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Regulation 7 Financial penalties

Original text. Later amendments are not shown.

(1)

If the FCA considers that a credit rating agency has contravened a requirement imposed by or under these Regulations, or by or under the CRA Regulation, it may impose a penalty on the credit rating agency of such amount as it considers appropriate.

(2)

A penalty imposed under this regulation—

(a)

is payable to the FCA, and

(b)

may be recovered as a debt due to the FCA.

(3)

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.