(1) If in the case of a political party -

(a) any requirements of regulations as to the form and contents of a statement of accounts are, without reasonable cause, not complied with in relation to any statement of accounts delivered to the Commission by way of a legal obligation; or

(b) any statement of accounts, notification or auditor's report required to be delivered to the Commission under this Part is, without reasonable cause, not delivered to it before the end of the relevant period, the political party shall be liable to an administrative fine of not more than ten thousand euro (€10,000).

2) For the purposes of sub-article (1) "relevant period" means the period allowed by law for delivering the statement, notification or report to the Commission or, if that period has been extended, or further extended, according to law, that period as so extended.