[63APower to impose penaltiesU.K.
This section has no associated Explanatory Notes
(1)If the [appropriate 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 [appropriate 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 [appropriate regulator] knew that the person concerned had performed a controlled function without approval.
(5)For this purpose the [appropriate 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.
[(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 [other] expression which is used both in this section and section 59 has the same meaning in this section as in that section.]
Textual Amendments
Modifications etc. (not altering text)