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PART 6THE AUTHORITY

Supervision and enforcement

Financial penalties

51.—(1) The Authority may impose a penalty of such amount as it considers appropriate on—

(a)an electronic money issuer who has contravened a requirement imposed on it by or under these Regulations; or

(b)a person who has contravened regulation 63(1), 64(1) or 66(1) or (2).

(2) A penalty under this regulation is a debt due from that person to the Authority, and is recoverable accordingly.