Regulation 4 Penalties and statements

If the FCA considers that—

If the FCA considers that a non-authorised counterparty F3, participant or any other person has in purported compliance with a relevant requirement knowingly or recklessly given the FCA information which is false or misleading in a material particular, the FCA may publish a statement to that effect or impose on it a penalty of such amount as it considers appropriate.

Where the FCA has published a statement or imposed a penalty under paragraph (1) or (2), it must comply with the requirements of Article 62 of the CSD regulation.

A penalty under paragraph (1) or (2) is payable to the FCA.

The FCA must in respect of each of its financial years pay to the Treasury any amounts received by it during the year by way of penalties imposed under this regulation.

The Treasury may give directions to the FCA as to how the FCA is to comply with its duty under paragraph (5).

The directions may in particular—

The Treasury must pay into the Consolidated Fund any sums received by them under this regulation.

In this regulation, a “relevant requirement” means a requirement imposed under regulation 3.