39Fixed monetary penalties
(1)The provision which may be made under this section is provision to confer on a regulator the power by notice to impose a fixed monetary penalty on a person in relation to a relevant offence.
(2)Provision under this section may only confer such a power in relation to a case where the regulator is satisfied beyond reasonable doubt that the person has committed the relevant offence.
(3)For the purposes of this Part a “fixed monetary penalty” is a requirement to pay to a regulator a penalty of a prescribed amount.
(4)Where the relevant offence is—
(a)triable summarily (whether or not it is also triable on indictment), and
(b)punishable on summary conviction by a fine (whether or not it is also punishable by a term of imprisonment),
the amount of the fixed monetary penalty may not exceed the maximum amount of that fine.