Models consistently, unless there is satisfactory\nreason not to do so, in which case such derivations\nmust be disclosed in the Fund\u2019s offering document and\nagreed by the Operators in advance of the\ndetermination or production of the NAV.\nSerious\nRule on the\nCalculation of\nAsset Values \u2013\nLicensed Funds\nmade by the\nAuthority\n5.6\nFailure of a Fund to ensure that the NAV of a fund is\ncalculated by a Service Provider that is independent of\nthe Fund\u2019s investment manager\/advisor and operators,\ncompetent, and able to adhere to the NAV Calculation\nPolicy and any relevant Pricing Models.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 113\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\nRule on the\nCalculation of\nAsset Values \u2013\nLicensed Funds\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n5.7\n1.\nFailure of the manager or advisor to provide any\nsupporting information that is reasonably\navailable.\n\n2.\nFailure of the fund\u2019s administrator to verify the\nprices and NAC to the extent possible wherever\nprices are provided or sourced by the investment\nmanager\/advisor or operators.\nSerious\nRule on the\nCalculation of\nAsset Values \u2013\nLicensed Funds\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n5.9\nFailure of a Fund to ensure that the Fund\u2019s offering\ndocument explicitly describes the potential limitations\nand conflicts of the NAV Calculation Policy, and any\nmaterial involvement by the fund\u2019s investment manager\nor advisor in the pricing of the fund\u2019s portfolio, or\notherwise in the calculation, determination or\nproduction of the NAV.\nSerious\nRule on the\nCalculation of\nAsset Values \u2013\nLicensed Funds\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n5.10\nFailure of a Fund to ensure that the NAV reports are\naddressed directly to the fund\u2019s investors.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 114\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRule on the\nCalculation of\nAsset Values \u2013\nLicensed Funds\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n5.11\nFailure of the fund\u2019s operators to approve and review,\nat least annually, the NAV Calculation Policy and any\nPricing Models.\nSerious\n23 - Liquidity Risk Management Rules and Guidelines\n23. LIQUIDITY RISK MANAGEMENT RULES AND GUIDELINES MADE BY THE AUTHORITY\nPURSUANT TO SECTION 34 OF THE MONETARY AUTHORITY ACT (2020 REVISION)\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\nRule 4.1\nFailure of the bank to have a strategy for the day-to-day\nmanagement of liquidity, setting out the bank\u2019s general\napproach to liquidity, which is approved by the bank\u2019s\nBoard of directors.\nSerious\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n4.2\nFailure of the bank to have a management structure in\nplace to effectively execute the liquidity strategy and\nfailure of senior management to ensure that liquidity is\neffectively managed and that appropriate policies and\nprocedures are established to control and mitigate\nliquidity risk.\nMinor\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 115\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n4.3\nFailure of the bank\u2019s Board to ensure that senior\nmanagement takes the steps necessary to monitor,\ncontrol and report on liquidity risk.\nMinor\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n4.5\nFailure of the bank to ensure that the strategy for\nmanaging liquidity risk is communicated throughout the\norganisation.\nMinor\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n4.6\nFailure of the bank\u2019s senior management and the\nappropriate\npersonnel\nto\nhave\na\nthorough\nunderstanding of how other risks, including credit,\nmarket and operational risk, impact on the bank\u2019s\noverall liquidity strategy and position.\nMinor\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\n4.7\nFailure of a bank\u2019s management to make decisions\nrelated to the structure for managing liquidity.\nMinor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 116\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nthe Monetary\nAuthority Act\n(2020 Revision)\n\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n4.8\nFailure of a bank to have adequate information systems\nfor measuring, monitoring, controlling and reporting\nliquidity risk.\nMinor\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n4.9\nFailure of a bank to establish a schedule of frequent\nroutine liquidity reviews and less frequent, but more indepth reviews.\nMinor\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n4.10\nFailure of a bank\u2019s management to set limits to ensure\nadequate liquidity and to control liquidity risk exposures\nand vulnerabilities.\nSerious\nLiquidity Risk\nManagement\nRules and\n4.11\nFailure of a bank to design their management\ninformation system to provide the Board of directors,\nsenior management and other appropriate personnel\nMinor\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 117\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\nwith timely information on the liquidity position of the\nbank.\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n6.1\nFailure of a bank to periodically review its efforts to\nestablish and maintain relationships with liability\nholders, to maintain the diversification of liabilities, and\naim to ensure its capacity to sell assets.\nMinor\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n7.1\nFailure of a bank to have contingency plans in place\nthat address the strategy for handling liquidity crises\nand include procedures for making up cash flow\nshortfalls in emergency situations.\nSerious\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n8.1\nFailure of a bank to have a measurement, monitoring\nand control system for its liquidity positions in the major\ncurrencies in which it is active.\nMinor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 118\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n9.1\nFailure of senior management to ensure that there are\nadequate internal controls in place to protect the\nintegrity of the established liquidity risk management\nprocess.\nSerious\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n9.6\nFailure of the bank to ensure that the internal audit\nfunction periodically reviews the liquidity management\nprocess in order to identify any weaknesses or\nproblems, which should be addressed by management\nin a time and effective manner.\nMinor\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n10.3\nFailure of a Category \u201cA\u201d Retail bank to meet the\nminimum requirements of the LCR as stipulated in this\nPart of the Rules and Guidelines.\nSerious\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\n11.2\nFailure of a Category \u201cA\u201d Retail bank to ensure that the\nvalue of the LCR is less than 100%.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 119\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n15.1\nFailure of a bank to have adequate policies to identify\nand manage its stock of HQLA.\nMinor\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n20.3\nFailure of a Category \u201cA\u201d Retail bank to meet the\nminimum requirements of NSFR as stipulated in Part III\nof the Rules and Guidelines.\nSerious\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n21.2\nFailure of a bank to ensure that the value of the NSFR\nis less than 100%.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 120\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n27.4\nFailure of a Category \u201cA\u201d Retail bank to calculate and\nreport the additional monitoring tools included in Part IV\nof the Rules and Guidelines.\nMinor\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n32.3\nFailure of a Category \u201cA\u201d Non-Retail bank or Category\n\u201cB\u201d bank to meet the minimum requirements of the MLR\nas stipulated in Part V of the Rules and Guidelines.\nMinor\nLiquidity Risk\nManagement\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n33.1\nFailure of a Category \u201cA\u201d Non-Retail bank or Category\n\u201cB\u201d bank to hold at all times, Liquid Assets, as defined\nin section 34, denominated in any currency, amounting\nto no less than 15% of the value of its Qualifying\nLiabilities, as defined in section 35, denominated in all\ncurrencies\nSerious\n24 - Rule on Market Conduct \u2013 Insurers, Agents and Brokers\n24. RULE ON MARKET CONDUCT \u2013 INSURERS, AGENTS AND BROKERS MADE BY THE\nAUTHORITY PURSUANT TO SECTION 34(1)(a) OF THE MONETARY AUTHORITY ACT\n(2020 REVISION)\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 121\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.1.1\nFailure of insurers and intermediaries to have internal\ncontrols or adequate protection in place to safeguard\ncustomer\u2019s assets, including money, when responsible\nfor them.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.1.2\nFailure of intermediaries to act within the limits of\nprofessional training and any limits of authorisation.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.1.3\nFailure of a person who deals or may deal with clients\ndirectly to be trained and achieve a suitable level of\ncompetence in \u2014\n(a) the licensee\u2019s policies and procedures\naddressing this guidance; and\n(b) the technical and legal aspects and effects\nof the products sold.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\n5.2.1\nFailure of insurers to conduct due diligence that\nprovides satisfactory evidence that the intermediaries\nthat distribute their products maintain appropriate levels\nof professional knowledge and experience, integrity\nand competence to advise and inform customers on the\nfeatures and characteristics of the products they offer.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 122\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.2.2\nFailure of insurers to have a framework, including\npractices, policies and procedures to manage\ncompliance or conduct issues with any intermediaries\nemployed.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.2.3\nFailure of insurers to ensure that their contractual\nprovisions with an intermediary allow the fulfilment of\ntheir legal and regulatory obligations.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.2.4\nFailure of the insurer to ensure that the written\nagreement between an insurer and an intermediary\nincludes the information at (a) to (f).\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\n5.2.5\nFailure of the insurer to ensure that the information they\nprovide to an intermediary about their products is clear,\naccurate and not misleading.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 123\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.2.6\nFailure of the insurer to act appropriately to deal with\npotential and confirmed instances of mis-selling,\ninappropriate policy replacement or sales to customers\nfor which a product is clearly unsuitable.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.2.7\nFailure of the insurer to act upon and inform the\nappropriate regulatory authorities where there is ongoing concern that an intermediary may be acting\ncontrary to relevant regulation in any jurisdiction.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n5.3.1\nFailure of an insurer and intermediary to act with due\nskill, care and diligence when dealing with customers.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 124\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.3.2\nFailure of an insurer and intermediary to ensure that\ntheir sales representatives are trained and equipped to\nadequately advise customers on the features and\ncharacteristics of the products they sell or introduce or\nprovide information about.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.3.3\nFailure of the insurer or intermediary to retain an\nacknowledgement by the customer to this effect in\ncases where advice would normally be expected, but\nthe customer chooses not to receive advice.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.3.4\nFailure of an insurer or intermediary to establish and\nimplement policies and procedures on the fair treatment\nof customers that are an integral part of their business\npractices.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\n5.3.5\nFailure of an insurer to have policies and procedures in\nplace for dealing with intermediaries so as to ensure fair\ntreatment of customers.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 125\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.3.6\nFailure of an insurer or intermediary to seek to exclude\nor restrict any duty or liability to a customer that they\nhave under Cayman legislation or this Rule, or other\nvoluntary code of conduct to which the insurer or\nintermediary has subscribed and declared.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.4.1\nFailure of an insurer or intermediary to have policies\nand procedures for the protection of private information\non customers.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.4.2\nFailure of an insurer or intermediary to inform\ncustomers about which personal information might be\ndisclosed and to whom.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 126\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.4.3\nFailure of an insurer or intermediary to adhere to\nrelevant data protection and provisions in any\njurisdiction in which they operate.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.5.1\nFailure of an insurer or intermediary to provide\ninformation before and at the point of sale that will\nenable customers to make an informed decision before\nentering into a contract.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.5.2\nFailure of an insurer or intermediary to provide precontractual and contractual information in a timely\nmanner.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\n5.5.3\nFailure of an insurer or intermediary to provide\ncustomers with sufficient information to enable them to\nunderstand the characteristics of the product, whether\nand for what reasons it meets their requirements.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 127\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.5.4\nFailure of an insurer or intermediary to provide\ninformation to customers in plain language that is fair,\nclear and not misleading.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.5.5\nFailure of an insurer which uses an intermediary to\nensure that the intermediary provides timely, clear and\nadequate pre-contractual and contractual information to\ncustomers.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.5.6\nFailure of an insurer or intermediary to inform\ncustomers of (a) to (d).\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\n5.5.7\nFailure of an insurer to disclose any commission\npayable to an intermediary and intermediaries must\ndisclose any commission receivable when creating a\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 128\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nquotation for the sale of investment-linked life insurance\nproducts.\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.5.8\nFailure of an insurer or intermediary to ensure that they\ninform the customer of any potential conflicts of interest\nand ensure that any conflicts are properly managed.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.5.9\nFailure of an insurer to give the customer at the time of\nconducting the contract the information at (a) to (h).\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n5.5.10\nFailure of an insurer or intermediary to inform\ncustomers about their duty of disclosure and the\nimplications of a failure to disclose material information.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 129\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.5.11\nFailure of an insurer or intermediary operating in a host\ncountry to inform the customer of (a) and (b).\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.5.12\nFailure of an insurer or intermediary to demonstrate to\nthe Authority that customers have received information\nnecessary to understand the product and their\nobligations as a customer, before and at the point of\nsale.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.5.13\nFailure of an insurer or intermediary to inform\ncustomers, on an ongoing basis, of any changes to the\nfeatures, costs, or returns associated with the product\noffered.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\n5.6.1\nFailure of an insurer or intermediary to ensure that,\nwhen advice is provided, all advice is communicated in\na clear and accurate manner that the customer can\neasily understand.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 130\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.6.2\nFailure of an insurer or intermediary to ensure that any\nfinancial or product advice given to a customer is\nappropriate; taking into account the customer\u2019s\ndisclosed and specific needs, risk tolerance levels and\nability to absorb loss.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.6.3\nFailure of an insurer or intermediary to inform\ncustomers of the true cost of any advice given and its\neffects on any financial pay-outs or returns.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.7.1\nFailure of an insurer to identify (a) to (c) when\ndeveloping a new product or revising an existing\nproduct.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 131\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.7.2\nFailure of an insurer to review their products to\ndetermine whether they are continuing to meet the\ngeneral needs of the target market for which they were\ndesigned on a periodic basis.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.7.3\nFailure of an insurer to ensure product features respect\nand adhere to applicable requirements, including laws,\nrules, statement of guidance and regulatory procedures\nin the jurisdiction in which a product is sold.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.7.4\nFailure of an insurer to ensure that the name of the\nproduct is not misleading in terms of the nature of the\nbenefit that the product can deliver.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\n5.7.5\nFailure of an insurer to have clearly documented\nprocesses for product approval and review that are\nincorporated in their overall framework for governance\nand oversight.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 132\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.8.1\nFailure of an insurer to notify the Authority, in advance,\nof the launch of any new product that may have a\nmaterial impact on its risk profile or the launch into a\nnew territory.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.8.2\nFailure of an insurer or intermediary to assess the\ncustomer\u2019s individual requirements to determine which\ninsurance products are appropriate. Insurers must also\ndocument and keep record of the results of the\nassessment.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n5.8.3\nFailure of an insurer or intermediary which is\nconducting\nan\nassessment\nof\na\ncustomer\u2019s\nrequirements to evaluate \u2014\n(a) the customer\u2019s desired outcomes,\n(b) the customer\u2019s risk appetite,\n(c) the customer\u2019s ability to absorb loss, and\n(d) how the factors under paragraphs (a) to (c)\nmay change over time.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\n5.8.4\nFailure of an insurer or intermediary to ensure that they\ncomply with all applicable sales and remuneration rules\nand legislation in force in the jurisdiction where\nproducts are sold.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 133\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.9.1\nFailure of an insurer or intermediary to service policies\nappropriately through to the point at which all\nobligations under the policy have been satisfied.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.9.2\nFailure of an insurer or intermediary to have sufficient\nsafeguards in place to ensure that obligations under a\npolicy are satisfied in an appropriate manner.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.9.3\nFailure of an insurer or intermediary to disclose to the\ncustomer information on any contractual changes\nduring the life of the contract.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 134\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.9.4\nFailure of an insurer or intermediary to disclose to the\npolicyholder further relevant information depending on\nthe type of insurance product.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.10.1\nFailure of an insurer or intermediary to have policies\nand procedures in place to review and approve financial\npromotions prior to their use.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.10.2\nFailure of the policies and procedures to provide for an\nindependent review, within the organisation of\npromotional material, intended for customers, other\nthan by the individual or organisation that prepared or\ndesigned it.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\n5.10.3\nFailure of an insurer or intermediary to advertise,\nmarket and promote their products in a manner that is\naccurate and not misleading to the customer.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 135\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.10.4\nFailure of an insurer or intermediary to withdraw any\nadvertisement, marketing or promotional material if it\nthey become aware that the information contained\nwithin is not accurate, clear or is misleading.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.10.5\nFailure of an insurer or intermediary to inform the\ninsurer or intermediary responsible for that material and\nnotify any person known to be relying on the information\nas soon as possible.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n5.11.1\nFailure of an insurer or intermediary to establish written\npolicies and procedures to deal in a fair manner with\ncomplaints which they receive.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\n5.11.2\nFailure of an insurer or intermediary to respond to\ncomplaints without unnecessary delay.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 136\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.11.3\nFailure of an insurer or intermediary to maintain a log of\nall complaints.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.12.1\nFailure of an insurer or intermediary to have written\nprocedures in place for the effective handling of claims\nin a timely and fair manner.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.12.2\nFailure of an insurer or intermediary to maintain written\ndocumentation on their claims handling procedures,\nwhich include all steps from the claim being raised to its\nsettlement.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 137\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.12.3\nFailure of an insurer or intermediary to inform\ncustomers about procedures, formalities and common\ntimeframes for claims settlement.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.12.4\nFailure of an insurer or intermediary to provide\ninformation to claimants about the status of their claim\nin a timely and fair manner.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.12.5\nFailure of an insurer or intermediary to have appropriate\ninternal controls in place for reviewing declined claims.\nSerious\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\n5.12.6\nFailure of an insurer or intermediary to provide reasons\nin writing for denying a claim.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 138\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nof the Monetary\nAuthority Act\n(2020 Revision)\n\nRule on Market\nConduct \u2013\nInsurers, Agents\nand Brokers\nmade by the\nAuthority\npursuant to\nsection 34(1)(a)\nof the Monetary\nAuthority Act\n(2020 Revision)\n\n5.12.7\nFailure of an insurer or intermediary to keep the record\nfor all claims after settlement or rejection in accordance\nwith the Authority\u2019s Statement of Guidance on\nRetention of Records.\nSerious\n25 - Rule on Operational Risk Management for Banks\n25. RULE ON OPERATIONAL RISK MANAGEMENT FOR BANKS MADE BY THE\nAUTHORITY PURSUANT TO SECTION 34 OF THE MONETARY AUTHORITY ACT (2020\nREVISION)\nRule on\nOperational\nRisk\nManagement for\nBanks made by\nthe Authority\npursuant to\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n4.1\nFailure of the bank to establish, implement and\nmaintain strategies, policies, and processes to identify,\nassess, monitor, and mitigate operational risk that are\nappropriate for the size, complexity, and nature of its\nactivities.\nSerious\nRule on\nOperational\nRisk\nManagement for\nBanks made by\nthe Authority\npursuant to\n4.2\nFailure of the bank\u2019s Board to undertake the duties\nlisted at (a) to (c).\nMinor\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 139\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nsection 34 of\nthe Monetary\nAuthority Act\n(2020 Revision)\n\n26 - Leverage Ratio Rules and Guidelines\n26. LEVERAGE RATIO RULES AND GUIDELINES MADE BY THE AUTHORITY PURSUANT\nTO SECTION 34 OF MONETARY AUTHORITY ACT (2020 REVISION)\nLeverage Ratio\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nMonetary\nAuthority Act\n(2020 Revision)\n\nRule 3.2\nFailure of a bank to maintain a minimum leverage ratio\nof 3% at all times.\nSerious\nLeverage Ratio\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nMonetary\nAuthority Act\n(2020 Revision)\n\n3.3\nFailure of a bank to comply with the minimum\nrequirements with respect to the computation of the\nleverage ratio, as specified in these Rules and\nGuidelines.\nSerious\nLeverage Ratio\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nMonetary\nAuthority Act\n5.3\nFailure by a bank to ensure that liability items are not\ndeducted from the leverage ratio exposure measure.\nMinor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 140\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(2020 Revision)\nLeverage Ratio\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nMonetary\nAuthority Act\n(2020 Revision)\n\n5.4\nFailure of a bank to include all balance sheet assets in\ntheir leverage ratio exposure measure.\nSerious\nLeverage Ratio\nRules and\nGuidelines\nmade by the\nAuthority\npursuant to\nsection 34 of\nMonetary\nAuthority Act\n(2020 Revision)\n\n5.9\nFailure of a bank to calculate its exposures associated\nwith all derivative transactions, including where a bank\nsells protection using a credit derivative, as the RC for\nthe current exposure plus an add-on for PFE, as\ndescribed in paragraph 5.10.\n\nMinor\n27 - Rules on Investments, Securities and Derivatives Risk\nManagement for Banks\n27. RULE ON INVESTMENTS, SECURITIES AND DERIVATIVES RISK MANAGEMENT FOR\nBANKS MADE BY THE AUTHORITY PURSUANT TO SECTION 34 OF MONETARY\nAUTHORITY ACT (2020 REVISION)\nRule on\nInvestments,\nSecurities and\nDerivatives Risk\nManagement for\nBanks made by\nthe Authority\npursuant to\nsection 34 of\nMonetary\n4.1\nFailure of the bank to establish, implement and\nmaintain strategies, policies, and procedures for\ninvestments,\nsecurities,\nand\nderivatives\nrisk\nmanagement appropriate for the size, complexity, and\nnature of its activities that create and appropriate\ninvestment management process.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 141\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nAuthority Act\n(2020 Revision)\n\nRule on\nInvestments,\nSecurities and\nDerivatives Risk\nManagement for\nBanks made by\nthe Authority\npursuant to\nsection 34 of\nMonetary\nAuthority Act\n(2020 Revision)\n\n4.2\nFailure of the bank to obtain Board of directors\u2019\napproval for strategies, policies, and procedures.\nMinor\nRule on\nInvestments,\nSecurities and\nDerivatives Risk\nManagement for\nBanks made by\nthe Authority\npursuant to\nsection 34 of\nMonetary\nAuthority Act\n(2020 Revision)\n\n4.3\nFailure of the bank to take necessary steps to measure,\nmonitor and control the risks associated with\ninvestments, securities and derivatives business.\nMinor\n28 - Money Services Act\n28. MONEY SERVICES ACT (2024 REVISION)\nMoney Services\nAct\n(2024 Revision)\n\n4(1)\nFailure of a person to carry on money services business\nwithout first obtaining a licence under section 5.\nVery serious\nMoney Services\nAct (2024\nRevision)\n5(9)\n1. Failure of the holder of a licence to pay \u2014\n(a) the prescribed annual fee for a licence to\ncarry on a money services business; and\nMinor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 142\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(b) the prescribed annual fee for each\nsubsidiary,\nbranch,\nagency\nor\nrepresentative office of that business,\non or before every 15th day of January after the\nfirst grant of the licence.\n2. Failure of a licensee who fails to pay the surcharge\nnot exceeding one-twelfth of that fee for every month\nor part of a month that the fee is not paid where the\nlicensee fails to pay the prescribed annual fees on or\nbefore every 15th day of January after the first grant\nof the licence.\n\nMoney Services\nAct (2024\nRevision)\n5A\nFailure of a licensee to \u2014\n(a) maintain at least one account as approved\nby the Authority; or\n(b) enter into an arrangement as agreed by the\nAuthority,\nthrough which its money services business transactions\nare to be conducted.\n\nVery serious\nMoney Services\nAct (2024\nRevision)\n\n6(2)\nFailure of a licensee to maintain its net worth at an\namount not less than that prescribed by subsection (1).\n\nSerious\nMoney Services\nAct (2024\nRevision)\n\n6(3)\nFailure of a licensee to increase its net worth by\nincreasing its paid-up capital to such greater sum as the\nAuthority may determine for the nature of the licensee\u2019s\nbusiness, current or proposed.\n\nSerious\nMoney Services\nAct (2024\nRevision)\n6A(1)\n1. A licensee that is a company issuing shares totalling\nmore than ten per cent of the authorised share\ncapital of the company without the prior written\napproval of the Authority.\n\n2. A licensee that is a company transferring or\ndisposing of issued shares totalling more than ten\nper cent of the issued share capital or total voting\nrights of the company without the prior written\napproval of the Authority.\n\nSerious\nMoney Services\nAct (2024\nRevision)\n7(1)(a)\nA person other than a licensee using words\nrepresenting that the person is carrying on money\nservices business, in English or in any other language,\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 143\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nin the description or title under which that person carries\non business within the Islands.\n\nMoney Services\nAct (2024\nRevision)\n7(1)(b)\n\nA person other than a licensee making any\nrepresentation in any billhead, letter, letterhead,\ncircular, paper, notice or advertisement or in any other\nmanner that that person is carrying on money services\nbusiness within the Islands.\n\nSerious\nMoney Services\nAct (2024\nRevision)\n7(1)(c)\nA person other than a licensee soliciting or receiving\nmoney from any person in any manner, for the purpose\nof carrying on money services business within the\nIslands.\n\nSerious\nMoney Services\nAct (2024\nRevision)\n8\n1. Failure of a licensee to \u2014\n(a) cause accounting records to be kept; and\n(b) establish and maintain systems of control of\nthe business and records, and systems of\ninspection and report,\nin respect of its money services business in accordance\nwith section 8.\n\n2. Failure of a licensee to keep accounting records\nwhich \u2014\n(a) explain its transactions;\n(b) disclose, with reasonable accuracy and\npromptness, the state of the business at any\ntime;\n(c) enable the directors properly to discharge\ntheir duties; and\n(d) enable the business properly to discharge\nits duties.\n3. Failure of a licensee to keep accounting records\nwhich contain \u2014\n(a) entries from day to day of all sums received\nand paid by the business and the matters in\nrespect of which they are received or paid;\nand\n(b) a record of the assets and liabilities of the\nbusiness.\n\n4. Failure of a licensee to establish and maintain\nsystems of control and systems of inspection and\nreport that ensure that the money services business\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 144\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nis conducted so that \u2014\n(a) the information necessary to enable the\ndirectors and the business to discharge their\nduties and functions is sufficiently accurate,\nand is available with sufficient regularity or\nat need and with sufficient promptness, for\nthose purposes; and\n(b) the information obtained by or furnished to\nthe Authority under or for the purposes of the\nInsurance Act, 2010 [Law 32 of 2010] is\nsufficiently accurate for the purpose for\nwhich it is obtained or furnished.\n\n5. Failure of a licensee to keep the records of the\nsystems of control and of inspection and report so\nthat \u2014\n(c)  the information necessary to enable the\ndirectors and the business to discharge their\nduties and functions is sufficiently accurate,\nand is available with sufficient regularity or\nat need and with sufficient promptness, for\nthose purposes; and\n(d) the information obtained by or furnished to\nthe Authority under or for the purposes of\nthis Act is sufficiently accurate for the\npurpose for which it is obtained or furnished.\n\nMoney Services\nAct (2024\nRevision)\n8A(1)\nFailure of a licensee and any sub-agent of the licensee\nto take such steps as may be necessary to comply with\nthe Anti-Money Laundering Regulations (2025\nRevision) and such rules or statements of principle or\nguidance as may be prescribed by the Authority that are\nconsistent with anti-money laundering procedures and\nthe combatting of terrorist financing in respect of the\nmoney services business.\n\nSerious\nMoney Services\nAct (2024\nRevision)\n8A(2)\n1. Failure of a licensee to monitor the compliance of the\nlicensee\u2019s sub-agent, if any, with the prescribed rules\nor statements of principle or guidance under\nsubsection (1).\n\n2. Failure of a licensee to provide a report on the\ncompliance in such form and subject to such\nconditions as may be prescribed where the licensee\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 145\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nis required by the Authority to do so.\n\nMoney Services\nAct (2024\nRevision)\n9\nFailure of the holder of a licence to furnish to the\nAuthority, at such times as may be specified by the\nAuthority and in such form as the Authority may\nreasonably require \u2014\n(a) written confirmation that the information set\nout in the application for the licence remains\ncorrect, and gives a full and fair picture of its\nmoney services business; and\n(b) such returns in respect of its money services\nbusiness as the Authority may specify in\nwriting.\n\nSerious\nMoney Services\nAct (2024\nRevision)\n10(1)\nFailure of a licensee to have the accounts of its money\nservices business audited annually or at such other\ntimes as the Authority may require by an auditor, who\nis a chartered accountant, a certified public accountant,\nor some other professionally qualified accountant,\napproved by the Authority.\n\nSerious\nMoney Services\nAct (2024\nRevision)\n10(2)\nFailure of a licensee to forward its audited accounts to\nthe Authority within three months of the end of the\nfinancial year of the licensee\u2019s money services\nbusiness, unless prior written approval for an extension\nhas been granted by the Authority.\n\nMinor\nMoney Services\nAct (2024\nRevision)\n11\nFailure of a licensee to obtain an auditor\u2019s report on the\nlicensee\u2019s anti-money laundering systems and\nprocedures for compliance with the Anti-Money\nLaundering Regulations (2025 Revision) at the\nlicensee\u2019s expense where the licensee is required by\nthe Authority to do so.\n\nSerious\nMoney Services\nAct (2024\nRevision)\n13\n1. Failure of an auditor appointed by a licensee to give\nwritten notice to the Authority where the auditor \u2014\n(a) intends to resign during the currency of that\nauditor\u2019s appointment; or\n(b) has given written notice to the licensee of\nthat auditor\u2019s unwillingness to be considered\nfor reappointment at the expiration of the\nperiod for which that person is appointed.\n\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 146\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n2. Failure of an auditor appointed by a licensee to state\nin the auditor\u2019s written notice the reasons for that\nauditor\u2019s intention to resign or that auditor\u2019s\nunwillingness to be considered for reappointment.\n\nMoney Services\nAct (2024\nRevision)\n14\n1. Failure of a licensee to notify the Authority where the\nlicensee \u2014\n(a) intends to terminate the appointment of its\nauditor; or\n(b) decides that the auditor will not be\nreappointed.\n\n2. Failure of a licensee to state in the licensee\u2019s\nnotification, the reason for the licensee\u2019s intention or\ndecision.\n\nSerious\nMoney Services\nAct (2024\nRevision)\n14A(1)\n1. Failure of an auditor to immediately give written\nnotice to the Authority where the auditor, in the\ncourse of carrying out an audit of the accounts of a\nlicensee, obtains information or suspects that the\nlicensee is \u2014\n(a) unable or likely to become unable to meet its\nobligations as they fall due;\n(b) carrying on or attempting to carry on\nbusiness or is winding up its business\nvoluntarily in a manner that is prejudicial to\nits investors or creditors;\n(c) carrying on or attempting to carry on\nbusiness without keeping any or sufficient\naccounting records to allow its accounts to\nbe properly audited;\n(d) carrying on or attempting to carry on\nbusiness in a fraudulent or criminal manner;\nor\n(e) carrying on or attempting to carry on\nbusiness without compliance with \u2014\n(i)\nthis Act or any regulations made\nhereunder;\n(ii)\nthe Monetary Authority Act (2020\nRevision);\n(iii) the\nAnti-Money\nLaundering\nRegulations (2025 Revision); or\n(iv) a condition of the licence.\n\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 147\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n2.  Failure of an auditor who gives the Authority written\nnotice of a suspicion, the reason for the suspicion.\n\nMoney Services\nAct (2024\nRevision)\n\n14A(3)\nA licensee appointing a person disqualified under\nsubsection (2) as an auditor.\nSerious\nMoney Services\nAct (2024\nRevision)\n16\nA licensee incorporated under the Companies Act\n(2025 Revision) opening, in or outside the Islands, a\nsubsidiary, branch, agency or representative office\nwithout the prior written approval of the Authority.\n\nSerious\nMoney Services\nAct (2024\nRevision)\n\n17(1)\nA licensee having fewer than two directors.\nSerious\nMoney Services\nAct (2024\nRevision)\n17(2)\nFailure of a licensee to apply to the Authority for its\nwritten approval of the appointment of a director or\nother senior officer before appointing the director or\nother senior officer, unless it is exempt from such a\nrequirement by the Authority.\n\nSerious\nMoney Services\nAct (2024\nRevision)\n\n18(3)\nFailure of a licensee to comply with a requirement under\nsubsection (3).\nSerious\nMoney Services\nAct (2024\nRevision)\n23(5)\nA person obstructing the Authority or any other person\nin the exercise of any powers conferred under section\n23.\n\nSerious\nMoney Services\nAct (2024\nRevision)\n24\nA licensee or any director or officer of a licensee\nknowingly or wilfully supplying false or misleading\ninformation to the Authority.\n\nVery serious\nMoney Services\nAct (2024\nRevision)\n30\nFailure of a licensee to put into effect and to carry out\nsuch policy directions for the guidance of licensees in\nthe exercise of their duties under this Act that the\nAuthority may, from time to time, issue.\n\nVery serious\nMoney Services\nAct (2024\nRevision)\n30A(1)\nFailure of a licensee to pay into the revenues of the\nIslands, a transaction fee in the amount of two per cent\nof the gross amount transferred overseas up to a\nMinor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 148\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nmaximum of ten dollars for each transaction.\n\nMoney Services\nAct (2024\nRevision)\n30A(2)\nFailure of a licensee to pay into the revenues of the\nIslands the transaction fee under subsection (1) on a\nquarterly basis in such form as the Authority may\nprescribe.\n\nMinor\nMoney Services\nAct (2024\nRevision)\n30A(3)\nFailure of a licensee to pay into the revenues of the\nIslands a surcharge not exceeding one-twelfth of that\nfee for every month or part of a month that the fee under\nsubsection (1) is not paid.\n\nMinor\n29 - Mutual Funds Act\n29. MUTUAL FUNDS ACT (2025 REVISION)\nMutual Funds\nAct (2025\nRevision)\n4(1)\n1. A mutual fund which does not comply with\nsubsection (3) or (4) carrying on or attempting to\ncarry on business in or from the Islands without \u2014\n(a) holding a Mutual Fund Licence, and\nhaving\u2014\n(i) a registered office in the Islands; or\n(ii) if a unit trust, a trust company licensed\nunder the Banks and Trust Companies\nAct (2025 Revision) as its trustee; or\n(b) being registered with the Authority in the\nprescribed manner and having a licensed\nmutual fund administrator providing its\nprincipal office in the Islands.\n\n2. A mutual fund which does not comply with\nsubsection (3) or (4), carrying on or attempting to\ncarry on business in or from the Islands without filing\nwith the Authority, in respect of the mutual fund, a\ncurrent offering document that complies with\nsubsection (6).\n\nVery serious\nMutual Funds\nAct (2025\n4(8)\nFailure of a mutual fund to file an amended offering\ndocument or amended prescribed details with the\nAuthority within twenty-one days of becoming aware of\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 149\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRevision)\nany change that materially affects any information in the\noffering document filed with the Authority or in the\nprescribed details of the offering document or the\nprescribed details of a master fund that is without an\noffering document filed with the Authority.\nMutual Funds\nAct (2025\nRevision)\n4(9)\nA mutual fund changing \u2014\n(a) its registered office or its principal office;\n(b) the trust company acting as its trustee,\nwithout informing the Authority of the change.\nSerious\nMutual Funds\nAct (2025\nRevision)\n5(5)\nFailure of the operator of a mutual fund to ensure that,\nwhen carrying on or attempting to carry on business in\nor from the Islands, the mutual fund complies with any\nconditions contained in its licence.\nVery serious\nMutual Funds\nAct (2025\nRevision)\n5(7)\nA person supply to the Authority information that that\nperson knows or should reasonably know is false or\nmisleading in connection with an application for a\nMutual Fund Licence.\nVery serious\nMutual Funds\nAct (2025\nRevision)\n7\nA person other than a regulated mutual fund or a mutual\nfund referred to in section 4(4) representing in any way\nthat the person is carrying on or attempting to carry on\nbusiness in or from the Islands as a mutual fund.\nVery serious\nMutual Funds\nAct (2025\nRevision)\n8(1)\nFailure of a regulated mutual fund to have its accounts\naudited annually by an auditor approved by the\nAuthority.\nSerious\nMutual Funds\nAct (2025\nRevision)\n8(1A)\nFailure of a regulated mutual fund to prepare its\naccounts in accordance with the International Financial\nReporting Standards or the generally accepted\naccounting principles of the United States of America,\nJapan, Switzerland or a non-high risk jurisdiction.\nSerious\nMutual Funds\nAct (2025\nRevision)\n8(1B)\nFailure of an auditor approved by the Authority to carry\nout the annual audit under subsection (1) in accordance\nwith the International Standards on Auditing or the\ngenerally accepted auditing standards of the United\nStates of America, Japan, Switzerland or a non-high\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 150\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nrisk jurisdiction.\nMutual Funds\nAct (2025\nRevision)\n8(2)\nFailure of a regulated mutual fund to send its audited\naccounts in respect of a financial year of the fund to the\nAuthority, in such manner as the Authority may from\ntime to time direct, within six months of the end of that\nfinancial year or within such extension of that period as\nthe Authority may allow.\nSerious\nMutual Funds\nAct (2025\nRevision)\n9(1)\nFailure of a licensed regulated mutual fund to pay to the\nFinancial Secretary for the benefit of the revenue, the\nprescribed annual licence fee on or before the 15th\nJanuary in each year.\nMinor\nMutual Funds\nAct (2025\nRevision)\n9(2)\nFailure of a regulated mutual fund that is complying with\nsection 5(3) to pay to the Financial Secretary for the\nbenefit of the revenue the prescribed annual\nregistration fee on or before the 15th January in each\nyear.\nMinor\nMutual Funds\nAct (2025\nRevision)\n9(3)\nFailure of a regulated mutual fund which does not pay\nthe annual fee on or before the 15th January in each\nyear to pay to the Authority, an additional fee equal to\none twelfth of that annual fee for each month or part of\na month during which the annual fee and any additional\nfee imposed under subsection (3) remains unpaid.\nMinor\nMutual Funds\nAct (2025\nRevision)\n10\nA person who is not acting with and in accordance with\nthe authorisation of the Authority, acting or carrying on\nbusiness as a mutual fund administrator without being\nauthorised to do so by a Mutual Fund Administrators\nLicence.\nVery serious\nMutual Funds\nAct (2025\nRevision)\n12(5)\nA licensed mutual fund administrator which has a\nprincipal office in the Islands or a body corporate or\nindividuals acting as its agent in the Islands changing\nthat principal office or the body corporate or any\nindividual acting as its agent without first giving the\nAuthority notice of its intention to do so.\nVery serious\nMutual Funds\n12(7)\nFailure of a licensed mutual fund administrator to Very serious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 151\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nAct (2025\nRevision)\ncomply with any conditions contained in its Mutual Fund\nAdministrators Licence when carrying on or attempting\nto carry on business as a mutual fund administrator.\n\nMutual Funds\nAct (2025\nRevision)\n12(8)\nA person supplying information in connection with an\napplication for a Mutual Fund Administrators Licence\nthat the person knows or should reasonably know is\nfalse or misleading to the Authority.\n\nVery serious\nMutual Funds\nAct\n(2020 Revision)\n13(1)\n1. A licensed mutual fund administrator which is a\ncompany issuing shares without the approval of the\nAuthority.\n\n2. A person owning or having an interest in shares in\nthe company transferring or otherwise disposing of\nor dealing in those shares or that interest without the\napproval of the Authority.\n\nSerious\nMutual Funds\nAct (2025\nRevision)\n14(1)\n1. Failure of a licensed mutual fund administrator to\nimmediately upon starting to provide the principal\noffice of a regulated mutual fund, give the Authority\nthe prescribed details in respect of the mutual fund.\n\n2. Failure of a licensed mutual fund administrator to\nimmediately upon starting to provide the principal\noffice of a regulated mutual fund to pay the\nprescribed fee in respect of the mutual fund to the\nAuthority.\n\nVery serious\nMutual Funds\nAct (2025\nRevision)\n14(2)\nFailure of a licensed mutual fund administrator to pay\nthe prescribed annual fee in respect of that mutual fund\nto the Financial Secretary for the benefit of the revenue\non or before the 15th January in each year after the\ndate when it started to provide the principal office of a\nregulated mutual fund.\n\nMinor\nMutual Funds\nAct (2025\nRevision)\n14(3)\nFailure of a licensed mutual fund administrator to pay\nthe prescribed annual licence fee to the Financial\nSecretary for the benefit of the revenue on or before the\n15th January in each year.\n\nMinor\nMutual Funds\nAct (2025\n14(4)\nFailure of a licensed mutual fund administrator to pay to\nAuthority an additional fee equal to one twelfth of that\nMinor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 152\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRevision)\nannual fee for each month or part of a month during\nwhich the annual fee and any additional fee imposed by\nvirtue of subsection (4) remains unpaid.\n\nMutual Funds\nAct (2025\nRevision)\n\n15(2)\nFailure of a licensed mutual fund administrator to\ncomply with a direction given under subsection (1).\nSerious\nMutual Funds\nAct (2025\nRevision)\n17\nFailure\nof\na\nmutual\nfund\nadministrator\nto\nimmediately give the Authority written notice of the\nmutual fund administrator\u2019s knowledge or belief and its\nreasons for its knowledge or belief if it knows or has\nreason to believe that a regulated mutual fund for which\nit provides a principal office, or a promoter or operator\nof such a mutual fund \u2014\n(a) is or is likely to become unable to meet its\nobligations as they fall due;\n(b) is carrying on business otherwise than in\naccordance with this or any other law; or\n(c) is carrying on business in a manner that is\nor is likely to be prejudicial to investors or\ncreditors of the mutual fund.\n\nVery serious\nMutual Funds\nAct (2025\nRevision)\n19\nA person other than a licensed mutual fund\nadministrator representing in any way that the person is\ncarrying on or attempting to carry on business in or from\nthe Islands as a mutual fund administrator.\n\nVery serious\nMutual Funds\nAct (2025\nRevision)\n20(1)\nFailure of a licensed mutual fund administrator to have\nits accounts audited annually by an auditor approved by\nthe Authority.\n\nSerious\nMutual Funds\nAct (2025\nRevision)\n20(2)\nFailure of a licensed mutual fund administrator to send\nits audited accounts in respect of a financial year of the\nadministrator n such manner as the Authority may from\ntime to time direct, to the Authority within six months of\nthe end of that financial year or within such extension of\nthat period as the Authority may allow.\n\nSerious\nMutual Funds\nAct (2025\nRevision)\n21\nA licensed mutual fund administrator appointing a\ndirector or similar senior officer, or a general partner\nwithout \u2014\n(a) obtaining the Authority\u2019s written approval of\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 153\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nthe appointment; or\n(b) being exempt by the Authority from the\nobligation to obtain the Authority\u2019s approval.\n\nMutual Funds\nAct (2025\nRevision)\n\n22\nFailure of a licensed mutual fund administrator to have\nat least two directors at all times.\nSerious\nMutual Funds\nAct (2025\nRevision)\n22C(1)\nFailure of an EU Connected Fund that is marketing in a\ncountry or territory within the EEA to notify the Authority\nwithin three months of a date to be specified by Order\nmade by Cabinet and in the manner designated by the\nAuthority that the EU Connected Fund is marketing in a\ncountry or territory within the EEA.\n\nSerious\nMutual Funds\nAct (2025\nRevision)\n22C(2)\nFailure of an EU Connected Fund that commences\nmarketing in a country or territory within the EEA after\nthe date specified in subsection (1) to notify the\nAuthority, in the manner designated by the Authority,\nthat the EU Connected Fund is marketing in a country\nor territory within the EEA within twenty-one days of the\ncommencement of marketing in a country or territory\nwithin the EEA.\n\nSerious\nMutual Funds\nAct (2025\nRevision)\n22F\nFailure of an EU Connected Fund that elects to apply to\nbe licensed or registered pursuant to section 22B and\nis granted a licence or is registered under this Act, to\ncomply with the applicable provisions set out in Part IIIA\nof this Act.\n\nSerious\nMutual Funds\nAct (2025\nRevision)\n23(2)\nFailure of the operator of a regulated mutual fund or a\nregulated EU Connected Fund to ensure that an\ninstruction given to the mutual fund or the EU\nConnected Fund in accordance with subsection (1) is\ncomplied with within the specified time.\n\nSerious\nMutual Funds\nAct (2025\nRevision)\n24(2)\nFailure of a person to comply with an instruction given\nto that person in accordance with subsection (1).\n\nSerious\nMutual Funds\nAct (2025\nRevision)\n24(3)\nA person giving information or an explanation for the\npurpose of subsection (1) that the person that person\nknows or should reasonably know is false or\nVery serious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 154\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nmisleading.\n\nMutual Funds\nAct (2025\nRevision)\n26(2)\nFailure of a licensed mutual fund administrator to\ncomply with an instruction given to it under subsection\n(1).\nSerious\nMutual Funds\nAct (2025\nRevision)\n27(2)\nFailure of a person to comply with an instruction given\nto that person under subsection (1).\nSerious\nMutual Funds\nAct (2025\nRevision)\n27(3)\nA person giving information or an explanation for the\npurpose of subsection (1) giving to the Authority\ninformation or an explanation that that person knows or\nshould reasonably know is false or misleading.\n\nVery serious\nMutual Funds\nAct (2025\nRevision)\n30(9)\nFailure of a person appointed in respect of a mutual\nfund or a regulated EU Connected Fund under\nsubsection (3)(d) or (e) to \u2014\n(a) supply the Authority with such information in\nrespect of the mutual fund or the EU\nConnected Fund as is specified by the\nAuthority when requested to do so;\n(b) prepare and supply to the Authority a report\non the affairs of the mutual fund or the EU\nConnected\nFund\nmaking,\nwhere\nappropriate, recommendations in respect of\nthe mutual fund or the EU Connected Fund\nwithin three months of that person\u2019s\nappointment, or within such other period as\nthe Authority may specify;\n(c) supply to the Authority such other\ninformation, reports and recommendations\nas the Authority specifies after supplying the\nreport referred to in paragraph (b) if that\nperson\u2019s appointment is not terminated after\nsupplying the report under (b).\n\nVery serious\nMutual Funds\nAct (2025\nRevision)\n31(8)\nFailure of a person appointed in respect of a licensed\nmutual fund administrator under subsection 3(d) or (e)\nto \u2014\n(a) supply the Authority with such information in\nrespect of the administrator\u2019s administration\nof mutual funds as is specified by the\nAuthority when requested to do so by the\nAuthority;\nVery serious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 155\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(b) prepare and supply to the Authority a report\non the administrator\u2019s administration of the\nmutual fund making, where appropriate,\nrecommendations\nin\nrespect\nof\nthe\nadministrator within three months of that\nperson\u2019s appointment, or within such other\nperiod as the Authority may specify; or\n(c) supply to the Authority such other\ninformation, reports and recommendations\nas the Authority specifies after supplying the\nreport referred to in paragraph (b), if that\nperson\u2019s appointment is not terminated after\nsupplying the report under paragraph (b).\n\nMutual Funds\nAct (2025\nRevision)\n34\nA person hindering the Authority in the exercise of any\nof its powers under the Law.\nSerious\nMutual Funds\nAct (2025\nRevision)\n35(1)\nFailure of an auditor to immediately give the Authority\nwritten notice of that auditor\u2019s information or suspicion\nand, in the case of suspicion, that auditor\u2019s reason for\nthat suspicion if an auditor, in the course of carrying out\nan audit of the accounts of a regulated mutual fund or a\nregulated EU Connected Fund, obtains information or\nsuspects that the mutual fund or the EU Connected\nFund is \u2014\n(a) unable or likely to become unable to meet its\nobligations as they fall due;\n(b) carrying on or attempting to carry on\nbusiness or winding-up its business\nvoluntarily in a manner that is prejudicial to\nits investors or creditors;\n(c) carrying on or attempting to carry on\nbusiness without keeping any or sufficient\naccounting records to allow its accounts to\nbe properly audited;\n(d) carrying on or attempting to carry on\nbusiness in a fraudulent or criminal manner;\nor\n(e) carrying on or attempting to carry on\nbusiness otherwise than in compliance with\n\u2014\n(i)\nthis Act or any regulations made\nhereunder;\n(ii)\nthe Monetary Authority Act (2020\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 156\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRevision);\n(iii) the\nAnti-Money\nLaundering\nRegulations (2025 Revision); or\n(iv) a condition of the licence.\n\nMutual Funds\nAct (2025\nRevision)\n35(2)\nFailure of an auditor to immediately give the Authority\nwritten notice of that person\u2019s information or suspicion\nand, in the case of suspicion, that person\u2019s reason for\nthat suspicion If an auditor, in the course of carrying out\nan audit of the accounts of a licensed mutual fund\nadministrator, obtains information or suspects that the\nmutual fund administrator is \u2014\n(a) unable or likely to become unable to meet its\nobligations as they fall due;\n(b) carrying on or attempting to carry on\nbusiness or winding-up its mutual fund\nadministration business voluntarily in a\nmanner that is prejudicial to investors in any\nmutual fund it is administering or to its\ncreditors or the creditors of any such mutual\nfund; or\n(c) carrying on or attempting to carry on\nbusiness without keeping any or sufficient\naccounting records to allow its accounts to\nbe properly audited;\n(d) carrying on or attempting to carry on\nbusiness in a fraudulent or criminal manner;\nor\n(e) carrying on or attempting to carry on\nbusiness otherwise than in compliance\nwith \u2014\n(i)\nthis Act or any regulations made\nhereunder;\n(ia)\nin respect of a licensed mutual funds\nadministrator,\nthe\nBeneficial\nOwnership Transparency Act, 2023\n[Act 13 of 2023], if the licensee is a\n\u201ccorporate services provider\u201d as\ndefined in that Act;\u201d\n(ii)\nthe Monetary Authority Act (2020\nRevision);\n(iii) the\nAnti-Money\nLaundering\nRegulations (2025 Revision); or\n(iv) a condition of the licence.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 157\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\nMutual Funds\nAct (2025\nRevision)\n35(4)\nA regulated mutual fund or a regulated EU Connected\nFund or a licensed mutual fund administrator appointing\nas an auditor a person disqualified under subsection\n(3).\n\nSerious\n30 - Mutual Funds (Annual Returns) Regulations\n30. MUTUAL FUNDS (ANNUAL RETURNS) REGULATIONS (2021 REVISION)\nMutual Funds\n(Annual\nReturns)\nRegulations\n(2021 Revision)\n2(1)\nFailure of a regulated mutual fund to complete and\nsubmit accurate and complete returns for \u2014\n(a) the fund containing the particulars set forth\nin the Schedule to the Authority; or\n(b) each sub-fund in its structure if the fund has\nsub-funds in its structure,\nin such manner as the Authority may from time to time\ndirect, within six months after the end of the financial\nyear to which it relates or within such extension of that\nperiod as the Authority may allow.\n\nSerious\nMutual Funds\n(Annual\nReturns)\nRegulations\n(2021 Revision)\n\n2(4)\nFailure of the operator of a regulated mutual fund to\nensure that the fund complies with paragraphs (1) and\n(1A).\nMinor\n31 - Mutual Funds (EU Connected Fund (Alternative Investment\nFund Managers Directive)) Regulations\n31. MUTUAL FUNDS (EU CONNECTED FUND (ALTERNATIVE INVESTMENT FUND\nMANAGERS DIRECTIVE)) REGULATIONS, 2016\nMutual Funds\n(EU Connected\nFund\n(Alternative\n 2(a)\nFailure of an EU Connected Fund that is a regulated\nmutual fund, including an EU Connected Fund which\nhas elected to be licensed or registered pursuant to\nsection 22B of the Mutual Funds Act (2025 Revision) to\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 158\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\nsubmit the name of the Member State in which the\nmarketing takes place or is expected to take place to\nthe Authority.\nMutual Funds\n(EU Connected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n2(b)\nFailure of an EU Connected Fund that is a regulated\nmutual fund, including an EU Connected Fund which\nhas elected to be licensed or registered pursuant to\nsection 22B of the Mutual Funds Act (2025 Revision) to\nsubmit the date on which such marketing commenced,\nor is expected to commence to the Authority.\nSerious\nMutual Funds\n(EU Connected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n2(c)\nFailure of an EU Connected Fund that is a regulated\nmutual fund, including an EU Connected Fund which\nhas elected to be licensed or registered pursuant to\nsection 22B of the Mutual Funds Act (2025 Revision) to\nsubmit the name of the competent authority or\nauthorities in the Member State in which the marketing\ntakes place, or is expected to take place, to the\nAuthority.\nSerious\nMutual Funds\n(EU Connected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n2(d)\nFailure of an EU Connected Fund that is a regulated\nmutual fund, including an EU Connected Fund which\nhas elected to be licensed or registered pursuant to\nsection 22B of the Mutual Funds Act (2025 Revision) to\nsubmit the name and contact details of the EU\nConnected\nFund\u2019s\nmanager\nand\ncountry\nof\nauthorisation to the Authority.\nSerious\nMutual Funds\n(EU Connected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\n2(e)\nFailure of an EU Connected Fund that is a regulated\nmutual fund, including an EU Connected Fund which\nhas elected to be licensed or registered pursuant to\nsection 22B of the Mutual Funds Act (2025 Revision) to\nsubmit a declaration that the EU Connected Fund is\nmarketed in each Member State referred to in\nparagraph (a) in accordance with the laws in force in\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 159\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRegulations,\n2016\n\nthat Member State to the Authority.\nMutual Funds\n(EU Connected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n2(f)\nFailure of an EU Connected Fund that is a regulated\nmutual fund, including an EU Connected Fund which\nhas elected to be licensed or registered pursuant to\nsection 22B of the Mutual Funds Act (2025 Revision)to\nsubmit the prescribed fee to the Authority.\nMinor\nMutual Funds\n(EU Connected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n3(a)\nFailure of an EU Connected Fund that is not a regulated\nmutual fund to submit the name of the EU Connected\nFund to the Authority.\nSerious\nMutual Funds\n(EU Connected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n3(b)\nFailure of an EU Connected Fund that is not a regulated\nmutual fund to submit the type of fund, setting out why\nthe EU Connected Fund is not required to be regulated,\nto the Authority.\nSerious\nMutual Funds\n(EU Connected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n3(c)\nFailure of an EU Connected Fund that is not a regulated\nmutual fund to submit the name or contact details of\noperators of the EU Connected Fund and its\nadministrator to the Authority.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 160\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nMutual Funds\n(EU Connected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n3(d)\nFailure of an EU Connected Fund that is not a regulated\nmutual fund to submit the name or address of the EU\nConnected Fund\u2019s registered office to the Authority.\nSerious\nMutual Funds\n(EU Connected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n3(e)\nFailure of an EU Connected Fund that is not a regulated\nmutual fund to submit the name or contact details of the\nEU Connected Fund\u2019s Cayman Islands legal counsel to\nthe Authority.\nSerious\nMutual Funds\n(EU Connected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n3(f)\nFailure of an EU Connected Fund that is not a regulated\nmutual fund to submit each name of each Member\nState in which the marketing takes place, or is expected\nto take place, to the Authority.\nSerious\nMutual Funds\n(EU Connected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n3(g)\nFailure of an EU Connected Fund that is not a regulated\nmutual fund to submit the date on which such marketing\ncommenced, or is expected to commence, to the\nAuthority.\nSerious\nMutual Funds\n(EU Connected\nFund\n3(h)\nFailure of an EU Connected Fund that is not a regulated\nmutual fund to submit the name of each competent\nauthority in each corresponding Member State in which\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 161\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\nthe marketing takes place, or is expected to take place,\nto the Authority.\nMutual Funds\n(EU Connected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n3(i)\nFailure of an EU Connected Fund that is not a regulated\nmutual fund to submit the name or contact details of the\nEU Connected Fund\u2019s manager, to the Authority.\nSerious\nMutual Funds\n(EU Connected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n3(j)\nFailure of an EU Connected Fund that is not a regulated\nmutual fund to submit a declaration that the EU\nConnected Fund is marketed in each Member State in\naccordance with the laws and regulations in force in the\nMember State, to the Authority.\nSerious\nMutual Funds\n(EU Connected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n3(k)\nFailure of an EU Connected Fund that is not a regulated\nmutual fund to submit the prescribed fee to the\nAuthority.\nMinor\nMutual Funds\n(EU Connected\nFund\n(Alternative\nInvestment\nFund Managers\n4\nFailure of an EU Connected Fund to \u2014\n(a) notify the Authority within 21 days of the date\nupon which marketing ceased in all Member\nStates; or\n(b) notify the Authority of any change made to\nthe information provided pursuant to\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 162\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nDirective))\nRegulations,\n2016\nregulation 2 or regulation 3, as the case may\nbe, within twenty-one days of the date of the\nchange.\n\nMutual Funds\n(EU Connected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n5\nFailure of an EU Connected Fund to submit to the\nAuthority in the manner designated by the Authority \u2014\n(a) written confirmation that the information in\nthe notification filed pursuant to regulation 2\nor regulation 3 has not changed; and\n(b) a declaration that the EU Connected Fund is\nbeing marketed in each Member State in\naccordance with the applicable laws of that\nMember State,\nwithin six months after the date of the end of the\nfinancial year of an EU Connected Fund.\n\nSerious\nMutual Funds\n(EU Connected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n6\nFailure of an EU Connected Fund to, at all times when\nrequested by the Authority, provide the Authority with\nall information necessary for the Authority to be\nsatisfied that the EU Connected Fund is being\nmarketed in each Member State in accordance with the\napplicable laws of that Member State.\n\nSerious\n32 - Private Funds Act\n32. PRIVATE FUNDS Act (2021 Revision)\nPrivate Funds\nAct (2021\nRevision)\n4(1)\nFailure of an operator of a private fund to ensure\ncompliance by that private fund with this Act.\n\nVery Serious\nPrivate Funds\nAct (2021\nRevision)\n5(1)\nSubject to subsection (3) and (6), where a private fund\ncarries on or attempts to carry on business in or from\nthe Islands unless \u2014\n(a) it has submitted an application for\nregistration to the Authority in accordance\nwith section 6 within twenty-one days after\nits acceptance of capital commitments from\nVery Serious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 163\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\ninvestors for the purposes of investments;\n(b) the prescribed details in respect to the\nprivate fund are filed with the Authority;\n(c) the prescribed annual registration fee under\nsection 10 has been paid in respect of the\nprivate fund;\n(d) it complies with any conditions of its\nregistration imposed under section 7; and\n(e) it complies with the provisions of this Act.\n\nPrivate Funds\nAct (2021\nRevision)\n5(6)\nWhere a private fund which is required to be registered\nunder subsection (1) accepts capital contributions from\ninvestors in respect of investments while the private\nfund is not registered by the Authority in accordance\nwith section 7.\n\nVery Serious\nPrivate Funds\nAct (2021\nRevision)\n10(1)\nFailure of a private fund to pay to the general revenue\nof the Islands the prescribed annual registration fee on\nor before 15th January in each year.\n\nMinor\nPrivate Funds\nAct (2021\nRevision)\n10(2)\nFailure of a private fund which does not pay the\nprescribed annual registration fee on or before 15th\nJanuary in each year to pay the additional fee equal to\none twelfth of that annual registration fee for each\nmonth or part of a month during which the annual\nregistration fee and any additional fee imposed by\nvirtue of this subsection.\n\nMinor\nPrivate Funds\nAct (2021\nRevision)\n11(1)\nFailure of a private fund which \u2014\n(a) makes any change, or becomes aware of\nany change, that materially affects any\ninformation submitted to the Authority under\nsection 6 or otherwise under this Act; or\n(b) changes its registered office or the location\nof its principal office,\nto, within twenty-one days after making the change or\nbecoming aware of the change, as the case may be, file\nwith the Authority the details of the change.\n\nSerious\nPrivate Funds\nAct (2021\nRevision)\n12(1)\nWhere a person other than a private fund represents in\nany way that the person is carrying on or attempting to\ncarry on business in or from the Islands as a private\nfund.\nVery Serious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 164\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\nPrivate Funds\nAct (2021\nRevision)\n13(1)\nFailure of a private fund to have its accounts audited\nannually by an auditor approved by the Authority.\n\nSerious\nPrivate Funds\nAct (2021\nRevision)\n13(2)\nFailure of a private fund to prepare its accounts in\naccordance with the International Financial Reporting\nStandards or the generally accepted accounting\nprinciples of the United States of America, Japan,\nSwitzerland or a non-high risk jurisdiction.\n\nSerious\nPrivate Funds\nAct (2021\nRevision)\n13(3)\nFailure of an auditor approved by the Authority to carry\nout the annual audit under subsection (1) in accordance\nwith the International Standards on Auditing or the\ngenerally accepted auditing standards of the United\nStates of America, Japan, Switzerland or a non-high\nrisk jurisdiction.\n\nSerious\nPrivate Funds\nAct (2021\nRevision)\n13(4)\nFailure of a private fund to send its audited accounts in\nrespect of each financial year of the private fund to the\nAuthority in such manner as the Authority directs and\nwithin six months of the end of that financial year or\nwithin such extension of that period as the Authority\nmay allow.\n\nSerious\nPrivate Funds\nAct (2021\nRevision)\n14\nFailure of a private fund to, in respect of each financial\nyear of the private fund, submit an annual return in the\nprescribed form.\n\nMinor\nPrivate Funds\nAct (2021\nRevision)\n15\nFailure of a private fund to maintain its records in an\naccessible manner and in accordance with rules,\nstatements of principle and guidance issued by the\nAuthority under section 34 of the Monetary Authority\nAct (2020 Revision).\n\nSerious\nPrivate Funds\nAct (2021\nRevision)\n16(1)\nFailure of a private fund to have appropriate and\nconsistent procedures for the purposes of proper\nvaluations of its assets, which will ensure that\nvaluations are conducted in accordance with the\nrequirements in this Act.\n\nSerious\nPrivate Funds\nAct (2021\n16(3)\nFailure of a private fund to ensure that valuations of the\nassets of the private fund are carried out at a frequency\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 165\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRevision)\nthat is appropriate to the assets held by the private fund\nand, in any case, on at least an annual basis.\n\nPrivate Funds\nAct (2021\nRevision)\n16(4)\nFailure of a private fund to ensure that valuations of the\nassets of the private fund are performed by \u2014\n(a) an independent third party that is\nappropriately professionally qualified to\nconduct valuations in a non-high risk\njurisdiction;\n(b) the manager or operator of the private fund,\nor a person who has a control relationship\nwith the manager of the private fund,\nprovided that \u2014\n(i)\nthe valuation function is\nindependent\nfrom\nthe\nportfolio\nmanagement\nfunction; or\n(ii)\npotential\nconflicts\nof\ninterest\nare\nproperly\nidentified and disclosed to\nthe investors of the private\nfund; or\n(c) an administrator not falling under paragraph\n(a) who is appointed by the private fund.\n\nSerious\nPrivate Funds\nAct (2021\nRevision)\n16(5)\nFailure of a private fund which did not have the\nvaluation of its assets performed by an independent\nthird party in accordance with subsection 4(a) to have\nits valuations verified by an auditor or independent third\nparty, where the Authority so requires.\n\nSerious\nPrivate Funds\nAct (2021\nRevision)\n16(6)\nFailure of a private fund to ensure that valuation of the\nassets of the private fund are carried out by \u2014\n(a) an independent third party;\n(b) the manager or operator of the private\nfund or a person who has a control\nrelationship with the manager of the\nprivate fund; or\n(c) an administrator not falling under\nsubsection 4(a)\n appointed by the private fund to carry out, a valuation\nof the assets of the private fund in accordance with any\nrequirements in relation to valuations, including in\nrespect of the degree and regularity.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 166\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\nPrivate Funds\nAct (2021\nRevision)\n17(1)\nSubject to subsection (3), failure of a private fund to\nappoint a custodian to perform the duties set out in\nsubsection (2).\n\nSerious\nPrivate Funds\nAct (2021\nRevision)\n17(2)\nFailure of a custodian to \u2014\n(a) hold in custody, in segregated accounts\nopened in the name, or for the account, of\nthe private fund, the custodial fund assets;\nor\n(b) verify, based on information provided by the\nprivate\nfund\nand\navailable\nexternal\ninformation, that the private fund holds title\nto any other fund asset and maintain a\nrecord of those other fund assets.\n\nSerious\nPrivate Funds\nAct (2021\nRevision)\n17(3)\nFailure of a private fund which notifies the Authority of\nits intention not to appoint a custodian pursuant to\nsubsection (3) to appoint one of the following persons\nto carry out the title verification described in subsection\n(2)(b) \u2014\n(a) an administrator or another independent\nthird party; or\n(b) the manager or operator, or a person with a\ncontrol relationship with the manager of the\nprivate fund, provided that \u2014\n(i)\nthe title verification function\nis independent from the\nportfolio\nmanagement\nfunction; or\n(ii)\npotential\nconflicts\nof\ninterest\nare\nproperly\nidentified and disclosed to\nthe investors of the private\nfund.\n\nSerious\nPrivate Funds\nAct (2021\nRevision)\n17(5)\nFailure of a private fund which did not have the title\nverification described in subsection (2)(b) performed by\na custodian, an administrator or another independent\nthird party appointed in accordance with subsection (1)\nor (4)(a), to have its title verification verified by an\nappropriately professionally qualified independent third\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 167\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nparty, where the Authority so requires.\n\nPrivate Funds\nAct (2021\nRevision)\n18(1)\nFailure of a private fund to appoint one of the following\npersons to perform the cash monitoring duties set out\nin subsection (2) \u2014\n(a) an administrator, custodian or another\nindependent third party; or\n(b) the manager or operator, or a person who\nhas a control relationship with the manager\nof the private fund, provided that \u2014\n(i)\nthe\ncash\nmonitoring\nfunction is independent\nfrom\nthe\nportfolio\nmanagement function; or\n(ii)\npotential\nconflicts\nof\ninterest\nare\nproperly\nidentified and disclosed to\nthe investors of the private\nfund.\n\nSerious\nPrivate Funds\nAct (2021\nRevision)\n18(2)\nFailure of an administrator, custodian or another\nindependent third party, or the manager or operator or\na person who has a control relationship with the\nmanager of the private fund, appointed under\nsubsection (1) to \u2014\n(a) monitor the cash flows of the private fund;\n(b) ensure that all cash of the private fund has\nbeen booked in cash accounts opened in\nthe name, or for the account, of the private\nfund; or\n(c) ensure that all payments made by investors\nto the private fund in respect of investment\ninterests have been received.\n\nSerious\nPrivate Funds\nAct (2021\nRevision)\n18(3)\nFailure of a private fund which did not have the cash\nmonitoring duties described in subsection (2)(b)\nperformed by an administrator, a custodian or another\nindependent third party appointed in accordance with\nsubsection (1)(a), to have its cash monitoring verified\nby an independent third party, where the Authority so\nrequires.\n\nSerious\nPrivate Funds\n20(1)\nFailure of a private fund to comply with an instruction by Very Serious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 168\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nAct (2021\nRevision)\nthe Authority to \u2014\n(a) have the private fund\u2019s accounts audited by\nan auditor approved by the Authority and to\nsubmit them to the Authority within such\ntime as the Authority specifies; or\n(b) provide a one-off or periodic report to the\nAuthority on certain matters requested by\nthe Authority in connection with the private\nfund in such form and within such time as\nthe Authority specifies.\n\nPrivate Funds\nAct (2021\nRevision)\n21(1)\nFailure of a private fund to comply with a request by the\nAuthority to provide to the Authority with such\ndocuments, statements or other information in respect\nof a private fund as the Authority may reasonably\nrequire in connection with the Authority\u2019s functions\nunder this Act.\n\nVery Serious\nPrivate Funds\nAct (2021\nRevision)\n22(1)\nFailure of a person who the Authority has reasonable\ngrounds for believing is carrying on business or\nattempting to carry on business as a private fund in\ncontravention of section 5, to, where instructed by the\nAuthority, give to the Authority such information or\nexplanation as the Authority may reasonably require to\nenable the Authority to carry out its duty under this Act.\n\nVery Serious\nPrivate Funds\nAct (2021\nRevision)\n22(2)\nWhere a person who is instructed to give information or\nan explanation for the purpose of subsection (1) gives\nto the Authority information or an explanation that the\nperson knows or should reasonably know is false or\nmisleading.\n\nVery Serious\nPrivate Funds\nAct (2021\nRevision)\n25(8)\nFailure of a person appointed in respect of a private\nfund under subsection 2(d) or 2(e) to \u2014\n(a) when requested to do so by the Authority,\nsupply the Authority with such information in\nrespect of the private fund as may be\nspecified by the Authority;\n(b) within three months of the person\u2019s\nappointment, or within such other period as\nthe Authority may specify, prepare and\nsupply to the Authority a report on the affairs\nof the private fund making, where\nVery Serious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 169\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nappropriate, recommendations in respect of\nthe private fund; or\n(c) if the person\u2019s appointment is not terminated\nafter supplying the report referred to in\nparagraph (b), supply to the Authority such\nother\ninformation,\nreports\nand\nrecommendations as the Authority specifies.\n\nPrivate Funds\nAct (2021\nRevision)\n27\nWhere a person hinders the Authority in the exercise of\nany of its powers under this Act.\n\nVery Serious\nPrivate Funds\nAct (2021\nRevision)\n29(1)\nFailure of an auditor to immediately give to the Authority\nwritten notice of any information or a suspicion, and in\nthe case of suspicion, the reason for that suspicion,\nwhere the auditor, in the course of carrying out an audit\nof the accounts of a private fund pursuant to section\n13(1), obtains information or suspects that the private\nfund is  \u2014\n(a) unable or likely to become unable to meet its\nobligations as they fall due;\n(b) carrying on or attempting to carry on\nbusiness or winding up its business\nvoluntarily in a manner that is prejudicial to\nits investors or creditors;\n(c) carrying on or attempting to carry on\nbusiness without keeping any or sufficient\naccounting records to allow its accounts to\nbe properly audited;\n(d) carrying on or attempting to carry on\nbusiness in a fraudulent or criminal manner;\nor\n(e) carrying on or attempting to carry on\nbusiness otherwise than in compliance\nwith \u2014\n(i)\nthis Act or any regulations\nmade under this Act;\n(ii)\nthe Monetary Authority Act\n(2020 Revision);\n(iii)\nthe Anti-Money Laundering\nRegulations\n(2025\nRevision); or\n(iv)\na\ncondition\nof\nits\nregistration imposed under\nthis Act.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 170\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\nPrivate Funds\nAct (2021\nRevision)\n29(3)\nWhere a private fund appoints as an auditor a person\nremoved under subsection (2), unless the Authority is\nsatisfied that the person will in future comply with\nsubsection (1).\n\nSerious\n33 - Securities Investment Business Act\n33. SECURITIES INVESTMENT BUSINESS ACT (2020 REVISION)\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n4B(1)\nFailure of a licensee or registered person \u2014\n(a) to cease or refrain from \u2014\n(i)\ncommitting an act that is an unsafe or\nunsound practice in conducting the\nbusiness of the licensee or a\nregistered person; or\n(ii)\npursuing a course of conduct that is an\nunsafe or unsound practice in\nconducting the business of the\nlicensee or registered person; or\n(b) to perform such acts as in the opinion of the\nAuthority, are necessary to remedy or\nameliorate the situation,\nif it is directed by the Authority to so in relation to the\nsecurities investment business of the licensee or\nregistered person.\n\nVery serious\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n5(1)\nA person carrying on or purporting to carry on securities\ninvestment business unless that person holds a licence\nor registration granted under this Act or is exempt from\nholding a licence or registration.\n\nVery serious\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n5(4)\nFailure of a person specified in Schedule 4 to \u2014\n(a) file an application in the prescribed form or\n(b) pay the prescribed registration fee to the\nAuthority,\nin order to register with the Authority.\n\nVery serious\nSecurities\nInvestment\n5(4C)\nFailure of a registered person to notify the Authority\nwithin twenty-one days after any material change in the\nMinor\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 171\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nBusiness Act\n(2020 Revision)\ninformation filed by the registered person in its\napplication or annual declaration.\n\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n5(4D)\nFailure of a registered person to pay the prescribed\nannual fee to pay a surcharge of one-twelfth of that fee\nfor every month or part of a month after the 15th\nJanuary in each year that the annual fee is not paid.\n\nMinor\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n5(4E)\nFailure of a registered person to \u2014\n(a) file with the Authority, on or before the 15th\nday of January in each year, an annual\ndeclaration in such form as the Authority\nmay approve; or\n(b) pay to the Authority the prescribed annual\nfee at the time of the filing of the declaration.\n\nMinor\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n\n5(5)\nFailure of a registered person to provide the report\nspecified under section 17(2A)(e).\nSerious\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n8(1)\n1. A licensee issuing shares without the prior approval\nof the Authority.\n\n2. A licensee voluntarily transferring or disposing of\nissued shares or interests without the prior approval\nof the Authority.\n\nSerious\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n9(a)\nFailure of a licensee or registered person with a name\nwhich is identical with that of another person, whether\nwithin the Islands or not, or which so nearly resembles\nthat name as to be likely to deceive to forthwith change\nits name within three calendar months of the receipt of\nnotice from the Authority of its requirements.\n\nVery serious\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n9(b)\nFailure of a licensee or registered person with a name\nwhich in the opinion of the Authority connotes, falsely,\nthe patronage of or connection with a person whether\nwithin the Islands or not, to forthwith change its name\nwithin three calendar months of the receipt of notice\nfrom the Authority of its requirements.\n\nVery serious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 172\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n9(c)\nFailure of a licensee or registered person with a name\nwhich in the opinion of the Authority connotes, falsely,\nthat it has a special status in relation to or derived from\nthe Government, or has the official backing of or acts\non behalf of the Government or of any of its\ndepartments or officials, to forthwith change its name\nwithin three calendar months of the receipt of notice\nfrom the Authority of its requirements.\n\nVery serious\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n9(d)\nFailure of a licensee or registered person with a name\nwhich in the opinion of the Authority is liable to mislead\ninvestors, or constitute a misrepresentation, to forthwith\nchange its name within three calendar months of the\nreceipt of notice from the Authority of its requirements.\n\nVery serious\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n9(e)\nFailure of a licensee or registered person with a name\nwhich includes any prescribed word or expression, to\nforthwith change its name within three calendar months\nof the receipt of notice from the Authority of its\nrequirements.\n\nVery serious\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n10\nFailure of a licensee or a registered person to\nseparately account for the funds and property of each\nclient and for the licensee\u2019s or registered person\u2019s own\nfunds and property.\n\nVery serious\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n13(1)\nFailure of a licensee to have its accounts audited\nannually, or at such other time as the Authority may\nrequire, by an auditor who is a member of \u2014\n(a) the Institute of Chartered Accountants in\nEngland and Wales;\n(b) the Canadian Institute of Chartered\nAccountants;\n(c) the Chartered Association of Certified\nAccountants;\n(d) the American Institute of Certified Public\nAccountants; or\n(e) any other professional body or institute\napproved by the Authority.\nVery serious\nSecurities\nInvestment\nBusiness Act\n13(2)\nFailure of a licensee under subsection to forward to the\nAuthority \u2014\n(a) the auditor\u2019s or the licensee\u2019s audited\nMinor\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 173\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(2020 Revision)\naccounts for the financial year just ended; or\n(b) a certificate of compliance with the\nprovisions of this Act and any regulations\nmade under this Act or the Monetary\nAuthority Act (2020 Revision), signed by the\nlicensee or if a company, a director of the\nlicensee,\nwithin six months of the end of a licensee\u2019s financial\nyear.\n\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n13(3)\n1. A licensee changing its auditor without the prior\nwritten approval of the Authority.\n\n2. Failure of a licensee to explain the circumstances\ngiving rise to the change of its auditor prior to\napproval being given.\n\nMinor\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n14(1)\n1. A licensee opening a subsidiary, branch, agency or\nrepresentative office outside the Islands without the\nprior written approval of the Authority.\n\n2. A licensee changing its name without the prior\nwritten approval of the Authority.\n\nSerious\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n\n14(2)\nFailure of a licensee to notify the Authority immediately\nof any change of address of its place of business.\nSerious\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n15(4)(a)\nFailure of a registered person which is a company\nincorporated under the Companies Act (2025\nRevision), to have a minimum of \u2014\n(a) two directors who are individuals; or\n(b) one corporate director,\neach of whom is complying with the Directors\nRegistration and Licensing Act, 2014.\nSerious\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n\n15(4)(b)\nFailure of a registered person which is a general\npartnership established, or a limited partnership\nregistered under the Partnership Act (2025 Revision),\nto have a minimum of two partners.\nSerious\nSecurities\nInvestment\n15(4)(c)\nFailure of a registered person which is an exempted\nlimited partnership registered under the Exempted\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 174\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nBusiness Act\n(2020 Revision)\nLimited Partnership Act (2025 Revision), to have a\nminimum of two directors (or equivalent officers)\nappointed in respect of its general partner (or where the\ngeneral partner is itself an exempted limited partnership\nregistered under the Exempted Limited Partnership Act\n(2025 Revision) at the level of the ultimate general\npartner).\n\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n\n15(4)(d)\nFailure of a registered person which is a foreign\ncompany registered under Part 9 of the Companies Act\n(2025 Revision), to have a minimum of two directors (or\nequivalent officers).\nSerious\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n15(4)(e)\nFailure of a registered person which is a limited liability\ncompany formed and registered under the Limited\nLiability Companies Act (2025 Revision), to have a\nminimum of two managers complying with the Directors\nRegistration and Licensing Act, 2014 [Law 10 of 2014].\n\nSerious\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n15(4)(f)\nFailure of a registered person which is a limited liability\npartnership formed and registered under the Limited\nLiability Partnership Act (2025 Revision), to have a\nminimum of two managing partners.\n\nSerious\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n\n15(5)\nFailure of a registered person to notify the Authority of\nany alteration made in the senior officers of a registered\nperson within twenty-one days of the alteration.\nMinor\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n\n16(1A)\nFailure of a registered person to provide information\nrelated to its securities investment business to the\nAuthority when required by the Authority to do so.\nSerious\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n\n16(4)\nA person knowingly or recklessly providing any\ninformation to the Authority which is false or misleading\nin a material particular.\nVery serious\nSecurities\nInvestment\nBusiness Act\n17(1)\nFailure of a licensee or a registered person to comply\nwith a written notice given by the Authority.\nVery serious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 175\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(2020 Revision)\n\nSecurities\nInvestment\nBusiness Act\n(2020 Revision)\n19(1)\nFailure of an auditor to immediately give the Authority\nand the licensee or registered person written notice of\nthat person\u2019s knowledge or belief if an auditor, in the\ncourse of carrying out an audit or producing a report\nunder section 17(2A)(e) becomes aware of or has\nreasonable grounds to believe that the licensee or\nregistered person \u2014\n(a) is or is likely to become unable to meet its\nobligations as they fall due;\n(b) is carrying on business in breach of this Act\nor any regulations made hereunder;\n(c) is carrying on or attempting to carry on\nbusiness in a manner that is prejudicial to its\nclients or is winding up its business\nvoluntarily in a manner that is prejudicial to\nits clients or creditors; or\n(d) is carrying on or attempting to carry on\nbusiness without maintaining any or\nsufficient accounting records or record\nkeeping systems to enable the auditor to\ncarry out an audit or produce a report under\nsection 17(2A)(e).\n\nSerious\n34 - Securities Investment Business (Conduct of Business)\nRegulations\n34. SECURITIES INVESTMENT BUSINESS (CONDUCT OF BUSINESS) REGULATIONS,\n2003\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n4(1)\nFailure of a licensee to at all times maintain insurance\nto cover, at least \u2014\n(a) professional indemnity;\n(b) the professional liability of senior officers\nand corporate secretaries; and\n(c) business interruption,\nin an amount appropriate to the size, complexity and\nnature of the securities investment business of the\nlicensee.\n\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 176\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n4(2)\nFailure of a licensee to file with the Authority current\ndetails of the insurance required under paragraph (1)\nprior to the renewal of a licensee\u2019s securities\ninvestment business licence.\nMinor\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n5(1)\nFailure of a licensee to ensure that the fact that it is\nregulated by the Authority is disclosed in all\ncorrespondence, advertisements and other documents\nrelating to the licensee\u2019s securities investment\nbusiness.\nMinor\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n5(2)\nA licensee representing to any person that, because of\nits status as a licensee, it is indemnified by the Authority\nor by the government against any loss or damage which\nmay arise from the conduct of its business as a\nlicensee.\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n6(1)\nFailure of a licensee to ensure that every senior officer\nand employee of the licensee enters into a written\nundertaking to observe the requirements of paragraph\n(3).\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n6(2)\nFailure of a licensee to designate its senior officers\u2019 and\nemployees\u2019 own accounts, and any other accounts\nsubject to the requirements in sub-regulation (3), in a\nmanner that enables such accounts to be distinguished\nfrom client accounts.\nSerious\nSecurities\nInvestment\n6(3)\n1. Failure of a senior officer or employee to obtain the\nprior written consent of the licensee in order to deal\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 177\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\nwith the senior officer or employee\u2019s own accounting\nsecurities of any kind in respect of which the licensee\ncarries on securities investment business which may\nbe general or specific.\n\n2. A senior officer or employee \u2014\n(a) dealing in securities for the senior officer\u2019s\nor employee\u2019s own account with any of the\nlicensee\u2019s clients; or\n(b) dealing for the senior officer or employee\u2019s\nown account at a time or in a manner, which\nthe senior officer or employee knows or\nshould know, is likely to have a direct\nadverse effect on the particular interests of\nany client of the licensee.\n\n3. Failure of a senior officer or the employee to report\npromptly to the licensee within two business days any\ntransaction for the senior officer\u2019s or the employee's\nown account for which permission is required which\nthe senior officer or employee enters into otherwise\nthan through the licensee unless the senior officer or\nemployee has arranged for the licensee to receive\npromptly a copy of the contract or similar note issued\nin respect of the transaction.\n\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n6(4)\nA senior officer or employee who is precluded from\nentering into a transaction for the senior officer\u2019s or\nemployee\u2019s own account procuring any other person to\nenter into a transaction on behalf of the senior officer or\nemployee.\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n7\nFailure of a licensee to establish and maintain\ncompliance procedures designed to ensure that no\nsenior officer accepts any gift or inducement that is\nlikely to conflict with the senior officer\u2019s or employee\u2019s\nduties to any client of the licensee.\nSerious\nSecurities\nInvestment\n8(1)\nFailure of a licensee to establish and maintain\nprocedures to ensure that sufficient information is\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 178\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\nrecorded and retained about its securities investment\nbusiness, in relation to the persons under paragraphs\n(a) to (e).\n\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n8(2)\nFailure of a licensee to retain records for a minimum\nperiod of five years from the relevant date.\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n9\nFailure of a licensee to notify the Authority immediately\nin writing of the occurrence of any of the activities in\nparagraphs (a) to (s) in relation to the licensee or its\nsecurities investment business as the case may be.\n\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n10(2)\nFailure of a licensee to ensure that an advertisement\ndoes not contain or include any of the statements,\npromises, forecasts or comparisons set out in\nparagraphs (a) to (g).\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n10(3)\n1. Failure of a licensee to ensure that the content and\nformat of an advertisement \u2014\n(a) is not so designed as to be likely to be\nmisunderstood;\n(b) is not so designed as to disguise the\nsignificance of any warning statement or\ninformation which is required to be included\nor provided under Part III;\n(c) is not presented in such a way that it is not\nclearly identifiable as an advertisement; or\n(d) does not signify in any way that the\nadvertisement is approved by the Authority.\n\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 179\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n10(4)\nFailure of the holder of a securities investment business\nlicense issued under section 6 of the Securities\nInvestment Business Act (2020 Revision) to ensure that\nan advertisement \u2014\n(a) identifies the licensee who issued or made it\nor caused it to be issued or made including\na full address; or\n(b) discloses the identity of the licensee\u2019s\nregulator.\n\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n10(5)\nFailure of the holder of a securities investment business\nlicense issued under section 6 of the Securities\nInvestment Business Act (2020 Revision) to ensure that\nan advertisement specifies all of the terms and\nconditions that attach to an investment unless \u2014\n(a) the terms and conditions which are specified\ngive a fair indication of the nature of the\ninvestment and the risks involved; and\n(b) the advertisement contains or provides\ninformation as to how a written statement of\nall the terms and conditions can be\nobtained.\n\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n10(6)\nFailure of the holder of a securities investment business\nlicense issued under section 6 of the Securities\nInvestment Business Act (2020 Revision) to ensure that\nan advertisement discloses any special areas of risk\nrelating\nto\nthe\ninvestment\nincluding\nlimited\nmarketability.\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n10(7)\nFailure of the holder of a securities investment business\nlicense issued under section 6 of the Securities\nInvestment Business Act (2020 Revision) to ensure that\nwhere the value of an investment may fluctuate or is not\nguaranteed (or both), that an advertisement states that\nfact prominently.\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\n10(8)\nFailure of the holder of a securities investment business\nlicense issued under section 6 of the Securities\nInvestment Business Act (2020 Revision) to ensure that\nwhere the value of an investment is guaranteed, that an\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 180\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nBusiness)\nRegulations,\n2003\nadvertisement states clearly the nature of the\nguarantee and to what it relates and whether there are\nany matters that may affect the investor\u2019s ability to\nbenefit from it.\n\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n10(9)\n1. The holder of a securities investment business\nlicense issued under section 6 of the Securities\nInvestment Business Act (2020 Revision) publishing\nan advertisement which specifies a rate of return\nwithout specifying how it is calculated.\n\n2. Failure of the holder of a securities investment\nbusiness licence issued under section 6 of the\nSecurities Investment Business Act (2020 Revision)\nto ensure that the return or calculation on an\nadvertisement to includes any element that involves\nany potential reduction of the investor\u2019s capital.\n\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n10(10)\nFailure of the holder of a securities investment business\nlicense issued under section 6 of the Securities\nInvestment Business Act (2020 Revision) to ensure that\nan advertisement inviting investment in futures, options\nand contracts for differences and other derivatives,\ncontains or provides a warning of the financial risks\nattached to such type of investment.\n\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n10(11)\nFailure of a licensee to keep a record of all\nadvertisements issued or made by it in accordance with\nregulation 8 and any relevant guidance issued by the\nAuthority under that regulation.\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n11(1)\nFailure of a licensee to \u2014\n(a) act with high standards of market conduct,\nintegrity and fair dealing in the conduct of\nsecurities investment business;\n(b) act with due skill, care and diligence in\nproviding any service which that licensee\nprovides or holds themselves out as willing\nto provide;\n(c) ensure that clients are provided with\nsufficient\nand\ntimely\ndisclosure\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 181\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nregarding \u2014\n(i)\nthe licensee\u2019s fees, commission and\nrecoverable disbursements;\n(ii)\nany\nrisks\nassociated\nwith\nan\ninvestment strategy recommended to\na client by the licensee; or\n(iii) any other matter reasonably to be\nregarded as necessary to enable the\nclient to make informed decisions\nregarding\nsecurities\ninvestment\nbusiness conducted with or through a\nlicensee; or\n(d) take reasonable steps to ensure that, in\nrelation to a private client any investment\nstrategy in connection with securities\ninvestment business recommended to or\nexecuted on behalf that client, is suitable,\nhaving regard to all the relevant facts,\nexcept where execution-only services are\nbeing provided by the licensee.\n\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n11(2)\nFailure of a licensee to take reasonable steps to ensure\nthat clients are given fair treatment where there is or\nmay be in respect of a securities investment business\ntransaction, a conflict of interest between a licensee\nand a client or between clients of a licensee.\nVery Serious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n12(1)\nFailure of a licensee to classify all persons with or for\nwhom it transacts securities investment business as\neither private clients, professional clients or market\ncounterparties.\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n12(2)\nA licensee classifying a client who would otherwise be\na private client as a professional client where that client\ndoes not fall within the definition of a high net worth\nperson where an individual or within the definition of a\nsophisticated person under paragraph (d)(i) or (ii) of\nregulation 2 and the licensee has not, in coming to the\ndecision to classify the client as a professional client,\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 182\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\ncomplied\nwith\nthe\nrequirements\nset\nout\nin\nsubparagraphs (i), (ii) or (iii).\n\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n12(3)\nA licensee classifying a client who would otherwise be\na professional client as a market counterparty where\nthe requirements set out in paragraphs (a), (b) and (c)\nhave not been met.\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n12(4)\nFailure of a licensee to review classifications at least\nannually, to ensure that the classifications remain\nappropriate where a licensee has classified a client as\na professional client or a market counterparty under the\nprovision of paragraphs (2) or (3).\nMinor\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n13\nFailure of a licensee to ensure that any business that is\noutstanding is properly completed or is transferred to\nanother licensee where a licensee decides to cease\nany securities investment business.\nMinor\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n14\nA licensee knowingly lending money or extending credit\nto a private client in connection with securities\ninvestment business or arranging for any other person\nto do so, without \u2014\n(a) making and recording an assessment of\nthe private client\u2019s financial standing,\nbased on information disclosed by that\nclient and being satisfied that the\narrangements for the loan or credit and the\namount concerned are suitable in relation\nto the type of securities investment\nagreement proposed or likely to be entered\ninto by the licensee; or\n(b) the client giving the client\u2019s prior written\nconsent to both the maximum amount of\nthe loan or credit and the amount or basis\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 183\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nof any charges to be levied in connection\nwith the loan or credit.\n\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n15\nFailure of a licensee to which conducts securities\ninvestment business with any client to, subject to\nregulation 16, do so by means of a written agreement\nwhich includes, at a minimum, the matters set out in\nregulation 17.\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n18\nFailure of a licensee which is  effecting transactions in\na contingent liability investment on behalf of a private\nclient, to specify in a client agreement, in addition to the\nitems in regulation 17 \u2014\n(a) the circumstances in which the licensee\nmay require additional money from the\nclient by way of margin;\n(b) that the minimum margin to be required for\nan on-exchange transaction must be equal\nto the margin requirements of the relevant\nsecurities\ninvestment\nbusiness\nintermediary;\n(c) the form in which the margin may be\nprovided, and the timing thereof; or\n(d) the steps that the licensee may be required\nor entitled to take in the event that the client\nfails to provide the required margin.\n\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n19(1)\nFailure of a licensee which is exercising discretionary\nportfolio management for a client to specify  in the client\nagreement, in addition to the items in regulation 17 \u2014\n(a) the extent of discretion to be exercised by\nthe licensee, including any restrictions on\nthe category of investment in which the\nfunds comprised in the portfolio may be\ninvested, or on the amount, or the\nproportion of the fund which may be\ninvested in any category or any one\ninvestment;\n(b) the frequency with which the client is to be\nsupplied with a statement of the money\nand the investments comprised in the\nportfolio and a valuation thereof and the\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 184\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nbasis of the valuation;\n(c) if the agreement is to include a measure of\nportfolio performance, the basis on which\nthat performance is to be measured; or\n(d) whether hedging or borrowing powers are\nto be used, and the nature of such powers\nand limits on their use.\n\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n19(2)\nFailure of a licensee, on accepting the portfolio referred\nto under paragraph (1) to, as soon as is practical, send\nto the client a statement showing the current market\nvalue and composition of the portfolio.\nMinor\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n20\nFailure of a licensee to, subject to paragraph (2) and\nafter a transaction has been carried out for a client,\nsend to the client or to the client\u2019s order promptly, a\ncontract note with the essential features of the\ntransaction in accordance with regulation 21.\nMinor\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n22\nFailure of a licensee to establish effective complaints\nhandling systems and procedures that ensure that \u2014\n(a) adequate records of complaints, including\na central register, are established and\nmaintained; and\n(b) all complaints are responded to in writing\nwithin fourteen days of receipt of such\ncomplaints.\n\nMinor\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n23\nFailure of a licensee to make available to any client, on\nrequest, within a reasonable period of time after such\nrequest is made \u2014\n(a) those parts of any written material and\nrecords which relate to that client and\nwhich the licensee has sent, or is required\nto send, to that client under these\nregulations; or\n(b) copies of any correspondence received\nfrom that client relating to securities\nMinor\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 185\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\ninvestment business,\nfor the period during which it is required to keep relevant\nrecords under these regulations.\n\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n24\nFailure of a licensee that manages a portfolio for a client\nto provide a written statement to the client which\ncontains adequate information on the value and\ncomposition of the portfolio as at the end of the period\ncovered by the statement \u2014\n(a) annually at the request of the client unless\nparagraph (c) applies;\n(b) once every quarter unless paragraphs (a)\nor (c) applies; or\n(c) monthly where the client\u2019s portfolio\nincludes an uncovered open position in a\ncontingent liability investment.\n\nMinor\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n26\nFailure of a licensee to establish and maintain adequate\nrecords and internal controls in respect of any mandate\nfrom a client under which the licensee may control a\nclient\u2019s assets or liabilities in connection with securities\ninvestment business.\nMinor\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n27\nFailure of a licensee to ensure that it secures adequate\nprotection for assets belonging to a client when it is\naccountable for them, in accordance with Part V and\nany guidance issued by the Authority.\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n28\nFailure of a licensee to ensure that it maintains\nadequate records to enable it to meet any future\nobligations including the return of equivalent assets to\nthe client where it holds assets as collateral and has\nexercised any associated rights to treat the assets as\nits own.\nMinor\nSecurities\nInvestment\n29\nFailure of a licensee to ensure that where assets\nbelonging to a client are held with a custodian, the\nMinor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 186\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\ncustodian\u2019s records show clearly that the assets belong\nto one or more clients of the licensee.\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n30\nFailure of a licensee to effect appropriate registration or\nrecording of legal title to client assets in the name of \u2014\n(a) the client;\n(b) a nominee company; or\n(c) a custodian, where the licensee has\nnotified the client in writing, or the licensee,\nwhere the licensee has obtained the prior\nwritten consent of a private client, or in the\ncase of a professional client or a market\ncounterparty, has notified the client,\nin the case where the asset is subject to the law or\nmarket practice of a jurisdiction outside the Islands and\nthe licensee has taken reasonable steps to determine\nthat it is in the best interests of the client to register or\nrecord it in that way or that it is not feasible to do\notherwise, having regard to the applicable law or\nmarket practice, or\n(d) any other person, at the written direction of\nthe client, provided that in the case of a\nprivate client, that other person is not a\ncompany within the same group of\ncompanies as the licensee.\n\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n31\nFailure of a licensee or a custodian to have physical\npossession of any documents of title.\n\nFailure of a licensee to have physical possession the\ndocuments of title in accordance with the written\ninstructions of a market counterparty or professional\nclient.\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n32\nA licensee engaging in stock lending activity with or for\na private client or professional client where the activity\nis not covered in the client agreement under regulation\n17.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 187\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n33\nFailure of a licensee to, not less than once every 5\nweeks, or with the permission of the Authority, not less\nthan once every six months, perform a reconciliation of\nits records of client assets for which it is accountable\nbut which are not in the licensee\u2019s physical custody,\nwith statements obtained from custodians or other\npersons responsible for maintain records of legal\nentitlement.\n\nMinor\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n34\nFailure of a licensee to, not less than once every six\nmonths, carry out \u2014\n(a) a count of all client assets it (or a nominee\ncompany or group company) physically\nholds and a reconciliation with its records\nof such holdings; or\n(b) a reconciliation between the licensee\u2019s (or\na\nnominee\ncompany\u2019s\nor\ngroup\ncompany\u2019s) records of holdings of client\nassets and the records of the location of\nsuch holdings.\n\nMinor\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n35\nFailure of a licensee to promptly correct any\ndiscrepancies revealed by the reconciliations and make\ngood, or provide the equivalent of, any unreconciled\nshortfall for which there are reasonable grounds for\nconcluding that the licensee is responsible.\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n36\n1. Failure of a licensee to, as often as necessary or on\nat least one date during its financial year and not\nless than six months after the previous statement\ndate, provide all active clients within five weeks of\nthe date as at which the statement is made with a\nstatement listing all client assets for which the\nlicensee is accountable.\n\n2. Failure of a licensee to ensure that a statement\nunder sub-regulation (1) \u2014\n(a) identifies assets registered in the client\u2019s\nown\nname\nseparately\nfrom\nthose\nregistered otherwise;\nMinor\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 188\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(b) identifies separately any client assets that\nare being used as collateral;\n(c) shows the market value as at the\nstatement date of any collateral held; or\n(d) in respect of a private client, bases the\nstatement on either the trade date or the\nsettlement date and notifies the client\nwhich basis has been used.\n\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n37\nFailure of a licensee to secure the proper accounting for\nand handling of client money.\nVery serious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n39\nFailure of a licensee which receives client money to\neither \u2014\n(a) pay it as soon as possible and in any event\nno later than the next business day after\nreceipt, into a client bank account; or\n(b) pay it out in accordance with regulation 46,\nin order to comply with section 10.\n\nMinor\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n40(1)\nFailure of a licensee to, subject to regulation 42, ensure\nthat client money is held at all times in a client bank\naccount with one or more approved banks.\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n40(2)\nFailure of a licensee to, no less than once in each\nfinancial year, take reasonable steps to confirm that the\nbank or banks used for client bank accounts remain\nappropriate for that purpose in accordance with the\nrelevant guidance issued by the Authority.\nSerious\nSecurities\nInvestment\n41(1)\nFailure of a licensee that holds or intends to hold client\nmoney with an approved bank that is a group company\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 189\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\nto disclose this fact to the client in writing, together with\nthe name of the bank, and comply with regulation 40(2).\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n41(2)\nFailure of a licensee to either \u2014\n(a) deposit the client\u2019s money with another\napproved bank; or\n(b) return the client\u2019s money to, or to the order\nof, the client,\nwhere the client gives written notification to a licensee\nthat the client does not want the client\u2019s money to be\nheld with an approved bank that is a group company.\n\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n42\nFailure of a licensee to notify a private client that the\nprivate client\u2019s money may be held or controlled by a\nsecurities investment business intermediary.\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n43\nFailure of a licensee to ensure that the approved bank\nat which client money is held confirms to the licensee\nby means of provisions in the approved bank\u2019s custody\nagreement with the licensee, mandate provisions or\notherwise in writing that \u2014\n(a) it understands that all money in any client\nbank account of a licensee is held by the\nlicensee as trustee; and\n(b) the bank is not entitled to combine any\nmoney in such account with any other\naccount of the licensee or to exercise any\nright of lien, set-off or counterclaim against\nmoney in a client bank account in respect of\nany debt owed by the licensee.\n\nMinor\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\n44\nFailure of a licensee to, in respect of each business day,\nensure that the aggregate balance on its client bank\naccounts is, by the close of business that day, at least\nequal to the client money requirement as defined in\nguidance issued by the Authority, as at the close of\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 190\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRegulations,\n2003\nbusiness of the previous business day and ensure\nthat \u2014\n(a) any shortfall is paid into a client bank\naccount by the close of business on the\nday the calculation is performed; or\n(b) any excess is withdrawn within the same\ntime period.\n\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n45(1)\nFailure of a licensee to, as often as is necessary to\nensure the accuracy of its records, and at least once in\nevery five weeks, perform reconciliations on \u2014\n(a) the balance on each client bank account as\nrecorded by the licensee with the balance\non that account as recorded by the\napproved bank with which those accounts\nare held;\n(b) the balance, currency by currency, on each\nclient transaction account with securities\ninvestment business intermediaries as\nrecorded by the licensee, with the balance\nas recorded by the intermediaries; or\n(c) its records of collateral received from\nclients within ten business days of the date\nto which the reconciliation relates.\n\nMinor\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n45(2)\nFailure of a licensee to correct any discrepancy which\narises in any of the reconciliations in subsection (1), as\nsoon as possible, unless the discrepancy arises solely\nas a result of timing differences between the accounting\nsystems of the approved bank or securities investment\nbusiness intermediary and those of the licensee.\nSerious\nSecurities\nInvestment\nBusiness\n(Conduct of\nBusiness)\nRegulations,\n2003\n\n45(3)\nFailure of a licensee to cover the shortfall, for the period\nthat a discrepancy remains unsolved where one set of\nrecords involved in the reconciliation indicates a\nshortfall in client money balances.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 191\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n35 - Securities Investment Business (EU Connected Fund\n(Alternative Investment Fund Managers Directive)) Regulations\n35. SECURITIES INVESTMENT BUSINESS (EU CONNECTED FUND (ALTERNATIVE\nINVESTMENT FUND MANAGERS DIRECTIVE)) REGULATIONS, 2016\nSecurities\nInvestment\nBusiness (EU\nConnected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n3(1)\nFailure of a person who is required to make a\nnotification to the Authority pursuant to section 5(2) or\n5(2A) of the Securities Investment Business Act (2020\nRevision) and \u2014\n(a) is not a licensee and who is an EU\nConnected Manager who is not a person\nwho carries on or purports to carry on\nsecurities investment business in relation\nto any of the activities set out in paragraph\n7 of Schedule 2 of the Securities\nInvestment Business Act (2020 Revision);\nor\n(b) is a licensee and who is an EU Connected\nManager who is not a person who carries\non or purports to carry on securities\ninvestment business in relation to any of\nthe activities set out in paragraph 7 of\nSchedule 2 of the Securities Investment\nBusiness Act (2020 Revision),\nto provide to the Authority in the form designated by the\nAuthority, the information set out in paragraphs (aa) to\n(ff).\n\nSerious\nSecurities\nInvestment\nBusiness (EU\nConnected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n3(2)\nFailure of a person who is required to comply with\nregulation 3(1) who intends to obtain or who has\nobtained an EU Passport to further provide to the\nAuthority the information set out under paragraphs (a)\nand (b).\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 192\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nSecurities\nInvestment\nBusiness (EU\nConnected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n4(1)\nFailure of a person who has complied with regulation 3\nto, for each EU Connected Fund in relation to which the\nactivities in paragraphs 5 or 6 of Schedule 2 of the\nSecurities Investment Business Act (2020 Revision) are\ncarried on, provide the Authority with the information set\nout under paragraphs (a) to (d).\nSerious\nSecurities\nInvestment\nBusiness (EU\nConnected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n4(2)\nFailure of a person who complies with regulation 4(1)\nwho intends to obtain or who has obtained an EU\nPassport to further provide to the Authority the\ninformation set out under paragraphs (a) to (c).\nMinor\nSecurities\nInvestment\nBusiness (EU\nConnected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n6(1)\nFailure of a Cayman Islands AIFM to at all times,\nmaintain such amount of capital that is the greater of \u2014\n(a) the amount of capital and own funds the\nCayman Islands AIFM is required to\nmaintain in compliance with the Schedule;\nor\n(b) the financial resource requirement the\nCayman Islands AIFM is required to\nmaintain under the Securities Investment\nBusiness (Financial Requirements and\nStandards) Regulations (2003).\n\nSerious\nSecurities\nInvestment\nBusiness (EU\nConnected\nFund\n(Alternative\nInvestment\nFund Managers\n6(2)\n1. Failure of a Cayman Islands AIFM to notify the\nAuthority forthwith in writing where the Cayman\nIslands AIFM has reason to believe that the Cayman\nIslands AIFM is in breach of the capital\nrequirements stipulated in paragraph (1) or\nanticipates being in breach within a period of one\nmonth.\n\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 193\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nDirective))\nRegulations,\n2016\n\n2. Failure of a Cayman Islands AIFM to specify in the\nnotice the steps which the Cayman Islands AIFM is\ntaking or has taken to remedy the breach.\n\nSecurities\nInvestment\nBusiness (EU\nConnected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n7\nFailure of a licensee to inform the Authority in writing\nwithin seven days of ceasing to be a Cayman Islands\nAIFM and to submit the following and any other\ninformation required by the Authority to amend the\nlicensee\u2019s licence \u2014\n(a) the licensee\u2019s licence certificate;\n(b) the reason why the licensee is no longer an\nEU Connected Manager; or\n(c) written confirmation indicating whether the\nEU Connected Funds previously managed\nor marketed by the licensee have been\nwound up or transferred.\n\nSerious\nSecurities\nInvestment\nBusiness (EU\nConnected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n8(a)\nFailure of a licensee to inform the Authority in writing of\na change in any of the information provided to the\nAuthority pursuant to regulation 3 within seven days.\nSerious\nSecurities\nInvestment\nBusiness (EU\nConnected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n8(b)\nFailure of a licensee to inform the Authority in writing of\na change in any of the information provided to the\nAuthority pursuant to regulation 4 within twenty-one\ndays.\nSerious\nSecurities\nInvestment\n8(c)\nFailure of a licensee to inform the Authority in writing of\na change in any of the information provided to the\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 194\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nBusiness (EU\nConnected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\nAuthority upon making a notification under regulation 4,\nwithin twenty-one days of commencing activities in\nrespect of the EU Connected Fund.\nSecurities\nInvestment\nBusiness (EU\nConnected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n8(d)\nFailure of a licensee to inform the Authority in writing of\na change in any of the information provided to the\nAuthority immediately upon submitting an application\nfor an EU Passport, the information required at\nregulation 3(1)(ff) and regulation 4.\n\nSerious\nSecurities\nInvestment\nBusiness (EU\nConnected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n9\nFailure of a Cayman Islands AIFM to, within six months\nof its financial year, provide together with the\ndocuments required to be submitted to the Authority\npursuant to section 13 of the Securities Investment\nBusiness Act (2020 Revision) and the Securities\nInvestment Business (Financial Requirements and\nStandards) Regulations, 2003 \u2014\n(a) a declaration confirming compliance with\nregulations 3, 4 and 8 as at the end of the\nfinancial year;\n(b) evidence of authorisation of the Cayman\nIslands AIFM from the relevant EU Member\nState, if applicable; or\n(c) a declaration that the Cayman Islands AIFM\nis compliant with all of the requirements of\nthe AIFMD that are applicable to the\nCayman Islands AIFM and the requirements\nof the Cayman Islands AIFM\u2019s Member\nState of reference under the AIFMD if\nauthorised as an AIFM in a Member State.\n\nSerious\nSecurities\n10\nFailure of a Cayman Islands AIFM to comply at all times Serious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 195\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nInvestment\nBusiness (EU\nConnected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\nwith the requirements of the Schedule applicable to the\nCayman Islands AIFM to the extent required in\naccordance with the AIFMD.\nSecurities\nInvestment\nBusiness (EU\nConnected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n13(a)\nFailure of an EU Connected Manager referred to in\nregulation 12 to notify the Authority within twenty-one\ndays of any change to the information provided under\nthat regulation.\nSerious\nSecurities\nInvestment\nBusiness (EU\nConnected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\nRegulations,\n2016\n\n13(b)\nFailure of an EU Connected Manager referred to in\nregulation 12 to notify the Authority within twenty-one\ndays of the EU Connected Manager ceasing to be an\nEU Connected Manager.\nSerious\nSecurities\nInvestment\nBusiness (EU\nConnected\nFund\n(Alternative\nInvestment\nFund Managers\nDirective))\n14\nFailure of an EU Connected Manager, at all times when\nrequested by the Authority, to provide the Authority with\nall information necessary for the Authority to satisfy\nitself that the EU Connected Manager is in compliance\nwith the provisions of these Regulations and the AIFMD\nas are applicable to the EU Connected Manager.\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 196\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nRegulations,\n2016\n\n36 - Securities Investment Business (Financial Requirements and\nStandards) Regulations\n36. SECURITIES\nINVESTMENT\nBUSINESS\n(FINANCIAL\nREQUIREMENTS\nAND\nSTANDARDS) REGULATIONS, 2003\nSecurities\nInvestment\nBusiness\n(Financial\nRequirements\nand Standards)\nRegulations,\n2003\n\n4\nFailure of a licensee to maintain adequate financial\nresources to meet its securities investment business\ncommitments or to withstand the risk to which its\nbusiness is subject.\nSerious\nSecurities\nInvestment\nBusiness\n(Financial\nRequirements\nand Standards)\nRegulations,\n2003\n\n5\nA licensee using a currency other than the Cayman\nIslands dollar or United States dollar as the licensee\u2019s\nreporting currency without the prior approval of the\nAuthority.\nSerious\nSecurities\nInvestment\nBusiness\n(Financial\nRequirements\nand Standards)\nRegulations,\n2003\n6\n1. Failure of a licensee to \u2014\n(b) maintain adequate and current accounting\nrecords; or\n(c) maintain internal systems and controls and\nrisk management processes that are\nadequate for the size, nature and\ncomplexity of its securities investment\nbusiness activities.\n\n2. Failure of a licensee to maintain accounting records\nwhich provide accounting information for any period\nduring the five years immediately preceding the date\non which a license was first granted to the licensee\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 197\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nby the Authority.\n\nSecurities\nInvestment\nBusiness\n(Financial\nRequirements\nand Standards)\nRegulations,\n2003\n7\nFailure of a licensee to perform reconciliations \u2014\n(a) at least once every five weeks on all\nbalances with banks or building societies\nand correct any difference forthwith, unless\nthe difference arises solely as a result of\nidentified differences in timing between the\nrecords of the licensee and the bank or\nbuilding society;\n(b) at least once every five weeks, on all\nbalances and positions with securities\ninvestment business intermediaries and\ncorrect any differences by agreement with\nthe relevant intermediary on a timely basis;\nor\n(c) at least once every business day, on the\nlicensee\u2019s own margin accounts with\nsecurities\ninvestment\nbusiness\nintermediaries and correct any differences\nby\nagreement\nwith\nthe\nrelevant\nintermediary on a timely basis.\n\nSerious\nSecurities\nInvestment\nBusiness\n(Financial\nRequirements\nand Standards)\nRegulations,\n2003\n8\n1. Failure of a licensee to submit to the Authority the\ndocuments and supplementary information under\nparagraphs (a) to (c).\n\n2. Failure of a licensee to submit the audited accounts\nof each subsidiary and consolidated audited\naccounts, together with the annual audited accounts\nof the licensee itself, where the license has a\nsubsidiary or subsidiaries.\n\nSerious\nSecurities\nInvestment\nBusiness\n(Financial\nRequirements\nand Standards)\nRegulations,\n2003\n9\n1. Failure of a licensee to calculate its financial\nresources and its financial resource requirement in\naccordance with Schedule 1 and any relevant\nguidance issued by the Authority under section 12.\n\n2. Failure of a licensee to ensure that the licensee\u2019s\nbase requirement in Schedule 1 is greater of one\nquarter of relevant annual expenditure and \u2014\n(d) in the case of broker-dealers, market\nmakers and securities managers, one\nhundred thousand dollars; or\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 198\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(e) in the case of all other licensees, fifteen\nthousand dollars.\n\n3. Failure of a licensee to maintain financial resources\nin excess of its financial resources requirement at all\ntimes.\nSecurities\nInvestment\nBusiness\n(Financial\nRequirements\nand Standards)\nRegulations,\n2003\n10\nFailure of a licensee to \u2014\n(a) obtain the written consent of the Authority\nbefore seeking to reduce or change the\nnature of its issued capital, or the rights\nand obligations of shareholders;\n(b) report to the Authority the acquisition of ten\nper cent or more of the voting shares of\nanother company; or\n(c) obtain the prior written consent of the\nAuthority regarding any agreement to sell\nor merge the whole or any part of the\nlicensee to or with a third party.\n\nSerious\n37 - Securities Investment Business (Registration and\nDeregistration) Regulations\n37. SECURITIES INVESTMENT BUSINESS (REGISTRATION AND DEREGISTRATION)\nREGULATIONS, 2019\nSecurities\nInvestment\nBusiness\n(Registration\nand\nDeregistration)\nRegulations,\n2019\n2(1)\nFailure of an applicant for registration as a registered\nperson under the Securities Investment Business Act\n(2020 Revision) to submit to the Authority \u2014\n(a) the completed application form;\n(b) any other information requested by the\nAuthority for the purposes of assessing the\napplication; or\n(c) the registration fee specified in regulation\n9.\n\nVery Serious\nSecurities\nInvestment\nBusiness\n(Registration\nand\n3(1)\nFailure of a registered person that ceases to carry on\nany regulated activity listed in Schedule 2 of the\nSecurities Investment Business Act (2020 Revision) to\napply to the Authority for deregistration in accordance\nwith regulation 3.\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 199\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nDeregistration)\nRegulations,\n2019\n\nSecurities\nInvestment\nBusiness\n(Registration\nand\nDeregistration)\nRegulations,\n2019\n3(2)\nFailure of an applicant, prior to applying for\nderegistration, to ensure that \u2014\n(a) the relevant fees are paid;\n(b) the\napplicant\u2019s\nrequired\nannual\ndeclarations have been submitted; or\n(c) the applicant has no outstanding queries\nfrom, or regulatory filings with, the\nAuthority.\n\nSerious\nSecurities\nInvestment\nBusiness\n(Registration\nand\nDeregistration)\nRegulations,\n2019\n3(3)\nFailure of an applicant for deregistration to submit to the\nAuthority, all or any of the following \u2014\n(a) written notice of the applicant\u2019s intention to\nderegister in accordance with section\n5(4B) of the Securities  Investment\nBusiness Act (2020 Revision);\n(b) the fee for deregistration specified in\nregulation 9;\n(c) a certified copy of the resolution of its\nsenior officers which indicates the date on\nwhich the registered person has ceased to\ncarry on, as a business, the relevant\nregulated activities listed in Schedule 2 of\nthe Securities  Investment Business Act\n(2020 Revision); and\n(d) an affidavit which is filed in accordance\nwith paragraph (4).\n\nSerious\nSecurities\nInvestment\nBusiness\n(Registration\nand\nDeregistration)\nRegulations,\n2019\n3(4)\nFailure of a senior officer of the applicant for\nderegistration to file an affidavit for, or on behalf of, the\napplicant, that attests to the following \u2014\n(a) the reason for the cessation of business;\n(b) that, as far as the senior officer is aware,\nthe applicant has operated in accordance\nwith its articles or other constitutional\ndocuments;\n(c) that all client relationships have been\nproperly terminated or transferred to\nanother service provider;\n(d) that the applicant has not conducted its\nsecurities investment business and has not\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 200\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nwound up such business in a manner that\nis prejudicial to its clients and creditors;\nand\n(e) that the applicant intends either \u2014\n(i)\nto continue as a legal entity in the\nIslands;\n(ii)\nto apply to be struck-off from the\nrelevant  register by the respective\nRegistrar in the Islands; or\n(iii) to merge with another registered\nperson.\n\nSecurities\nInvestment\nBusiness\n(Registration\nand\nDeregistration)\nRegulations,\n2019\n4\n1. Failure of a registered person that ceases to carry\non securities investment business due to the\ncommencement of voluntary liquidation of the\nregistered person to apply to the Authority for\nderegistration.\n\n2. Failure of a registered person that ceases to carry\non securities investment business due to the\ncommencement of voluntary liquidation of the\nregistered person to provide the following to the\nAuthority \u2014\n(a) notice of voluntary winding up of the\nregistered person (Form No. 19 of the\nCompanies Winding Up Rules (2023\nConsolidation);\n(b) voluntary liquidator\u2019s consent to act (Form\nNo. 20 of the Companies Winding Up\nRules (2023 Consolidation); or\n(c) a declaration of solvency (Form No. 21 of\nthe Companies Winding Up Rules (2023\nConsolidation).\n\nSerious\nSecurities\nInvestment\nBusiness\n(Registration\nand\nDeregistration)\nRegulations,\n2019\n5\n1. Failure of a registered person that ceases to carry\non securities investment business due to the court\nsupervised or appointed liquidation of the registered\nperson to apply to the Authority for deregistration.\n\n2. Failure of a registered person that ceases to carry\non securities investment business due to the court\nsupervised or appointed liquidation of the registered\nperson to provide to the Authority a certified copy of\nthe supervision or winding up order issued by the\nSerious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 201\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nGrand Court.\n\nSecurities\nInvestment\nBusiness\n(Registration\nand\nDeregistration)\nRegulations,\n2019\n6(1)\n1. Failure of a registered person that ceases to carry\non securities investment business in the Islands by\nreason of its intended merger with another\nregistered person to apply to the Authority for\nderegistration.\n\n2. Failure of a registered person that ceases to carry\non securities investment business in the Islands by\nreason of its intended merger with another\nregistered person to provide any or all of the\nfollowing to the Authority \u2014\n(a) an application to the Authority for prior\napproval\nof the merger which is\naccompanied by \u2014\n(i)\nresolutions of the merging and\nsurviving parties; or\n(ii)\nthe plan of merger and appendices;\nor\n(b) such other documents as the Authority\nmay specify.\n\nSerious\nSecurities\nInvestment\nBusiness\n(Registration\nand\nDeregistration)\nRegulations,\n2019\n\n6(2)\nWhere the Authority approves the application referred\nto in paragraph (1)(a), failure of the surviving registered\nperson, upon the merger becoming effective, to provide\nto the Authority a certified copy of the certificate of\nmerger within seven days of its issuance.\nMinor\nSecurities\nInvestment\nBusiness\n(Registration\nand\nDeregistration)\nRegulations,\n2019\n\n7\nFailure of a registered person that ceases to carry on\nsecurities investment business in the Islands by reason\nof the transfer of its legal entity to another jurisdiction to\napply for deregistration in accordance with paragraph\n(2).\nSerious\nSecurities\nInvestment\n8(1)\nFailure of a registered person that has never carried on\nbusiness as a registered person to apply for\nSerious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 202\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nBusiness\n(Registration\nand\nDeregistration)\nRegulations,\n2019\n\nderegistration in accordance with paragraph (2).\nSecurities\nInvestment\nBusiness\n(Registration\nand\nDeregistration)\nRegulations,\n2019\n9(1)\nFailure of an applicant for registration as a registered\nperson under the Securities Investment Business Act\n(2020 Revision) to pay the prescribed registration fee to\nthe Authority.\nMinor\nSecurities\nInvestment\nBusiness\n(Registration\nand\nDeregistration)\nRegulations,\n2019\n\n9(2)\nFailure of a registered person to pay the prescribed\nannual fee to the Authority.\nMinor\nSecurities\nInvestment\nBusiness\n(Registration\nand\nDeregistration)\nRegulations,\n2019\n9(3)\nFailure of a registered person that seeks to deregister\na securities investment business to pay the prescribed\nderegistration fee to the Authority.\nMinor\u201d.\n38 - Virtual Assets (Service Providers) Act\n38. Virtual Asset (Service Providers) Act (2025 Revision)\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n4(1)(a)\nSubject to sections 4(2) and 4(3), a person carrying\non or purporting to carry on, virtual asset service in or\nfrom within the Islands where the person is not a\nregistered person in accordance with this Act.\nVery serious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 203\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n4(2)\nA natural person carrying on, or purporting to carry on,\nin or from within the Islands virtual asset service as a\nbusiness or in the course of business.\n\nVery serious\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n5(5)\n1. Failure of a registered person to pay the\nprescribed renewal fee on or before 15th January\nin each year.\n\n2. Failure of a registered person who does not pay\nthe prescribed renewal fee on or before the 15th\nday of January in each year, to pay the surcharge\nof one-twelfth of that fee for every month, or part of\na month, after 15th January in each year that the\nfee is not paid.\n\nMinor\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n6(1)(a)\nSubject to section 6(3), failure of a person who is not\nan existing licensee to apply to be a registered person\nunder the Virtual Asset (Service Providers) Act (2025\nRevision), where the person at the commencement of\nthe Virtual Asset (Service Providers) Act, 2020 [Law\n14 of 2020] is carrying on virtual asset service for\nwhich a licence is required under the Virtual Asset\n(Service Providers) Act (2025 Revision).\n\nVery serious\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n6(5)\nFailure of a registered person to notify the Authority\nwithin fifteen days of any changes to the information\nprovided under section 6(1) that occurs after\nsubmission of the application.\n\nVery serious\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n6(7)\nA registered person publicly stating, implying or\nconveying that it is licensed or regulated in the\nIslands.\n\nVery serious\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n9(1)\nFailure of a virtual asset service provider to provide at\nits expense, an auditor\u2019s report, prepared by an\nindependent auditor, on the anti-money laundering\nsystems and procedures for compliance with the AntiMoney Laundering Regulations (2025 Revision),\nwhere required to do so by the Authority.\n\nVery serious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 204\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n9(2)\n1. Failure of a virtual asset service provider to\nprepare accounts annually.\n\n2. Failure of a virtual asset service provider to make\nits accounts available for inspection upon request\nby the Authority at the registered office at such\nreasonable time as the Authority may specify.\n\nVery serious\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n9(3)\nFailure of a virtual asset service provider to \u2014\n(a) ensure that \u2014\n(i)\nits senior officers and trustees are fit\nand proper persons to hold the\nrespective positions; and\n(ii)\nits beneficial owners are fit and\nproper persons to have such control\nor ownership;\n(b) take such steps as may be necessary to\nprotect and secure the personal data and\nvirtual assets of its clients;\n(c) ensure that all communications relating to\nthe virtual asset service are accurate;\n(d) comply with the Anti-Money Laundering\nRegulations (2025 Revision) and other\nlaws relating to the combating of money\nlaundering,\nterrorist\nfinancing\nand\nproliferation financing;\n(e) for the purpose of ensuring compliance\nwith\nthe\nAnti-Money\nLaundering\nRegulations (2025 Revision), put in place\nanti-money laundering systems and\nprocedures; or\n(f)\ndesignate an employee as the officer with\nresponsibility for the procedures for\ncombating money laundering, terrorist\nfinancing and proliferation financing.\n\nVery serious\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n9(4)\nFailure of a virtual asset service provider to \u2014\n(a) have a registered office in the Islands;\n(b) provide documents, statements or such\nother information that may be required by\nthe Authority to enable it to properly\nperform any of its functions under the Law;\n(c) notify the Authority of \u2014\nVery serious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 205\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\n(i)\nany licence or registration in another\njurisdiction;\n(ii)\nthe opening of an office or\nestablishing a physical presence in\nanother jurisdiction;\n(iii) any penalties that are imposed or\nenforcement actions taken against it\nin another jurisdiction; or\n(iv) the holding of, or the acquisition of, a\ncontrolling interest in another person\nor legal arrangement engaged in\nvirtual asset service; or\n(d) provide such other information as may be\nspecified by the Authority.\n\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n9(5)\n1.\nFailure of a virtual asset service provider, when\nperforming a transfer of virtual assets, to collect\nand maintain information on the beneficiary and\noriginator of the transfer in accordance with the\nAnti-Money Laundering Regulations (2025\nRevision) and any additional information\nspecified by the Authority, for all transfers\nperformed and to comply with any other\nrequirements outlined therein.\n\n2.\nFailure of a virtual asset service provider to\nensure that its records that are collected and\nmaintained are made available, at the request of\nthe Authority or any competent authority,\nthrough its registered office.\n\n3.\nFailure of a virtual asset service provider to\nprovide to the Authority or any competent\nauthority the information requested under\nsection 9(5)(a) within forty-eight hours of receipt\nof the request.\n\nVery serious\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n9(8)\nA virtual asset service provider appointing \u2014\n(a) a senior officer or trustee; or\n(b) an anti-money laundering compliance\nofficer,\nwithout the prior approval of the Authority.\n\nVery serious\n\nSCHEDULE 1\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 206\nRevised as at 31st December, 2024\nc\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n15(1)\nFailure of an existing licensee who wishes to carry on\nvirtual asset service to notify the Authority, in the\nmanner specified by the Authority, advising of the\nnature and scope of the virtual asset service that the\nexisting licensee wishes to carry on.\n\nSerious\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n\n24(3)\nA person knowingly or recklessly providing any\ninformation to the Authority which is false or\nmisleading in a material respect.\n\nVery serious\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n25(2)(b)\nA virtual asset service provider carrying on business\nfraudulently or otherwise in a manner detrimental to\nthe public interest, to the interest of its clients or to the\ninterest of its creditors.\n\nVery serious\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n25(2)(c)\nA virtual asset service provider contravening any\nprovision of the Virtual Asset (Service Providers) Act\n(2025 Revision), or of any regulations made under the\nVirtual Asset (Service Providers) Act (2025 Revision)\nor of the Anti-Money Laundering Regulations (2025\nRevision).\nVery serious\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n25(2)(d)\nFailure of a virtual asset service provider to comply\nwith a condition of its licence and registration.\nVery serious\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n\n25(2)(e)\nFailure of virtual asset service provider to conduct the\ndirection and management of its business in a fit and\nproper manner.\nVery serious\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n25(2)(f)\nA virtual asset service provider having senior officers,\ntrustees or persons who have acquired ownership or\ncontrol who are not fit and proper persons.\n\nVery serious\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n25(2)(g)\nA virtual asset service provider which is a \u201ccorporate\nservices provider\u201d, as defined in the Beneficial\nOwnership Transparency Act, 2023 [Act 13 of 2023]\nin contravention of that Act.\nVery serious\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2024\nPage 207\n\nColumn 1\nTitle of Act,\nRegulation or\nRule\nColumn 2\nPrescribed\nprovision\nColumn 3\nDescription of breach\nColumn 4\nCategory of\nbreach\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n28(1)\n1.\nA virtual asset service provider issuing shares\ntotalling ten per cent or more of the total shares\nin a company which is a virtual asset service\nprovider under the Virtual Asset (Service\nProviders) Act (2025 Revision), without the prior\napproval of the Authority.\n\n2.\nA person or a virtual asset service provider\nvoluntarily transferring or disposing of issued\nshares or interests without the prior approval of\nthe Authority.\n\nSerious\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n28(3)\nFailure of a virtual asset service provider to provide\nsuch information to the Authority, and within the\nspecific time as the Authority may require, for the\npurpose of assessing whether persons acquiring\ncontrol or ownership of such shares or partnership\ninterest in accordance with section 28(1) or (2) as the\ncase may be, are fit and proper persons to have such\ncontrol or ownership.\n\nSerious\nVirtual Asset\n(Service\nProviders) Act\n(2025\nRevision)\n28(5)\nFailure of a company or partnership to inform the\nAuthority of the number of shares or interests and the\nidentity of the person in whom the shares or interests\nhave vested as soon as it becomes aware that shares\nin a company or the interests in a partnership which is\na virtual asset service provider have been vested\ninvoluntarily or through process of law in a person.\n\nSerious\n\nSCHEDULE 2\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 208\nRevised as at 31st December, 2024\nc\n\nSCHEDULE 2\nPRESCRIBED FORMS\n(regulations 8 and 10)\n\nPART 1 - BREACH AND FINE NOTICES\nFORM 1\nBREACH NOTICE FOR PROPOSED FIXED FINE\nMonetary Authority Act (2020 Revision), ss 42A and 42B\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nTo: [Here insert the party\u2019s name and address] (\u201cyou\u201d).\n\nAt [delete whichever of the following is not applicable]:\n\n[Here insert the party\u2019s physical address. OR\n\nHere insert the party\u2019s email for notices from the Authority to the party under\nregulation 28.]\n\nTAKE NOTICE that the Cayman Islands Monetary Authority proposes to impose a fixed\nfine of five thousand dollars on you.\n\nParticulars are as follows:\n\n\u2022\nThe relevant prescribed provision is:\n\n[Here insert the prescribed provision from column 2 in Schedule 1 that the\nAuthority believes has been breached and the full citation of the primary\nlaw.]\n\n\u2022\nThe facts and circumstances the Authority believes constituted the breach\nare:\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nFORM 1\n\nc\nRevised as at 31st December, 2024\nPage 209\n\n[Here insert the facts and circumstances contended to constitute the\nbreach and any relevant surrounding circumstances.]\n\n\u2022\nThe amount of five thousand dollars is fixed under s 42B(1) of the\nMonetary Authority Act (2020 Revision).\n\nAND TAKE FURTHER NOTICE that, within [Here insert \u201c30 days\u201d OR \u201cany longer\nperiod the Authority decides] after the giving of this notice to you, you\nmay give the Authority a rectification notice or a notice making representations about\nwhether it should impose the fine.\n\nDated ______________________, 20_____.\n\n______________________________________________________\nSigned on behalf of the Cayman Islands Monetary Authority\n\nFORM 2\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 210\nRevised as at 31st December, 2024\nc\n\nFORM 2\nBREACH NOTICE FOR PROPOSED DISCRETIONARY FINE\nMonetary Authority Act (2020 Revision), ss 42A and 42B\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nTo: [Here insert the party\u2019s name and address] (\u201cyou\u201d).\n\nAt [delete whichever of the following is not applicable]:\n\n[Here insert the party\u2019s physical address. OR\n\nHere insert any email address under regulation28 for notices from the Authority to\nthe party.]\n\nTAKE NOTICE that the Cayman Islands Monetary Authority proposes to impose a\ndiscretionary fine of [Here insert the amount of the proposed fine.] on you.\n\nParticulars are as follows:\n\n\u2022\nThe relevant prescribed provision is:\n\n[Here insert the prescribed provision from column 2 in Schedule 1 that the\nAuthority believes has been breached and the full citation of the primary\nlaw.]\n\n\u2022\nThe facts and circumstances the Authority believes constituted the breach\nare:\n\n[Here insert the facts and circumstances contended to constitute the\nbreach and any relevant surrounding circumstances.]\n\nAND TAKE FURTHER NOTICE that within [Here insert \u201c30 days\u201d OR \u201cany longer\nperiod the Authority decides] after the giving of this notice to you, you may give the\nAuthority a notice making representations about whether it should impose the fine, the\nproposed amount of the fine, or both.\n\nDated ______________________, 20_____.\n\n______________________________________________________\nSigned on behalf of the Cayman Islands Monetary Authority\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nFORM 3\n\nc\nRevised as at 31st December, 2024\nPage 211\n\nFORM 3\nFINE NOTICE FOR FIXED FINE\nMonetary Authority Act (2020 Revision), ss 42A and 42B\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nTo: [Here insert the party\u2019s name and address] (\u201cyou\u201d).\n\nAt [delete whichever of the following is not applicable]:\n\n[Here insert the party\u2019s physical address. OR\n\nHere insert any email address under regulation28 for notices from the Authority to\nthe party.]\n\nTAKE NOTICE that the Cayman Islands Monetary Authority has imposed a fixed fine of\nfive thousand dollars on you. You are required to pay the fine [Here insert \u201cimmediately\u201d\nor, if the Authority has decided to give time to pay, the period within which the fine is\nrequired to be paid.]\n\nParticulars are as follows:\n\n\u2022\nThe relevant prescribed provision is:\n\n[Here insert the prescribed provision from column 2 in Schedule 1 that the\nAuthority believes has been breached and the full citation of the primary law.]\n\n\u2022\nThe reasons for the decision to impose the fine are [delete whichever of the\nfollowing is not applicable]:\n\n[Here insert:\n(a) If no reply to the relevant breach notice was given during the reply period:\n\u201cthe reply period has ended, the Authority still holds the belief stated in the\nrelevant breach notice and that, consequentially, s 42B of the Act and\nregulation14(2) of the Regulations requires the fine to be imposed\u201d.\n\nFORM 3\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 212\nRevised as at 31st December, 2024\nc\n\nOR\n(b) if such a reply was given, the Authority\u2019s findings on each matter raised\nin the reply that is relevant to the issue of whether a fine should be\nimposed.]\n\nAND TAKE FURTHER NOTICE of the following under the Act and Regulations:\n\n\u2022\nUnder s 42B(1), the amount of the fine is fixed at five thousand dollars.\n\u2022\nUnder regulation 13 you may, within 30 days after receiving this notice, issue a\nrectification notice to the Authority if you have rectified the breach specified in\nthis notice within that period.\n\u2022\nUnder Part 4 of the Regulations you may, within 30 days after receiving this\nnotice, apply to the Authority\u2019s Management Committee to review the decision\nto impose the fine. However, you cannot apply for a review of the amount of the\nfine.\n\u2022\nForm 6 under Schedule 2 to the Regulations is to be used for any such\napplication.\n\u2022\nCompound interest accrues on the fine at daily rests until all of the fine and the\ninterest have been paid.\n\u2022\nThe Authority may enforce the fine and interest as a debt.\n\u2022\nUnder s 42B, the Authority may also impose further fines on you of up to twenty\nthousand dollars in total if the fine is not paid and the breach does not stop or is\nnot remedied.\n\nDated ______________________, 20_____.\n\n______________________________________________________\nSigned on behalf of the Cayman Islands Monetary Authority\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nFORM 4\n\nc\nRevised as at 31st December, 2024\nPage 213\n\nFORM 4\nFINE NOTICE FOR FIXED FINE (CONTINUING)\nMonetary Authority Act (2020 Revision), ss 42A and 42B\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nTo: [Here insert the party\u2019s name and address] (\u201cyou\u201d).\n\nAt [delete whichever of the following is not applicable]:\n\n[Here insert the party\u2019s physical address. OR\n\nHere insert any email address under regulation28 for notices from the Authority to\nthe party.]\n\nTAKE NOTICE that the Cayman Islands Monetary Authority has imposed a fixed fine\n(continuing) of five thousand dollars (\u201cthis fine\u201d) on you. You are required to pay this fine\n[Here insert \u201cimmediately\u201d or, if the Authority has decided to give time to pay, the period\nwithin which this fine is required to be paid.]\n\nParticulars are as follows:\n\n\u2022\nThis fine relates to a fine notice for a fixed fine (primary) given to you that was\ndated [Here insert date of the relevant fixed fine and, if more than 2 were given\non that day, otherwise identify that fine.].\n\n\u2022\nThe reason for imposing this fine is that the ground under s 42B(2) of the Act\nfor imposing this fine exists, namely that:\n(a)\nthe breach for which the fixed fine was imposed has not stopped and has\nnot been remedied; and\n(b) the fine imposed by the fixed fine (and any previous fixed fines\n(continuing) imposed for the fixed fine) have not been paid.\n\nAND TAKE FURTHER NOTICE of the following under the Act and Regulations:\n\u2022\nUnder s 42B(2), the amount of this fine is fixed at five thousand dollars.\n\nFORM 4\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 214\nRevised as at 31st December, 2024\nc\n\n\u2022\nUnder Part 4 of the Regulations you may, within 30 days after receiving this\nnotice, apply to the Authority\u2019s Management Committee to review the decision\nto impose the fine. However, you cannot apply for a review of the amount of\nthis fine.\n\n\u2022\nForm 6 under Schedule 2 to the Regulations is to be used for any such\napplication.\n\n\u2022\nCompound interest accrues on this fine at daily rests until all of this fine and the\ninterest have been paid.\n\n\u2022\nThe Authority may enforce this fine and the interest against you as a debt.\n\nDated ______________________, 20_____.\n\n______________________________________________________\nSigned on behalf of the Cayman Islands Monetary Authority\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nFORM 5\n\nc\nRevised as at 31st December, 2024\nPage 215\n\nFORM 5\nFINE NOTICE FOR DISCRETIONARY FINE\nMonetary Authority Act (2020 Revision), ss 42A and 42B\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nTo: [Here insert the party\u2019s name and address] (\u201cyou\u201d).\n\nAt [delete whichever of the following is not applicable]:\n\n[Here insert the party\u2019s physical address. OR\n\nHere insert any email address under regulation28 for notices from the Authority to\nthe party.]\n\nTAKE NOTICE that the Cayman Islands Monetary Authority has imposed a discretionary\nfine of [Here insert the amount of the discretionary fine.] on you.\n\nYou are required to pay the fine [Here insert \u201cimmediately\u201d or, if the Authority has decided\nto give time to pay, the period within which the fine is required to be paid.]\n\nParticulars are as follows:\n\n\u2022\nThe relevant prescribed provision is:\n\n[Here insert the prescribed provision from column 2 in Schedule 1 that the\nAuthority believes has been breached and the full citation of the primary law.]\n\n\u2022\nThe reasons for the decision to impose the fine are: [Here insert the reasons.\n\nAlso, if a reply was given to the relevant breach notice (if any) during the reply\nperiod, also insert the Authority\u2019s findings on each matter raised in the reply\nthat addressed the issue of whether a fine should be imposed.]\n\n\u2022\nThe reasons for the amount of the fine are:\n\nFORM 5\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 216\nRevised as at 31st December, 2024\nc\n\n[Here insert the reasons. Also, if a reply addressed the issue of the amount, also\ninsert the Authority\u2019s findings on each relevant matter raised in the reply.]\n\nAND TAKE FURTHER NOTICE of the following under the Act and Regulations:\n\n\u2022\nUnder Part 4 of the Regulations you may within 30 days after receiving this\nnotice, apply to the Grand Court for leave to appeal against the decision to\nimpose the fine or its amount, or both.\n\n[Omit this paragraph if the party entered into a discount agreement for the\nbreach and the fine is no more than the amount agreed under the agreement.]\n\n\u2022\nCompound interest accrues on the fine at daily rests until all of the fine and the\ninterest have been paid.\n\n\u2022\nThe Authority may enforce the fine and interest as a debt.\n\nDated ______________________, 20_____.\n\n______________________________________________________\nSigned on behalf of the Cayman Islands Monetary Authority\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPART 2 - REVIEWS AND\nAPPEALS\n\nc\nRevised as at 31st December, 2024\nPage 217\n\nPART 2 - REVIEWS AND APPEALS\n\nFORM 6\nAPPLICATION TO REVIEW FIXED FINE\nThe Monetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nTo: the Cayman Islands Monetary Authority\n\nAt [delete whichever of the following is not applicable]:\n\n[Here insert the Authority\u2019s physical address. OR\n\nIf the Authority has accepted the sending of applications to review fixed fines at a\nparticular email address, here insert that address.]\n\nTAKE NOTICE that, under regulation 16, the following party applies to the Authority\u2019s\nManagement Committee for that committee to review the decision to impose the fixed fine\nimposed by the fine notice received by the party on [Here insert date the notice was\nreceived and, if more than 2 were given on that day, otherwise identify the fine.].\n\nParty\u2019s full name: [Here insert the party\u2019s full name]\n\nThe party\u2019s physical address is: [Here insert the party\u2019s physical address]\n\nThe party\u2019s email address for notices from the Authority to the party is [Here insert the\nparty\u2019s email address]\n\nParticulars about the application are as follows:\n\n\u2022\nThe relevant prescribed provision set out in the fine notice is:\n\n[Here insert the prescribed provision as per the fine notice.]\n\n\u2022\nThe grounds on which the party relies on for the review are:\n\nFORM 6\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 218\nRevised as at 31st December, 2024\nc\n\n[Here insert fully the grounds relied on.]\n\n\u2022\nThe facts and circumstances that the party relies on for the grounds are:\n[Here insert the facts and circumstances relied on, including those contended to\nbe different from those set out in the relevant breach notice and any relevant\nsurrounding circumstances.]\n\nDated ______________________, 20_____.\n\n______________________________________________________\nSigned on behalf of the Party\n\n______________________________________________________\nPosition with the party (If the party is not an individual)\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nFORM 7\n\nc\nRevised as at 31st December, 2024\nPage 219\n\nFORM 7\nREVIEW DECISION FOR FIXED FINE\nThe Monetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nTo:\n\nParty\u2019s full name: [Here insert the party\u2019s full name]\n\nTo: [Here insert the party\u2019s name and address] (\u201cyou\u201d).\n\nAt [delete whichever of the following is not applicable]:\n\n[Here insert the party\u2019s physical address. OR\n\nHere insert any email address under regulation28 for notices from the Authority to\nthe party.]\n\nDate of relevant fixed fine: [Here insert the date of relevant fixed fine and, if more than 2\nwere given on that day, otherwise identify that fine.].\n\nTAKE NOTICE that the Authority\u2019s Management Committee has reconsidered the\ndecision to impose the fine and decided to [affirm the decision OR set the decision aside.\n(delete whichever is not applicable)].\n\n[Omit the following 2 paragraphs if the review decision is to set aside.]\n\nThe Committee\u2019s findings on each ground on which the review was sought and its reasons\nfor each finding are:\n\n[Here insert the findings on each ground and the reasons for each finding.]\n\nDated ______________________, 20_____.\n\n______________________________________________________\nSigned on behalf of the Management Committee of the Cayman Islands Monetary\nAuthority\n\nPART 3 - ENFORCEMENT\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nPage 220\nRevised as at 31st December, 2024\nc\n\nPART 3 - ENFORCEMENT\nFORM 8\nCERTIFICATE OF FINE AND INTEREST OWING\nMonetary Authority Act (2020 Revision)\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nI certify as follows under regulation 30(3)(d) \u2014\n\n1.\nI am the managing director\/acting managing director [delete whichever is not\napplicable] of the Cayman Islands Monetary Authority, having been duly appointed\nunder s 13 of the Monetary Authority Act (2020 Revision).\n\n2.\nThe following fine and interest on it are owing to the Crown under the Act and\nRegulations:\nDebtor:\n[Here  insert party\u2019s name as per the fine notice]\nAmount of fine:\n[Here insert amount of fine]\nDue date:\n[Here insert the day the fine was required to be paid under\nthe relevant fine notice]\nInterest to date:\n[Here insert the amount of interest, worked out under\nregulation 25].\nTotal of fine and interest:\n[Here insert the total amount of the fine and interest].\n\n3.\nAnnexed and marked with the letter \u201cA\u201d is a true copy of the fine notice that imposed\nthe fine, given to the debtor.\n\n4.\nThe fine has not been stayed.\n\nDated ______________________, 20_____.\n\n______________________________________________________\nSignature\n______________________________________________________\nFull name\nManaging Director\/Managing Director\u2019s delegate [delete whichever is not applicable] as\nappointed under s 13 of the Cayman Islands Monetary Authority Act (2020 Revision).\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nFORM 8\n\nc\nRevised as at 31st December, 2024\nPage 221\n\nPublication in consolidated and revised form authorised by the Cabinet this 21st\nday of January, 2025.\nKim Bullings\nClerk of the Cabinet.\n\nMonetary Authority (Administrative Fines) Regulations (2025 Revision)\n\nENDNOTES\n\nc\nRevised as at 31st December, 2024\nPage 223\n\nENDNOTES\nTable of Legislation history:\nSL #\nAct\/Law #\nLegislation\nCommencement\nGazette\n28\/2024\n\nMonetary Authority (Administrative Fines) (Amendment)\nRegulations, 2024\n31-Jul-2024 LG26\/2024\/s13\n\n Monetary Authority (Administrative Fines) Regulations\n(2022 Revision)\n25-Jan-2022\nLG5\/2022\/s7\n162\/2020\n Monetary Authority (Administrative Fines) (Amendment)\n(No. 3) Regulations, 2020\n9-Dec-2020\nLG90\/2020\/s1\n\n56\/2020 Citation of Acts of Parliament Act, 2020\n3-Dec-2020\nLG89\/2020\/s1\n133\/2020\nMonetary Authority (Administrative Fines) (Amendment)\n(No. 2) Regulations, 2020\n28-Oct-2020\nLG80\/2020\/s1\n86\/2020\n\nMonetary Authority (Administrative Fines) (Amendment)\nRegulations, 2020\n26-Jun-2020\nLG47\/2020\/s3\n13\/2018\n\nMonetary Authority (Administrative Fines) (Amendment)\nRegulations, 2018\n14-Mar-2018\nGE21\/2018\/s1\n98\/2017\n\nMonetary Authority (Administrative Fines) Regulations,\n2017\n15-Dec-2017 GE106\/2017\/s2\n\nENDNOTES\nMonetary Authority (Administrative 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