(1) A person, that is a central counterparty or a trading venue, who contravenes -

(a) a provision of these Regulations, or

(b) a provision of Regulation 648/2012,

commits an offence

(2) A person who commits an offence under paragraph (1) is liable -

(a) on summary conviction to a class A fine or imprisonment for a term not exceeding 6 months, or both, or

(b) on conviction on indictment to a fine not exceeding €500,000 or imprisonment for a term not exceeding 36 months, or both.