55.—In this Part and Schedule 4—

“improper conduct ”means—

(a) failure by the holder of a licence under subsection (1)(b) of section 14 to comply, under subsection (2M)(b) of that section, with such standards of performance as may be specified by the Commission under subsection (2M)(a) of that section in the licence concerned,

(b) failure by the holder of a licence under section 14(1)(e), (g) or (h), as the case may be, to comply, under Regulation 26(1) of the European Communities (Internal Market in Electricity) Regulations 2005 (S.I. No. 60 of 2005), with such standards of performance as may be specified by the Commission under Regulation 26(2) of those Regulations in the licence concerned,

(c) failure by an interconnector operator to comply with the determination of the Commission under section 34A(5),

(d) failure, by the holder of a licence under section 16(1)(a) of the Gas (Interim) (Regulation) Act 2002, under section 16(1F) of that Act, to keep, and make available on a request being made, data relating to transactions in gas supply contracts and gas derivatives with wholesale customers, transmission system operators and storage and LNG operators, or

(e) failure by the holder of a licence under subsection (1)(a), (c) or (d) of section 16 of the Gas (Interim) (Regulation) Act 2002 to comply, under subsection (4A)(b) of that section, with such standards of performance as may be specified by the Commission under subsection (4A)(a) of that section in the licence concerned;

“inspector ”means a person appointed under section 56(1) to be an inspector for the purposes of this Part;

“investigation ”means an investigation under section 57(1);

“investigation report”, in relation to an investigation, means a report in writing prepared, following the completion of the investigation, by the inspector appointed under section 57(2) to carry out the investigation;

“major sanction ”means—

(a) a direction to a specified body that the specified body pay a sum, as specified in the direction, but not exceeding €50,000, to the Commission, being the whole or a part of the cost to the Commission of an investigation of the specified body,

(b) a direction to a specified body that the specified body pay a sum, as specified in the direction, but not exceeding 10 per cent of the turnover of the specified body, to the Commission by way of a financial penalty for improper conduct, by the specified body, specified in the direction, or

(c) any combination of the sanctions specified in paragraphs (a) and (b);

“minor sanction ”means—

(a) the issue, to a specified body, of—

(i) advice,

(ii) a caution,

(iii) a warning, or

(iv) a reprimand,

or

(b) any combination of any of the sanctions specified in paragraph (a) ;

“premises” includes vessel, aircraft, vehicle and any other means of transport, as well as land and any other fixed or movable structure;

“specified body ”means a person referred to in any of paragraphs (a) to (e) of the definition in this section of “improper conduct”;

“turnover” means, in relation to a specified body, the turnover of the body in the financial year of the body ending immediately before the financial year in which the improper conduct took place.]