(1) If a participating issuer makes default in complying with section 5(4) or section 6(1) or (4), the issuer and any officer of it who is in default shall be guilty of an offence and shall be liable on summary conviction to a class A fine or imprisonment for a term not exceeding 6 months or both.

(2) Section 270 of the Act of 2014 applies to the construction of the reference in subsection (1) to an officer of the issuer who is in default as it applies to the construction of any provision of the Act of 2014 which provides that an officer of a company who is in default shall be guilty of an offence.