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The Scottish and Northern Ireland Banknote Regulations 2009

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Notice of proposalU.K.

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1.—(1) Before imposing a penalty under regulation 33 on an authorised bank, the Bank of England must give written notice to the bank—

(a)stating that it proposes to impose the penalty and the amount of the proposed penalty;

(b)setting out the provision of the Regulations or the rules which the Bank of England considers has been breached;

(c)specifying the acts or omissions which, in the Bank of England's opinion, constitute the breach and any other facts which, in the Bank of England's opinion, justify the imposition of the penalty and its amount;

(d)specifying the date by which the Bank of England proposes to require the penalty to be paid to it;

(e)specifying the period (of not less than 30 days from the date on which the notice is received by the authorised bank) within which the bank may make representations regarding the proposed penalty.

(2) The Bank of England must not give notice under sub-paragraph (1) in respect of a contravention of a provision of these Regulations or the rules more than two years after the Bank of England first had knowledge of the facts giving rise to the breach.

(3) The Bank of England must consider any representations made during the period mentioned in sub-paragraph (1)(e).

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