Paragraph 11 Imposition of a variable monetary penaltyI1

The regulator may by notice impose a monetary penalty on a person requiring that person to pay such amount to the regulator as the regulator may determine (“variable monetary penalty”) in relation to an offence under section 45AA(8) of the 1990 Act.

Before doing so, the regulator must be satisfied beyond reasonable doubt that the person has committed the offence.

Where a variable monetary penalty is imposed in relation to an offence that is—

the amount of the variable monetary penalty must not exceed the maximum amount (if any) of that fine.

Before serving a notice relating to a variable monetary penalty on a person, the regulator may require the person to provide such information as is reasonable for the purpose of establishing the amount of any financial benefit arising as a result of the offence.