Regulation 37 Requirement to issue decision noticeI1

United Kingdom

(1)

If, having considered any representations made in response to the warning notice, the FCA decides to—

(a)

publish a statement under regulation 25 (public censure);

(b)

impose a penalty under regulation 26 (financial penalties);

(c)

impose a limitation on a permission under regulation 27 (limitations on permission to carry on regulated activities); or

(d)

exercise the power in regulation 29(2) (power of FCA to require restitution),

it must without delay give the person concerned a decision notice.

(2)

The decision notice must set out the following—

(a)

in the case of a statement under regulation 25, the terms of the statement;

(b)

in the case of a penalty under regulation 26, the amount of the penalty;

(c)

in the case of a limitation on a permission under regulation 27, the limitation and the period for which it is to have effect;

(d)

in the case of the exercise of the power in regulation 29(2)—

(i)

the amount to be paid or distributed;

(ii)

the person or persons to whom that amount is to be paid or among whom that amount is to be distributed; and

(iii)

the arrangements in accordance with which the payment or distribution is to be made.

Annotations