As indicated in Paragraph EN-B.4.4 above and as required by Module PD (Public Disclosure), the BMA requires disclosure by those licensees subject to the requirements of Module PD, of any financial penalties served on them, together with a factual description of the reasons given by the BMA for applying the penalty. In addition, in the case of all insurance licensees, the BMA may publicise the issuance of a financial penalty notice, by way of its website or through other means, where there is a strong case that doing so would help achieve BMA's supervisory objectives. In such instances, the BMA will usually allow the licensee concerned the opportunity to make representations to the BMA before a public statement is issued.