Regulation 40 Failure to comply with the registration obligation in regulation 14
(1)
The penalties in paragraph (2) apply where—
(a)
an undertaking fails to comply with the registration obligation in regulation 14(1);
(b)
(c)
an undertaking or a group of undertakings fails to notify the administrator under regulation 14(7) of any changes to the information notified to the administrator pursuant to those obligations.
(2)
The penalties are—
(a)
the financial penalties of—
(i)
£5,000; and
(ii)
a daily penalty at a rate of £500 for each day that the undertaking or group of undertakings fails to comply with the obligation in regulation 14(1), (3) or (7), as the case may be, beginning with the day after the date on which the obligation should have been complied with, up to a maximum of £45,000; and
(b)
publication.