7.—(1) In this paragraph—
“disciplinary measure”, in relation to a relevant person, includes an arrangement where—
the relevant person gives to ITMA an undertaking to do or not to do (or to cease doing) anything specified in the undertaking; and
any breach of that undertaking is liable to result in the imposition by ITMA of one or more other disciplinary measures on that relevant person by virtue of paragraph 8;
“relevant person” means a registered person or a regulated person.
(2) Where—
(a)ITMA imposes a disciplinary measure on a relevant person in respect of any act or omission by the person or for which the person is responsible; and
(b)the measure is imposed following an investigation conducted by ITMA,
ITMA may, in accordance with regulations made under sub-paragraph (3), also require the relevant person to pay an amount to ITMA in respect of the whole or any part of the costs incurred by ITMA in conducting the investigation.
(3) For the purpose of giving effect to sub-paragraph (2), ITMA must make regulations which make provision—
(a)as to the criteria and procedure to be applied by ITMA in determining—
(i)whether to require a relevant person to pay an amount under sub-paragraph (2); and
(ii)the amount of any such payment;
(b)as to the arrangements for payment, including the time within which the payment is to be made; and
(c)for appeals to be made to the First-tier Tribunal against any decision made by ITMA under this article.
(4) If the whole or part of any payment required under sub-paragraph (2) is unpaid at the time by which it is required to be paid, ITMA may recover the unpaid balance as a debt due to it from the relevant person.