The Payment to Treasury of Penalties Regulations 2013

Payment to Treasury of penalties received by the regulators

2.—(1) In regulation 35 of the Money Laundering Regulations 2007(1) (costs of supervision), for paragraph (4) substitute—

“(4) The Authority must pay to the Treasury any amounts received by the Financial Services Authority during the financial year beginning with 1st April 2012 year by way of penalties imposed under regulation 42 after deducting any amounts the Financial Services Authority has, prior to 1st April 2013, applied towards expenses incurred by it in carrying out its functions under these Regulations or for any incidental purpose.

(4A) The Authority must in respect of the financial year beginning with 1st April 2013 and each subsequent financial year pay to the Treasury any amounts received by it during the year by way of penalties imposed under regulation 42.

(4B) The Treasury may give directions to the Authority as to how the Authority is to comply with its duties under paragraphs (4) and (4A).

(4C) The directions may in particular—

(a) specify the time when any payment is required to be made to the Treasury, and

(b) require the Authority to provide the Treasury at specified times with information relating to penalties that the Authority has imposed under regulation 42.

(4D) The Treasury must pay into the Consolidated Fund any sums received by them under this regulation.”.

(2) In regulation 5 of the Transfer of Funds (Information on the Payer) Regulations 2007(2) (costs of supervision), for paragraph (4) substitute—

“(4) The Authority must in respect of each of its financial years pay to the Treasury any amounts received by it during the year by way of penalties imposed under regulation 11.

(5) The Treasury may give directions to the Authority as to how the Authority is to comply with its duty under paragraph (4).

(6) The directions may in particular—

(a) specify the time when any payment is required to be made to the Treasury, and

(b) require the Authority to provide the Treasury at specified times with information relating to penalties that the Authority has imposed under regulation 11.

(7) The Treasury must pay into the Consolidated Fund any sums received by them under this regulation.”.

(3) After regulation 36 of the Regulated Covered Bonds Regulations 2008(3), insert—

“36A.— (1) The Authority must in respect of each of its financial years pay to the Treasury any amounts received by it during the year by way of penalties imposed under regulation 34.

(2) The Treasury may give directions to the Authority as to how the Authority is to comply with its duty under paragraph (1).

(3) The directions may in particular—

(a) specify the time when any payment is required to be made to the Treasury, or

(b) require the Authority to provide the Treasury at specified times with information relating to penalties that the Authority has imposed under regulation 34.

(4) The Treasury must pay into the Consolidated Fund any sums received by them under this regulation.”.

(4) In regulation 92 of the Payment Services Regulations 2009(4) (costs of supervision), for paragraph (2) substitute—

“(2) The Authority must in respect of each of its financial years pay to the Treasury any amounts received by it during the year by way of penalties imposed under regulation 85.

(3) The Treasury may give directions to the Authority as to how the Authority is to comply with its duty under paragraph (2).

(4) The directions may in particular—

(a) specify the time when any payment is required to be made to the Treasury, and

(b) require the Authority to provide the Treasury at specified times with information relating to penalties that the Authority has imposed under regulation 85.

(5) The Treasury must pay into the Consolidated Fund any sums received by them under this regulation.”.

(5) In regulation 59 of the Electronic Money Regulations 2011(5) (costs of supervision), for paragraph (2) substitute—

“(2) The Authority must in respect of each of its financial years pay to the Treasury any amounts received by it during the year by way of penalties imposed under regulation 51.

(3) The Treasury may give directions to the Authority as to how the Authority is to comply with its duty under paragraph (2).

(4) The directions may in particular—

(a) specify the time when any payment is required to be made to the Treasury, and

(b) require the Authority to provide the Treasury at specified times with information relating to penalties that the Authority has imposed under regulation 51.

(5) The Treasury must pay into the Consolidated Fund any sums received by them under this regulation.”.

(6) After regulation 5B of the Recognised Auction Platforms Regulations 2011(6) insert—

“5C.— (1) The Authority must in respect of each of its financial years pay to the Treasury any amounts received by it during the year by way of penalties imposed under regulation 5A.

(2) The Treasury may give directions to the Authority as to how the Authority is to comply with its duty under paragraph (1).

(3) The directions may in particular—

(a) specify the time when any payment is required to be made to the Treasury, and

(b) require the Authority to provide the Treasury at specified times with information relating to penalties that the Authority has imposed under regulation 5A.

(4) The Treasury must pay into the Consolidated Fund any sums received by them under this regulation.”.

(7) In regulation 14 of the Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012(7) (costs of supervision), for paragraph (3) substitute—

“(3) The Authority must in respect of each of its financial years pay to the Treasury any amounts received by it during the year by way of penalties imposed under regulation 6.

(4) The Treasury may give directions to the Authority as to how the Authority is to comply with its duty under paragraph (3).

(5) The directions may in particular—

(a) specify the time when any payment is required to be made to the Treasury, and

(b) require the Authority to provide the Treasury at specified times with information relating to penalties that the Authority has imposed under regulation 6.

(6) The Treasury must pay into the Consolidated Fund any sums received by them under this regulation.”

(1)

SI 2007/2157, to which there are amendments not relevant to these Regulations.

(2)

SI 2007/3298; amended by SI 2009/56; there are other amending instruments but none is relevant.

(3)

SI 2008/346 to which there are amendments not relevant to these Regulations.

(4)

SI 2009/209 to which there are amendments not relevant to these Regulations.

(5)

SI 2011/99 to which there are amendments not relevant to these Regulations.

(6)

SI 2011/2699; regulations 5A and 5B were inserted by SI 2012/1906.

(7)

SI 2012/3122.