Section 3 of the Act of 1972 is amended by -

(a) the substitution of the following subsection for subsection (3):

"(3) Regulations under this section may -

(a) make provision for offences under the regulations to be prosecuted on indictment, where the Minister of the Government making the regulations considers it necessary for the purpose of giving full effect to -

(i) a provision of the treaties governing the European Communities, or

(ii) an act, or provision of an act, adopted by an institution of the European Communities or any other body competent under those treaties,

and

(b) make such provision as that Minister of the Government considers necessary for the purpose of ensuring that penalties in respect of an offence prosecuted in that manner are effective and proportionate, and have a deterrent effect, having regard to the acts or omissions of which the offence consists, provided that the maximum fine (if any) shall not be greater than €500,000 and the maximum term of imprisonment (if any) shall not be greater than 3 years.",

and

(b) the insertion of the following subsection:

"(5) In this section -

'maximum fine' means the maximum fine to which a person shall be liable on conviction on indictment of an offence;