Paragraph 1 Penalties

(1)

A penalty imposed under regulation 32 must be of an amount that the CMA considers appropriate.

(2)

The amount may—

(a)

in the case of a penalty imposed under regulation 32(1)(a), be a fixed amount.

(b)

in the case of a penalty imposed under regulation 32(1)(b) or (c), be a fixed amount, an amount calculated by reference to a daily rate or a combination of a fixed amount and an amount calculated by reference to a daily rate.

(3)

A penalty must not—

(a)

in the case of a fixed amount, exceed £30,000;

(b)

in the case of an amount calculated by reference to a daily rate, exceed £15,000 per day; and

(c)

in the case of a fixed amount and an amount calculated by reference to a daily rate, exceed £30,000 for the fixed amount and £15,000 for the daily rate.

(4)

If a penalty is imposed by reference to a daily rate—

(a)

the day on which the penalty first starts to accumulate must be no earlier than the day on which the notice under paragraph 3 is served on the person; and

(b)

the day on which the penalty ceases to accumulate must be no later than the beginning of—

(i)

the day on which the person complies with the market information order; or

(ii)

if earlier, the day that is 4 weeks after the day on which the CMA published the decision on the investigation concerned.