PART 9

Miscellaneous

Penalties received by Financial Services Authority or Bank of England

Payment to Treasury of penalties received by Bank of England
110
1
The Bank of England (“the Bank”) must in respect of each of its financial years pay to the Treasury its penalty receipts after deducting its enforcement costs.
2
The Bank's “penalty receipts” in respect of a financial year are any amounts received by the Bank during the year by way of penalties imposed under any of the following provisions—
a
sections 192K and 312F of FSMA 2000, and
b
section 198 of the Banking Act 2009.
3
The Bank's “enforcement costs” in respect of a financial year are the expenses incurred by it during the year in connection with—
a
the exercise, or consideration of the possible exercise, of any of its enforcement powers in particular cases, or
b
the recovery of penalties imposed under any of the provisions mentioned in subsection (2).
4
For this purpose the Bank's enforcement powers are—
a
its powers under any of the provisions mentioned in subsection (5),
b
its powers under any other enactment specified by the Treasury by order,
c
its powers in relation to the investigation of offences under FSMA 2000 or of any other offences specified by the Treasury by order, and
d
its powers in England and Wales or Northern Ireland in relation to the prosecution of offences under FSMA 2000 or of any other offences specified by the Treasury by order.
5
The provisions referred to in subsection (4)(a) are as follows—
a
sections 192K to 192N of FSMA 2000 (parent undertakings), as applied to the Bank by Schedule 17A to that Act,
b
sections 312E , 312F and 312FA of that Act (disciplinary measures in relation to clearing houses and central securities depositories ),
c
sections 380, 382 and 384 of that Act (injunctions and restitution), as applied to the Bank by Schedule 17A to that Act, and
d
sections 197 to 200 and 202A of the Banking Act 2009 ( ... payment systems).
6
The Treasury may give directions to the Bank as to how the Bank is to comply with its duty under subsection (1).
7
The directions may in particular—
a
specify descriptions of expenditure that are, or are not, to be regarded as incurred in connection with either of the matters mentioned in subsection (3),
b
relate to the calculation and timing of the deduction in respect of the Bank's enforcement costs, and
c
specify the time when any payment is required to be made to the Treasury.
8
The directions may also require the Bank to provide the Treasury at specified times with specified information relating to—
a
penalties that the Bank has imposed under the provisions mentioned in subsection (2), or
b
the Bank's enforcement costs.
9
The Treasury must pay into the Consolidated Fund any sums received by them under this section.
S. 110 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2
S. 110 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.
Word in s. 110(5)(d) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 34
Words in s. 110(5)(b) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 17(5)(a) (with regs. 7(4), 9(1))
Words in s. 110(5)(b) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 17(5)(b) (with regs. 7(4), 9(1))