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Regulation 40 Penalties for contraventions

Original text. Later amendments are not shown.

(1)

If the FCA finds that a person is failing or has failed to comply with the person’s obligations under an applicable provision, it may impose on that person a penalty of such amount as it considers appropriate.

(2)

If, in the case of a contravention by a person (P) of an applicable provision, the FCA considers that a person who was at the material time a relevant officer of P was knowingly concerned in the contravention, it may impose on that person a penalty of such amount as it considers appropriate.

(3)

In this regulation—

  • “an applicable provision” means—

    1. (a)

      a provision of these Regulations, or

    2. (b)

      a provision of regulated market admission rules or of designated activity rules made by virtue of regulation 15 or 17;

  • “relevant officer” of a person means—

    1. (a)

      a director or other similar officer of the person, or

    2. (b)

      if the affairs of the person are managed by its members, a member of the person.