PART 9Enforcement
CHAPTER 2Civil penalties and notices
The FCA: procedure (general)82
1
Sections 389 (notices of discontinuance), 390 (final notices) and 392 (application of sections 393 and 394) to 395 (the FCA's and PRA's procedures) of FSMA M1 apply in relation to a warning notice given under regulation 81(2) and a decision notice given under regulation 81(6) as they apply in relation to a warning notice or decision notice given under FSMA, subject to paragraphs (2) to (3).
2
Section 390 of FSMA has effect as if—
a
for subsection (4) there were substituted—
4
A final notice about a cancellation, suspension, limitation or other restriction under regulation 77 or 78 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“the 2017 Regulations”) must—
a
specify the permission, authorisation or registration which is being cancelled, suspended or the terms of the limitation or other restriction being imposed, and
b
give details of—
i
the date on which the cancellation, suspension, limitation or other restriction has effect, and
ii
the period for which the suspension, limitation or other restriction is imposed.
4A
A final notice about a prohibition under regulation 78 of the 2017 Regulations must—
a
specify the extent of the prohibition; and
b
give details of the date on which the prohibition has effect, and if relevant the period for which it has effect.
b
subsections (6), (7) and (10) were omitted.
3
Section 392 of FSMA has effect as if for paragraphs (a) and (b) there were substituted—
a
a warning notice given under regulation 81(2) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“the 2017 Regulations”);
b
a decision notice given under regulation 81(6) of the 2017 Regulations.