PART 5The regulators’ enforcement and variation powers
Power to impose penalties19.
(1)
Rules made by a regulator on or before 7th March 2016 which alter or replace a pre-implementation controlled function do not affect the power of a regulator to impose a penalty under section 63A (power to impose penalties)36 in respect of the performance of that controlled function before 7th March 2016.
(2)
Paragraph (3) applies in a case where—
(a)
a controlled function (“the relevant function”) was, immediately before 7th March 2016, a controlled function of a description specified in rules made by the PRA, and
(b)
on and after that date the equivalent function is a controlled function of a description specified in rules made by the FCA.
(3)
For the purposes of imposing a penalty under section 63A in respect of the performance of the relevant function at any time before 7th March 2016—
(a)
both the FCA and the PRA are the appropriate regulator for the purposes of section 63A, and
(b)
a warning notice or decision notice given by the PRA under section 63B (procedure and right to refer to Tribunal)37 before that date is to be treated on and after that date as also having been given by the FCA.
(4)
If under paragraph (3)(b) a warning notice is treated as given to a person by the PRA and the FCA, and that person has referred the matter to the Tribunal38 under section 63B(5) (procedure and right to refer to Tribunal), both the PRA and the FCA are entitled to become a party to any proceedings before the Tribunal resulting from that referral.