(a) If a company to which these Regulations apply fails to comply with a provision of these Regulations, the company and every officer of the company who is in default shall be liable on summary conviction to a fine not exceeding €3,000.
(b) Proceedings for an offence under this regulation may be brought and prosecuted by the Bank or, in the case of a failure by a company to annex or attach any document required by these Regulations to be annexed or attached to the annual return of that company, by the registrar of companies.
(2) If any person, being a director of a company to which these Regulations apply, fails to take all reasonable steps to secure compliance with a requirement of these Regulations, he shall, in respect of each offence, be liable on summary conviction to imprisonment for a term not exceeding 3 months, or, at the discretion of the court, to a fine not exceeding €3,000, or to both.
(3) In any proceedings against a person for an offence under paragraph (2)