F1PART 12BApproval of certain holding companies

Annotations:
Amendments (Textual)

192YPower to impose penalty or issue censure

1

This section applies if the PRA is satisfied that a company which is or has been a financial holding company or a mixed financial holding company (“the company”) has contravened a requirement imposed by—

a

this Part;

b

a direction given to the company by the PRA under section 192T;

F4c

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3ca

section 192XA rules; or

F2d

the capital requirements regulation or an instrument made under that regulation.

2

The PRA may impose a penalty of such amount as it considers appropriate on—

a

the company; or

b

any person who was knowingly concerned in the contravention.

3

The PRA may, instead of imposing a penalty on a person, publish a statement censuring the person.

4

The PRA 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 192Z.

5

“The limitation period” means the period of 3 years beginning with the first day on which the PRA knew of the contravention.

6

For this purpose the PRA is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred.