SCHEDULES
F1SCHEDULE 1ZBThe Prudential Regulation Authority
PART 3Penalties and fees
Penalties
28
1
The PRA must in respect of each of its financial years pay to the Treasury its penalty receipts after deducting its enforcement costs.
2
The PRA's “penalty receipts” in respect of a financial year are any amounts received by it during the year by way of penalties imposed under this Act.
3
The PRA's “enforcement costs” in respect of a financial year are the expenses incurred by it during the year in connection with—
a
the exercise, or consideration of the possible exercise, of any of its enforcement powers in particular cases, or
b
the recovery of penalties imposed under this Act.
4
For this purpose the PRA's enforcement powers are—
a
its powers under any of the provisions mentioned in section 133(7A),
b
its powers under section 56 (prohibition orders),
c
its powers under Part 25 of this Act (injunctions and restitution),
d
its powers under any other enactment specified by the Treasury by order,
e
its powers in relation to the investigation of relevant offences, and
f
its powers in England and Wales or Northern Ireland in relation to the prosecution of relevant offences.
5
“Relevant offences” are—
a
offences under FSMA 2000,
b
offences under subordinate legislation made under that Act, and
c
any other offences specified by the Treasury by order.
6
The Treasury may give directions to the PRA as to how the PRA is to comply with its duty under sub-paragraph (1).
7
The directions may in particular—
a
specify descriptions of expenditure that are, or are not, to be regarded as incurred in connection with either of the matters mentioned in sub-paragraph (3),
b
relate to the calculation and timing of the deduction in respect of the PRA's enforcement costs, and
c
specify the time when any payment is required to be made to the Treasury.
8
The directions may also require the PRA to provide the Treasury at specified times with information relating to—
a
penalties that the PRA has imposed under FSMA 2000, or
b
the PRA's enforcement costs.
9
The Treasury must pay into the Consolidated Fund any sums received by them under this paragraph.
Schs. 1ZA, 1ZB substituted for Sch. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 3 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.