Regulatory sanctionsU.K.
136(1)If the Bank considers that a person has failed to comply with a relevant requirement imposed on the person, it may do one or more of the following—
(a)publish a statement to that effect;
(b)impose on that person a penalty, in respect of the failure, of such amount as it considers appropriate;
(c)with a view to ensuring that the failure ceases or is not repeated or the consequences of the failure are mitigated, direct that person to refrain from any conduct;
(d)prohibit that person from holding an office or position involving responsibility for taking decisions about the management of—
(i)a named CCP,
(ii)a CCP of a specified description, or
(iii)any CCP.
(2)A prohibition under sub-paragraph (1)(d)may apply—
(a)for a specified period,
(b)until further notice, or
(c)permanently.
(3)If the Bank considers that a failure by a person to comply with a relevant requirement occurred with the consent or connivance of, or was attributable to any neglect on the part of, an officer of that person, it may do one or more of the following—
(a)publish a statement to that effect;
(b)impose on that officer a penalty, in respect of the failure, of such amount as it considers appropriate;
(c)with a view to ensuring that the failure ceases or is not repeated or the consequences of the failure are mitigated, direct that person to refrain from any conduct specified in the direction.
(4)A penalty under this paragraph—
(a)must be paid to the Bank, and
(b)may be enforced by the Bank as a debt.
(5)In this paragraph “relevant requirement” has the meaning given in paragraph 122.
Commencement Information
I1Sch. 11 para. 136 not in force at Royal Assent, see s. 86(3)
I2Sch. 11 para. 136 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)