The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013

Penalties under regulation 9: procedure

10.—(1) If the FCA proposes to take action against a person under regulation 9, it must give the person concerned a warning notice.

(2) A warning notice about a proposal to impose a penalty must state the amount of the penalty.

(3) A warning notice about a proposal to publish a statement must set out the terms of the proposed statement.

(4) If, having considered any representations made in response to the warning notice, the FCA decides to take action against a person under regulation 9, it must without delay give the person concerned a decision notice.

(5) A decision notice about the imposition of a penalty must state the amount of the penalty.

(6) A decision notice about the publication of a statement must set out the terms of the statement.

(7) If the FCA decides to take action against a person under regulation 9, the person may refer the matter to the Tribunal.

(8) Sections 210 (statements of policy) and 211 (statements of policy: procedure) of the Act(1) apply in respect of the imposition of penalties under regulation 9 and the amount of such penalties as they apply in respect of the imposition of penalties under Part 14 of the Act (disciplinary measures) and the amount of penalties under that Part.

(9) After a statement under regulation 9(3) is published, the FCA must send a copy of it to the person concerned and to any person to whom a copy of the decision notice was given under section 393(4) of the Act(2) (as applied by regulation 56).

(1)

Section 210 was amended by Schedule 2 to the Financial Services Act 2010 and Schedule 9 to the Financial Services Act 2012. Section 211 was amended by Schedule 9 to the Financial Services Act 2012.

(2)

Section 393(4) was amended by Schedule 9 to the Financial Services Act 2012.