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8. (1) Paragraph (2) applies if—
(a)an authorised person (within the meaning of the Act) was, immediately before commencement, a member of a recognised self-regulating organisation or a recognised self-regulating organisation for friendly societies;
(b)the Authority considers that before commencement—
(i)he failed to comply with any of the provisions specified in rule 1.3.1(6) of the PIA rules (cases in which a member is liable to disciplinary action);
(ii)he committed an act of misconduct within the meaning of rule 7.23A(3) of the SFA rules; or
(iii)he committed a relevant IMRO contravention;
(c)that organisation had, immediately before commencement, a power to impose a penalty corresponding to the power of the Authority under section 206 (financial penalties) in relation to that failure, misconduct or contravention, but had not exercised that power.
(2) The Authority may exercise the power conferred by section 206 in relation to the conduct specified by paragraph (1)(b) as if the authorised person concerned had contravened a requirement imposed by or under the Act.
(3) The Authority may not, in relation to any conduct of the kind specified by paragraph (1)(b), impose under section 206 a penalty that exceeds the penalty which the relevant recognised self-regulating organisations or recognised self-regulating organisation for friendly societies could have imposed in relation to that conduct immediately before commencement.
(4) In exercising, or deciding whether to exercise, its powers under section 206 in relation to any conduct of the kind specified by paragraph (1)(b), the Authority must have regard to any statement made by the relevant recognised self-regulating organisation or recognised self-regulating organisation for friendly societies which was in force when the conduct in question took place with respect to its policy on the taking of disciplinary action and the imposition of, and amount of, penalties (whether issued as guidance, contained in the rules of that organisation or otherwise).
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