The Regulated Covered Bonds Regulations 2008

Financial penaltiesU.K.

This section has no associated Explanatory Memorandum

35.—(1) Where the Authority proposes to impose a penalty under regulation 34, it must give the person concerned a warning notice.

(2) The warning notice must state the amount of the proposed penalty and the Authority's reasons for imposing it.

(3) If, having considered any representations made in response to the warning notice, the Authority decides to impose a penalty under regulation 34, it must without delay give the person concerned a decision notice.

(4) The decision notice must state the amount of the penalty.

(5) If the Authority decides to impose a penalty on a person under regulation 34, that person may refer the matter to the [F1Upper Tribunal].

Textual Amendments