Part XIV Disciplinary Measures
205 Public censure.
If the Authority considers that an authorised person has contravened a requirement imposed on him by or under this Act, the Authority may publish a statement to that effect.
206 Financial penalties.
(1)
If the Authority considers that an authorised person has contravened a requirement imposed on him by or under this Act, it may impose on him a penalty, in respect of the contravention, of such amount as it considers appropriate.
(2)
The Authority may not in respect of any contravention both require a person to pay a penalty under this section and withdraw his authorisation under section 33.
(3)
A penalty under this section is payable to the Authority.
206ASuspending permission to carry on regulated activities etc
(1)
If the Authority considers that an authorised person has contravened a relevant requirement imposed on the person, it may—
(a)
suspend, for such period as it considers appropriate, any permission which the person has to carry on a regulated activity; or
(b)
impose, for such period as it considers appropriate, such limitations or other restrictions in relation to the carrying on of a regulated activity by the person as it considers appropriate.
(2)
In subsection (1)—
“permission” means any permission that the authorised person has, whether given (or treated as given) by the Authority or conferred by any provision of this Act;
“relevant requirement” means a requirement imposed—
(a)
by or under this Act; or
(b)
by any directly applicable Community regulation made under the markets in financial instruments directive.
(3)
The period for which a suspension or restriction is to have effect may not exceed 12 months.
(4)
A suspension may relate only to the carrying on of an activity in specified circumstances.
(5)
A restriction may, in particular, be imposed so as to require the person concerned to take, or refrain from taking, specified action.
(6)
The Authority may—
(a)
withdraw a suspension or restriction; or
(b)
vary a suspension or restriction so as to reduce the period for which it has effect or otherwise to limit its effect.
(7)
The power under this section may (but need not) be exercised so as to have effect in relation to all the regulated activities that the person concerned carries on.
(8)
Any one or more of the powers under—
(a)
subsection (1)(a) and (b) of this section, and
(b)
sections 205 and 206,
may be exercised in relation to the same contravention.
207 Proposal to take disciplinary measures.
(1)
If the Authority proposes—
(a)
to publish a statement in respect of an authorised person (under section 205), or
(b)
to impose a penalty on an authorised person (under section 206),
it must give the authorised person a warning notice.
(2)
A warning notice about a proposal to publish a statement must set out the terms of the statement.
(3)
A warning notice about a proposal to impose a penalty, must state the amount of the penalty.
208 Decision notice.
(1)
If the Authority decides—
(a)
to publish a statement under section 205 (whether or not in the terms proposed), or
(b)
to impose a penalty under section 206 (whether or not of the amount proposed),
it must without delay give the authorised person concerned a decision notice.
(2)
In the case of a statement, the decision notice must set out the terms of the statement.
(3)
In the case of a penalty, the decision notice must state the amount of the penalty.
(4)
If the Authority decides to—
(a)
publish a statement in respect of an authorised person under section 205, or
(b)
impose a penalty on an authorised person under section 206,
the authorised person may refer the matter to the Tribunal.
209 Publication.
After a statement under section 205 is published, the Authority must send a copy of it to the authorised person and to any person on whom a copy of the decision notice was given under section 393(4).
210 Statements of policy.
(1)
The Authority must prepare and issue a statement of its policy with respect to—
(a)
the imposition of penalties under this Part; and
(b)
the amount of penalties under this Part.
(2)
The Authority’s policy in determining what the amount of a penalty should be must include having regard to—
(a)
the seriousness of the contravention in question in relation to the nature of the requirement contravened;
(b)
the extent to which that contravention was deliberate or reckless; and
(c)
whether the person on whom the penalty is to be imposed is an individual.
(3)
The Authority may at any time alter or replace a statement issued under this section.
(4)
If a statement issued under this section is altered or replaced, the Authority must issue the altered or replacement statement.
(5)
The Authority must, without delay, give the Treasury a copy of any statement which it publishes under this section.
(6)
A statement issued under this section must be published by the Authority in the way appearing to the Authority to be best calculated to bring it to the attention of the public.
(7)
In exercising, or deciding whether to exercise, its power under section 206 in the case of any particular contravention, the Authority must have regard to any statement published under this section and in force at the time when the contravention in question occurred.
(8)
The Authority may charge a reasonable fee for providing a person with a copy of the statement.
211 Statements of policy: procedure.
(1)
Before issuing a statement under section 210, the Authority must publish a draft of the proposed statement in the way appearing to the Authority to be best calculated to bring it to the attention of the public.
(2)
The draft must be accompanied by notice that representations about the proposal may be made to the Authority within a specified time.
(3)
Before issuing the proposed statement, the Authority must have regard to any representations made to it in accordance with subsection (2).
(4)
If the Authority issues the proposed statement it must publish an account, in general terms, of—
(a)
the representations made to it in accordance with subsection (2); and
(b)
its response to them.
(5)
If the statement differs from the draft published under subsection (1) in a way which is, in the opinion of the Authority, significant, the Authority must (in addition to complying with subsection (4)) publish details of the difference.
(6)
The Authority may charge a reasonable fee for providing a person with a copy of a draft published under subsection (1).
(7)
This section also applies to a proposal to alter or replace a statement.