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(1) Any person who carries on the business of a dealer, investment adviser, stock exchange, dealer’s representative or investment representative without obtaining a licence from the Commission is liable to pay the following penalties:

Dealer/Investment Adviser - ¢30m

Stock Exchange - ¢50m

Dealer Representative or Investment Representative - ¢12m

(2) Any person who fails to notify the Commission of any change of particulars as required in regulation 18 is liable to a penalty of ¢500,000 for each day that the default subsists and shall have its licence suspended if the period of default exceeds 30 days.