Interpretation of this Part

(1) For the purposes of this Part– (a) “disciplinary violation” means32 (i) a contravention of a provision of this Act or regulations made or directive given under this Act; or (ii) failure to comply with an AML/CFT obligation; and (b) “late means an administrative penalty imposed in respect of the failure of a licensee to pay any amount payable under this Act or regulations made under this Act on or before the date on which the amount is due for payment. (2) For the purposes of determining whether a disciplinary violation has been committed– (a) an amount payable under this Act or regulations made under this Act is deemed not to have been paid until it has been paid in full; and (b) where the Board extends the time for submitting any document to the Board, or notifying the Board of any matter, the last day of the final extension given by the Board shall be regarded as the last date for the submission of the document or the making of the notification. (3) The imposition of an administrative penalty becomes final on the earliest of– (a) the payment by the licensee of the penalty; (b) the date when, in accordance with section 8M, the licensee is considered to have committed the disciplinary violation; 33 (c) the date when the time for any appeal has expired and no appeal has been filed; or (d) the dismissal of any appeal of the licensee, provided that the time for any further appeal has expired.