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3. (1) As soon as practicable after imposing a penalty, the Bank of England must give written notice to the authorised bank—
(a)stating that it has imposed the penalty and the amount of the penalty;
(b)setting out the provision of the Regulations or the rules which the Bank of England is satisfied has been breached;
(c)specifying the acts or omissions which, in the Bank of England’s opinion, constitute the breach and any other facts which, in the Bank of England’s opinion, justify the imposition of the penalty and its amount;
(d)specifying the manner in which, and the date by which, the Bank of England requires the penalty to be paid.
(2) The date mentioned in sub-paragraph (1)(d) must be at least 3 months after the date on which the notice is given to the authorised bank.
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