(1) A regulated financial service provider who fails to comply with a requirement of section 25 or 26 commits an offence and is -

(a) if tried summarily, liable on conviction to a fine not exceeding €2,000, or

(b) if tried on indictment, liable on conviction to a fine not exceeding €75,000.

(2) A regulated financial service provider who, having been convicted of an offence of failing to comply with a requirement of section 25 or 26, continues to fail to comply with the requirement commits a further offence on each day or part of a day during which the failure continues after that conviction and -

(a) if tried summarily, is liable on conviction to a fine not exceeding €200 for each such day or part of a day, or

(b) if tried on indictment, is liable on conviction to a fine not exceeding €7,500 for each such day or part of a day.

(3) If a regulated financial service provider that is a body corporate commits an offence under subsection (1) or (2), each person who, at the time when the offence is found to have been committed, was concerned in the management of the body commits a separate offence, unless the person establishes that -

(a) the body committed the offence without the person's knowledge, or