2(1)The Scottish Ministers may impose on the approved regulator a penalty, in respect of a failure mentioned in paragraph 1, of an amount not exceeding the prescribed maximum.S
(2)Here, the prescribed maximum is the maximum amount that is prescribed in regulations made by the Scottish Ministers for the purpose of this paragraph.
(3)A financial penalty imposed under this paragraph is payable to the Scottish Ministers.
Commencement Information
I1Sch. 4 para. 2 in force at 1.4.2011 for specified purposes by S.S.I. 2011/180, art. 3, Sch.
I2Sch. 4 para. 2 in force at 2.7.2012 in so far as not already in force by S.S.I. 2012/152, art. 2, Sch.