(1)  Proceedings for an offence –

(a) are to be dealt with summarily; and

(b) may be instituted by the Regulator; and

(c) must be instituted within 3 years after the day on which the offence is alleged to have been committed.

(2)  A court of competent jurisdiction may permit proceedings to be instituted outside of the period specified in subsection (1)(c) .