Section 192Y Power to impose penalty or issue censureF1

This section applies if the PRA is satisfied that a company which is or has been a financial holding company or a mixed financial holding company (“the company”) has contravened a requirement imposed by—

The PRA may impose a penalty of such amount as it considers appropriate on—

The PRA may, instead of imposing a penalty on a person, publish a statement censuring the person.

The PRA may not take action against a person under this section after the end of the limitation period unless, before the end of that period, it has given a warning notice to the person under section 192Z.

“The limitation period” means the period of 3 years beginning with the first day on which the PRA knew of the contravention.

For this purpose the PRA is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred.