Companies Act 2014 section 1509

Limitations on imposing monetary sanctions on specified person

Section 1509 sets out the limits on the Supervisory Authority's power to impose monetary sanctions on a specified person, ensuring that penalties do not cause disproportionate financial harm and that duplicate sanctions are not imposed for the same conduct.

• A monetary sanction must not be set at a level likely to force the specified person to cease business.
• Where the specified person is an individual, the sanction must not be set at a level likely to cause them to be adjudicated bankrupt.
• Where the same conduct gives rise to two or more contraventions, only one monetary sanction may be imposed in respect of that conduct.
• These limitations apply to all monetary sanctions imposed by the Supervisory Authority on specified persons.