Paragraph 39 PenaltiesI1

United Kingdom

(1)

Regulations made by virtue of paragraph 37 (2)(c) may, in particular—

(a)

make provision about the maximum amount that may be imposed by way of penalty;

(b)

make provision about procedure;

(c)

make provision about the payment of interest;

(d)

specify how a penalty (and any interest) may be recovered;

(e)

make provision about payment of a penalty (and any interest) in instalments;

(f)

require sums received by way of penalty (and interest) to be paid into—

(i)

the Consolidated Fund, or

(ii)

in relation to Northern Ireland, the Consolidated Fund of Northern Ireland;

(g)

make provision enabling the Regulator to accept an enforcement undertaking from a relevant person and about the consequences of accepting such an undertaking.

(2)

The regulations may provide for—

(a)

publication by the Regulator of a statement of policy with respect to the imposition of penalties and the determination of their amount;

(b)

revision of the statement of policy.

(3)

Where regulations make provision by virtue of paragraph 37 (2)(c) for the imposition of a penalty on a relevant person, the regulations—

(a)

must also include provision enabling the relevant person to challenge the penalty in legal proceedings;

(b)

may, in particular, specify the grounds on which and the time within which a penalty may be challenged and the remedies that may be given.

(4)

Except as provided by the regulations, the validity of a penalty imposed by virtue of paragraph 37 is not to be questioned in any legal proceedings.

Annotations

Commencement

I1: Sch. 18 para. 39 in force at Royal Assent, see s. 334(2)(l)