(1) Any person who contravenes section 99, 100 or 104 and an exchange or a member thereof who -

(a) commits by act or omission a breach of a condition or requirement duly imposed and which relates to the approval given by the Bank to the rules of the exchange, or

(b) fails to comply with a direction under section 105 or 106,

shall be guilty of an offence and shall be liable -

(i) on summary conviction, to a fine not exceeding £1,000 or, at the discretion of the court, to imprisonment for a term not exceeding 12 months, or to both, or

(ii) on conviction on indictment, to a fine not exceeding £50,000 or, at the discretion of the court, to imprisonment for a term not exceeding 5 years, or to both,

and, if the contravention, breach or failure in respect of which he was convicted is continued after conviction, he shall be guilty of an offence on every day on which the contravention, breach or failure continues after conviction in respect of the original contravention, breach or failure and for each such offence he shall be liable on summary conviction to a fine not exceeding £100 or on conviction on indictment to a fine not exceeding £5,000.