In these Regulations—

• “the ECTEA” means the Economic Crime (Transparency and Enforcement) Act 2022;

• “conduct” means an act or omission;

• “financial penalty” means a requirement to pay to the registrar a penalty, of an amount determined by the registrar in accordance with regulation 7, which may be—

  1. a

     a fixed amount (“a fixed penalty”);

  2. b

     an amount calculated by reference to a daily rate (“a daily rate penalty”); or

  3. c

     a combination of a fixed penalty and a daily rate penalty.