Regulation 18 Offences relating to failure to notify changesI1
United Kingdom
If a UK firm which is not an authorised person contravenes the prohibition imposed by regulation 11(1), F111A(1), 12(1), 12A(1), 13(1), 15(1), F216(1) or 17C(1) it is guilty of an offence, punishable—
on summary conviction, by a fine not exceeding the statutory maximum; or
on conviction on indictment, by a fine.
In proceedings for an offence under paragraph (1), it is a defence for the firm to show that it took all reasonable precautions and exercised all due diligence to avoid committing the offence.
Annotations
Textual amendments
- F1
Words in reg. 18(1) inserted (1.11.2007) by The Financial Services and Markets Act 2000 (EEA Passport Rights) (Amendment) Regulations 2006 (S.I. 2006/3385), regs. 1(2), 14 (with reg. 15)
- F2
Words in reg. 18(1) substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 22(6)