SCHEDULES
SCHEDULE 1Amendments
Part 6Control of loans etc. to individuals and members associations
I1101
In Schedule 20 (penalties), after the entry relating to paragraph 14(5) of Schedule 7 insert—
Paragraph 8(1) of Schedule 7A (individual regulated participant knowingly enters controlled transaction with unauthorised participant)
On summary conviction: statutory maximum or 12 months
On indictment: fine or 1 year
Paragraph 8(2) of Schedule 7A (responsible person of members association which enters controlled transaction with unauthorised participant)
On summary conviction: statutory maximum or 12 months
On indictment: fine or 1 year
Paragraph 8(3) of Schedule 7A (individual regulated participant failing to repay money obtained under controlled transaction with unauthorised participant)
On summary conviction: statutory maximum or 12 months
On indictment: fine or 1 year
Paragraph 8(4) of Schedule 7A (responsible person failing to repay money obtained by members association under controlled transaction with unauthorised participant)
On summary conviction: statutory maximum or 12 months
On indictment: fine or 1 year
Paragraph 8(5) of Schedule 7A (individual regulated participant knowingly benefits from connected transaction involving unauthorised participant)
On summary conviction: statutory maximum or 12 months
On indictment: fine or 1 year
Paragraph 8(6) of Schedule 7A (responsible person of members association which knowingly benefits from connected transaction involving unauthorised participant)
On summary conviction: statutory maximum or 12 months
On indictment: fine or 1 year
Paragraph 8(7) of Schedule 7A (individual regulated participant failing to repay value of benefit obtained in consequence of connected transaction involving unauthorised participant)
On summary conviction: statutory maximum or 12 months
On indictment: fine or 1 year
Paragraph 8(8) of Schedule 7A (responsible person failing to repay value of benefit obtained by members association in consequence of connected transaction involving unauthorised participant)
On summary conviction: statutory maximum or 12 months
On indictment: fine or 1 year
Paragraph 8(9) of Schedule 7A (facilitating controlled transaction involving unauthorised participant)
On summary conviction: statutory maximum or 12 months
On indictment: fine or 1 year
Paragraph 12(1) of Schedule 7A (failure to deliver transaction report to Commission within time limit)
On summary conviction: Level 5
Paragraph 12(2) of Schedule 7A (failure to comply with requirements for recording transactions on transaction reports)
On summary conviction: statutory maximum or 12 months
On indictment: fine or 1 year
Paragraph 13(4) of Schedule 7A (making a false declaration about a transaction report)
On summary conviction: statutory maximum or 12 months
On indictment: fine or 1 year