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Financial Services and Markets Act 2000

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Changes over time for: Section 63A

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Version Superseded: 25/07/2014

Status:

Point in time view as at 01/04/2013. This version of this provision has been superseded. Help about Status

Changes to legislation:

Financial Services and Markets Act 2000, Section 63A is up to date with all changes known to be in force on or before 24 May 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

[F163APower to impose penaltiesU.K.

This section has no associated Explanatory Notes

(1)If the [F2appropriate regulator] is satisfied that—

(a)a person (“P”) has at any time performed a controlled function without approval, and

(b)at that time P knew, or could reasonably be expected to have known, that P was performing a controlled function without approval,

it may impose a penalty on P of such amount as it considers appropriate.

(2)For the purposes of this section P performs a controlled function without approval at any time if at that time—

(a)P performs a controlled function under an arrangement entered into by an authorised person (“A”), or by a contractor of A, in relation to the carrying on by A of a regulated activity; and

(b)the performance by P of the function was not approved under section 59.

(3)The [F2appropriate regulator] may not impose a penalty under this section after the end of the limitation period unless, before the end of that period, it has given a warning notice to the person concerned under section 63B(1).

(4)The limitation period” means the period of three years beginning with the first day on which the [F2appropriate regulator] knew that the person concerned had performed a controlled function without approval.

(5)For this purpose the [F2appropriate regulator] is to be treated as knowing that a person has performed a controlled function without approval if it has information from which that can reasonably be inferred.

[F3(5A)The appropriate regulator”—

(a)in relation to a controlled function which is of a description specified in rules made by the FCA, means the FCA, and

(b)in relation to a controlled function which is of a description specified in rules made by the PRA, means the PRA.]

(6)Any [F4other] expression which is used both in this section and section 59 has the same meaning in this section as in that section.]

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