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Paragraph 11 Financial penalties

(1)

If the appropriate regulator considers that a person (“P”) has contravened a requirement imposed by or under these Regulations or by Article 28 of the markets in financial instruments regulation, it may impose a penalty of such amount as it considers appropriate on—

(a)

P;

(b)

a member of the management body of P if the appropriate regulator considers the person is responsible for the contravention;

(c)

another member of the senior management of P if the appropriate regulator considers the person is responsible for the contravention.

(2)

A penalty imposed under this paragraph is payable to the regulator that imposed the penalty and may be recovered as a debt owed to that regulator.

Notes on the whole SI

Textual amendments

F1

Regulations revoked (14.12.2023 for the revocation of reg. 51) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xviii)