Part XVIII

Recognised investment exchanges, clearing houses , CSDs and other parties
CHAPTER 3B

Disciplinary measures in respect of recognised bodies

Statement of policy
312J
1
Each appropriate regulator must prepare and issue a statement of its policy with respect to—
a
the imposition of penalties under
sections 312F and 312FA and prohibitions under section 312FA
, ...
b
the amount of penalties under
those sections
; and
c
the period for which prohibitions under section 312FA are to have effect.
2
An appropriate regulator's policy in determining what the amount of a penalty should be
, or what the period for which a prohibition is to have effect should be,
must include having regard to—
a
the seriousness of the contravention in question in relation to the nature of the requirement concerned, ...
b
the extent to which that contravention was deliberate or reckless
; and
c
whether the person against whom action is to be taken is an individual.
3
An appropriate regulator may at any time alter or replace a statement issued by it under this section.
4
If a statement issued by an appropriate regulator under this section is altered or replaced, the regulator must issue the altered or replacement statement.
5
In exercising, or deciding whether to exercise, its power under section 312F
or 312FA
in the case of any particular contravention, an appropriate regulator must have regard to any statement of policy published by it under this section and in force at a time when the contravention in question occurred.
6
A statement issued by an appropriate regulator under this section must be published by the regulator in the way appearing to the regulator to be best calculated to bring it to the attention of the public.
7
An appropriate regulator may charge a reasonable fee for providing a person with a copy of the statement.
8
An appropriate regulator must, without delay, give the Treasury a copy of any statement which it publishes under this section.
Pt. 18 applied in part (with modifications) (12.12.2011) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), reg. 7, Sch. 2 (as amended (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 37 (with regs. 7(4), 9(1)))
S. 312J applied by S.I. 2014/2879, reg. 5C(8) (as inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(9) (with regs. 7(4), 9(1)))
Words in s. 312J(2) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(33)(b)(i) (with regs. 7(4), 9(1))
Words in s. 312J(1)(b) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(33)(a)(iii) (with regs. 7(4), 9(1))
Pt. 18 heading substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(8) (with regs. 7(4), 9(1))
Pt. 18 Ch. 3B inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 33, 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.
S. 312J(2)(c) and word inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(33)(b)(iii) (with regs. 7(4), 9(1))
Words in Pt. 18 Ch. 3B heading inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 9
S. 312J(1)(c) and word inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(33)(a)(iv) (with regs. 7(4), 9(1))
Words in s. 312J(5) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(33)(c) (with regs. 7(4), 9(1))
Words in s. 312J(1)(a) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(33)(a)(i) (with regs. 7(4), 9(1))
Word in s. 312J(1) omitted (28.11.2017) by virtue of The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(33)(a)(ii) (with regs. 7(4), 9(1))
Word in s. 312J(2) omitted (28.11.2017) by virtue of The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(33)(b)(ii) (with regs. 7(4), 9(1))
Words in Pt. 18 heading substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 18(2), 86(3); S.I. 2023/779, reg. 4(m)
Pt. 18 Ch. 3B applied (with modifications) (5.4.2024) by The Data Reporting Services Regulations 2024 (S.I. 2024/107), regs. 1(2), 19; S.I. 2023/1382, reg. 4(c)