Penalty by agreement and other sanctions

Notwithstanding any other provision of this Act, and without prejudice to any other proceedings to which the person in breach may be liable to under any other law, in the case of any breach mentioned in the Third Schedule, the Authority may, with the concurrence of the person committing the breach and subject to the rectification of the breach, impose a penalty not exceeding five hundred thousand euro (€500,000) for each infringement or failure to comply and, or a sum not exceeding five thousand euro (€5,000) for each day of infringement or non-compliance, and, or any other administrative sanctions as an alternative to criminal court proceedings. Upon conclusion of such agreement, the offender’s criminal liability under this Act with regard to the offence or offences in relation to which the agreement has been entered, shall be extinguished:

Provided that the agreement shall not be concluded and the criminal liability of the offender shall not be extinguished unless the agreement is accompanied by the payment of the sum due or the provision of sufficient security for its payment, in the case of a fine, or in the case of another form of sanction by adherence thereto or sufficient security of adherence:

Provided further for the sake of clarity that the agreement, and payment of any fine due in virtue thereof, shall not exonerate the person in breach from rectifying such breach and becoming duly compliant with this Act and other applicable regulatory instruments:

Provided further that any forfeiture contemplated in this Act or the relevant regulatory instrument as a consequence of the offence to which the agreement relates shall, notwithstanding such agreement, still take effect.