Paragraph 2 Secretary of State power to amend maximum amount of penalty
The Secretary of State may, by regulations, amend an amount specified in paragraph 1(3).
Regulations made under sub-paragraph (1) must not specify—
in the case of a fixed amount, an amount exceeding £30,000;
in the case of an amount calculated by reference to a daily rate, an amount per day exceeding £15,000; and
in the case of a fixed amount and an amount calculated by reference to a daily rate, a fixed amount exceeding £30,000 and an amount per day exceeding £15,000.
Before making regulations under sub-paragraph (1), the Secretary of State must consult the CMA, the devolved authorities and such other persons as the Secretary of State considers appropriate.
Regulations under sub-paragraph (1) are to be made by statutory instrument.
A statutory instrument made under sub-paragraph (1) is subject to annulment in pursuance of a resolution of either House of Parliament.