Article 16. Penalties and Enforcement Measures

1. Any TIFC Participant that conducts any commercial or financial activity contrary to the provisions of this Constitutional Law or TIFC Acts shall be liable to an administrative fine not exceeding the higher of: (a) ten million United States Dollars; or (b) ten percent (10%) of the value of the relevant transaction, series of related transactions, or activity giving rise to the contravention.

2. The TIFC Board shall, by TIFC Act, adopt a schedule of contraventions and the administrative sanctions applicable thereto, which shall include without limitation:

1) the issuance of formal notices and warnings;

2) directions to take or refrain from taking specified action;

3) restitution orders;

4) disgorgement of profits;

5) public censure;

6) private reprimand;

7) appointment of skilled persons;

8) restriction of business;

9) prohibition or suspension of individuals from performing controlled functions;

10) the imposition of conditions on licences or registrations;

11) the suspension of licences or registrations for a specified period;

12) the permanent revocation of licences or registrations; and

13) emergency protective measures.

3. Nothing in this Article limits the power of the TFSA to impose prudential, supervisory, or protective measures in accordance with TFSA Acts.

4. Such sanctions may be imposed in addition to, or instead of, financial penalties, in accordance with the TIFC Act establishing the schedule. No penalty under the schedule shall exceed the maximum established in paragraph 1 of this Article.

5. The relevant TIFC Body shall be authorised to implement the penalties and administrative sanctions provided for under this Article.

6. The imposition of administrative penalties under this Article shall be subject to the due process requirements established by TIFC Acts, including the right to notice of the alleged contravention, the right to make representations, and the right to seek review before the TICC.