(1) Where the provisions of the Act of 1942 are invoked in relation to a contravention of the PEPP Regulation, any of the sanctions referred to in Article 67(3) of that Regulation may be imposed by the Bank -

(a) following an inquiry under section 33AO of the Act of 1942, or

(b) in accordance with section 33AR or section 33AV of the Act of 1942.

(2) Subject to subsection (3), the power of the Bank to impose any of the sanctions referred to in Article 67(3) of the PEPP Regulation is in addition to and not in substitution for its power to impose any of the sanctions specified in section 33AQ of the Act of 1942.

(3) Where the sanction imposed by the Bank is a direction to a legal person to pay a monetary penalty under section 33AQ(3)(c) of the Act of 1942, the amount of that penalty shall not exceed the amount of the maximum administrative fine calculated in accordance with Article 67(3)(e) of the PEPP Regulation.