{
  "url": "https://openlegislation.uk/draft-securitisation-regulations-2023/regulation-42",
  "json_url": "https://openlegislation.uk/draft-securitisation-regulations-2023/regulation-42.json",
  "legislation": "ukdsi/2023/9780348254242",
  "legislation_title": "The Securitisation Regulations 2023",
  "legislation_url": "https://openlegislation.uk/draft-securitisation-regulations-2023",
  "path": "regulation/42",
  "kind": "regulation",
  "number": "42",
  "heading": "Financial penalties",
  "text": "(1) If the FCA considers that—\n(a) a regulated person has contravened a relevant requirement,\n(b) a member of the management body of a regulated person, other than a securitisation repository, was knowingly concerned in the contravention by the regulated person of a relevant requirement,\n(c) another member of the senior management of a regulated person, other than a securitisation repository, was knowingly concerned in the contravention by the regulated person of a relevant requirement, or\n(d) a regulated person has failed to comply with regulation 38 as an originator sponsor or SSPE, in a case where the temporary prohibition was imposed by the FCA,\nthe FCA may impose a penalty of such amount as it considers appropriate.\n(2) If a regulator decides that an individual on whom a temporary prohibition has been imposed under regulation 37 by that regulator has breached the prohibition, the regulator may impose a penalty of such amount as it considers appropriate on that individual.\n(3) If the PRA considers that a regulated person has failed to comply with regulation 38 as an originator, sponsor or SSPE, in a case where the temporary prohibition was imposed by the PRA, the PRA may impose a penalty of such amount as it considers appropriate.\n(4) A penalty imposed by a regulator under this regulation is payable to that regulator and may be recovered as a debt owed to that regulator.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2023/9780348254242/regulation/42",
    "retrieved_at": "2026-10-30T14:42:14.062044+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}