Textual Amendments
F1Pt. 8A inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 8, 26(2)(b)
F2Pt. 8A omitted (14.1.2025 for specified purposes) by virtue of The Short Selling Regulations 2025 (S.I. 2025/29), reg. 2(2)(3), Sch. 2 para. 1(2) (with reg. 27)
Textual Amendments
F3Word in cross-heading preceding s. 131G substituted (1.11.2012) by The Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 (S.I. 2012/2554), regs. 1(1), 2(6)
(1)The [F4FCA] must prepare and issue a statement of its policy with respect to—
(a)the imposition of penalties under section 131G; and
(b)the amount of penalties under that section.
(2)The [F4FCA's] policy in determining what the amount of a penalty should be must include having regard to—
(a)the seriousness of the contravention;
(b)the extent to which the contravention was deliberate or reckless; and
(c)whether the person on whom the penalty is to be imposed is an individual.
(3)The [F4FCA] may at any time alter or replace a statement issued under this section.
(4)If a statement issued under this section is altered or replaced, the [F4FCA] must issue the altered or replaced statement.
(5)The [F4FCA] must, without delay, give the Treasury a copy of any statement which it publishes under this section.
(6)A statement issued under this section must be published by the [F4FCA] in the way appearing to the [F4FCA] to be best calculated to bring it to the attention of the public.
(7)The [F4FCA] may charge a reasonable fee for providing a person with a copy of the statement.
(8)In exercising, or deciding whether to exercise, a power under section 131G in the case of any particular contravention, the [F4FCA] must have regard to any statement of policy published under this section and in force at a time when the contravention occurred.]]
Textual Amendments
F4Word in Pt. 8A substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 25(1), 122(3) (with s. 25(2), Sch. 20); S.I. 2013/423, art. 3, Sch.