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 , 309U, 309Z2 and 312F of FSMA 2000, and
b
sections 198 and 206T 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,
aa
sections
309B
,
309U
and
309Z2
of that Act (Part 18 prohibition orders),
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, ...
d
sections 197 to 200 and 202A of the Banking Act 2009 ( ... payment systems) , and
e
sections
206S
to
206V
and
206Y
of that Act (wholesale cash distribution).
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))
S. 110(5)(aa) inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 21(3)
Words in s. 110(2)(a) inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 21(2)
Word in s. 110(5)(c) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 15(3)(a)
S. 110(5)(e) and word inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 15(3)(b)
Words in s. 110(2)(b) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 15(2)