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[F1PART 12BU.K.Approval of certain holding companies

Textual Amendments

192Y.Power to impose penalty or issue censureU.K.

(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;

F2(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F3(ca)section 192XA rules; or]

[F4(d)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.]

Textual Amendments