As indicated in Section EN-5.4, the BMA requires disclosure by licensees in their annual reports 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, the BMA may publicise the issuance of a financial penalty notice, 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.