Regulation 40 Penalties for contraventionsI1

If the FCA finds that a person is failing or has failed to comply with the person’s obligations under an applicable provision, it may impose on that person a penalty of such amount as it considers appropriate.

If, in the case of a contravention by a person (P) of an applicable provision, the FCA considers that a person who was at the material time a relevant officer of P was knowingly concerned in the contravention, it may impose on that person a penalty of such amount as it considers appropriate.

In this regulation—

• “an applicable provision” means—

  1. (a)

     a provision of these Regulations, or

  2. (b)

     a provision of regulated market admission rules or of designated activity rules made by virtue of regulation 15 or 17;

• “relevant officer” of a person means—

  1. (a)

     a director or other similar officer of the person, or

  2. (b)

     if the affairs of the person are managed by its members, a member of the person.