C1C4C5 Part V Performance of Regulated Activities

Annotations:
Modifications etc. (not altering text)
C1

Pt. 5 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))

F1Performance of controlled functions without approval

Annotations:
Amendments (Textual)
F1

Ss. 63A-63D and preceding cross-heading inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 11, 26(2)(b)

C263CStatement of policy

1

F2Each regulator must prepare and issue a statement of its policy with respect to—

a

the imposition of penalties under section 63A; and

b

the amount of penalties under that section.

2

F3Each regulator's policy in determining whether a penalty should be imposed, and what the amount of a penalty should be, must include having regard to—

a

the conduct of the person on whom the penalty is to be imposed;

b

the extent to which the person could reasonably be expected to have known that a controlled function was performed without approval;

c

the length of the period during which the person performed a controlled function without approval; and

d

whether the person on whom the penalty is to be imposed is an individual.

3

F4Each regulator's policy in determining whether a penalty should be imposed on a person must also include having regard to the appropriateness of taking action against the person instead of, or in addition to, taking action against an authorised person.

4

A statement issued under this section must include an indication of the circumstances in which F5the regulator that has issued the statement would expect to be satisfied that a person could reasonably be expected to have known that the person was performing a controlled function without approval.

5

F6A regulator may at any time alter or replace a statement issued F7by it under this section.

6

If a statement issued under this section is altered or F8replaced by a regulator, the regulator must issue the altered or replaced statement.

7

F9A regulator must, without delay, give the Treasury a copy of any statement which it publishes under this section.

8

A statement issued under this section F10by a regulator must be published by the F11regulator in the way appearing to the F11regulator to be best calculated to bring it to the attention of the public.

9

The F12regulator may charge a reasonable fee for providing a person with a copy of the statement.

C310

In exercising, or deciding whether to exercise, its power under section 63A in the case of any particular person, F13a regulator must have regard to any statement of policy published F14by it under this section and in force at a time when the person concerned performed a controlled function without approval.