Paragraph 8

After paragraph 45A insert—

“45B

In regulation 56C (Treasury: power to impose monetary penalties)—

(a)

in the heading, for “Treasury: power to impose monetary penalties” substitute “Power to impose monetary penalties”;

(b)

in paragraphs (1) and (8), for “Treasury” substitute “Governor or an authorised person”;

(c)

in paragraphs (3), (6) and (8)(b), for “Treasury” substitute “Governor or the authorised person”;

(d)

in paragraph (4)—

(i)

in the opening words and in sub-paragraph (b), for “Treasury” substitute “Governor”;

(ii)

in sub-paragraph (a), after “£1,000,000,” insert “or its equivalent in the currency of the Territory,”;

(e)

in paragraph (5), after “£1,000,000” insert “, or its equivalent in the currency of the Territory”;

(f)

for paragraph (7) substitute—

“(7)

Any monetary penalty imposed in the Territory must be paid into the account determined by the competent authority in the Territory.”;

(g)

after paragraph (8) insert—

“(9)

Where a monetary penalty in this regulation is expressed to be a sum in sterling or its equivalent in the currency of the Territory, the Governor may issue guidance specifying how to calculate the amount in the currency of the Territory which is to be considered equivalent to that sum in sterling.

(10)

In this regulation “authorised person” means a person authorised by the Governor for the purpose of exercising, whether generally or in a particular case, the powers and duties conferred by this regulation and regulation 56D (monetary penalties: procedural right).”.”.