[F1192KPower to impose penalty or issue censureU.K.
(1)This section applies if a regulator is satisfied that a person who is or has been a qualifying parent undertaking (“P”) has contravened—
(a)a requirement of a direction given to P by that regulator under section 192C, or
(b)a provision of rules made by that regulator under section 192J.
(2)The regulator may impose a penalty of such amount as it considers appropriate on—
(a)P, or
(b)any person who was knowingly concerned in the contravention.
(3)The regulator may, instead of imposing a penalty on a person, publish a statement censuring the person.
(4)The regulator may not take action against a person under this section after the end of the limitation period unless, before the end of that period, it has given a warning notice to the person under section 192L.
(5)“The limitation period” means the period of 3 years beginning with the first day on which the regulator knew of the contravention.
(6)For this purpose a regulator is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred.]
Textual Amendments
F1Pt. 12A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 27, 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.