3.—(1) Regulation 52 (carrying out a regulated activity contrary to regulation 9) is amended as follows.
(2) In paragraph (2), for “For each” substitute “Subject to paragraph (3), for each”.
(3) For paragraph (3), substitute—
“(3) In imposing the penalty under paragraph (2), the regulator may increase the amount determined under that paragraph by a percentage designed to ensure that the penalty exceeds the amount of any economic benefit that P has obtained as result of the failure to comply with regulation 9.”.
(4) In paragraph (4)(b), for “in accordance with” substitute “under”.