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Part VE+W+S+N.I. Performance of Regulated Activities

Annotations:

Modifications etc. (not altering text)

C1Pt. V (ss. 56-71) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))

[F1Performance of controlled functions without approvalE+W+S+N.I.

Annotations:

Amendments (Textual)

F1Ss. 63A-63D and preceding cross-heading inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 11, 26(2)(b)

63APower to impose penaltiesE+W+S+N.I.

(1)If the [F2appropriate regulator] is satisfied that—

(a)a person (“P”) has at any time performed a controlled function without approval, and

(b)at that time P knew, or could reasonably be expected to have known, that P was performing a controlled function without approval,

it may impose a penalty on P of such amount as it considers appropriate.

(2)For the purposes of this section P performs a controlled function without approval at any time if at that time—

(a)P performs a controlled function under an arrangement entered into by an authorised person (“A”), or by a contractor of A, in relation to the carrying on by A of a regulated activity; and

(b)the performance by P of the function was not approved under section 59.

(3)The [F2appropriate regulator] may not impose a penalty under this section after the end of the limitation period unless, before the end of that period, it has given a warning notice to the person concerned under section 63B(1).

(4)The limitation period” means the period of three years beginning with the first day on which the [F2appropriate regulator] knew that the person concerned had performed a controlled function without approval.

(5)For this purpose the [F2appropriate regulator] is to be treated as knowing that a person has performed a controlled function without approval if it has information from which that can reasonably be inferred.

[F3(5A)The appropriate regulator”—

(a)in relation to a controlled function which is of a description specified in rules made by the FCA, means the FCA, and

(b)in relation to a controlled function which is of a description specified in rules made by the PRA, means the PRA.]

(6)Any [F4other] expression which is used both in this section and section 59 has the same meaning in this section as in that section.]