Regulation 7 Financial penaltiesI1
United Kingdom
If the FCA considers that a F1person has contravened a requirement imposed by or under these Regulations, or by or under the CRA Regulation, it may impose a penalty on the person of such amount as it considers appropriate.
A penalty imposed under this regulation—
is payable to the FCA, and
may be recovered as a debt due to the FCA.
In imposing, or deciding whether to impose, a penalty under this regulation, the FCA must have regard to a statement of policy published under regulation 8 and in force at the time when the contravention occurred.
Annotations
Textual amendments
- F1
Word in reg. 7(1) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 50(2)(a)
Commencement
- I1
Reg. 7 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Notes on the whole SI
Textual amendments
- F1
Regulations revoked (1.1.2024 for the revocation of reg. 3(3)) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/779, reg. 5(c)(iii)