(1) A person who is convicted of an offence under these Regulations (other than Regulation 306) is liable -
(a) on summary conviction, to a class A fine or to imprisonment for a term not exceeding 12 months, or to both, or
(b) on conviction on indictment, to a fine not exceeding €500,000 or to imprisonment for a term not exceeding 3 years, or to both.