[F159.—(1) The functions of the Authority under these Regulations are to be treated for the purposes of paragraph 23 (fees) of Part 3 of Schedule 1ZA to the 2000 Act as functions conferred on the Authority under that Act with the following modifications—
(a)section 1B(5)(a) of the 2000 Act (the FCA’s general duties) does not apply to the making of rules under paragraph 23 of Part 3 of Schedule 1ZA by virtue of this regulation;
(b)rules made under paragraph 23 of Part 3 of Schedule 1ZA by virtue of this regulation are not to be treated as regulating provisions for the purposes of section 140A(1) of the 2000 Act (competition scrutiny);
(c)paragraph 23(7) does not apply.]
[F2(2) The Authority must in respect of each of its financial years pay to the Treasury any amounts received by it during the year by way of penalties imposed under regulation 51.
(3) The Treasury may give directions to the Authority as to how the Authority is to comply with its duty under paragraph (2).
(4) The directions may in particular—
(a)specify the time when any payment is required to be made to the Treasury, and
(b)require the Authority to provide the Treasury at specified times with information relating to penalties that the Authority has imposed under regulation 51.
(5) The Treasury must pay into the Consolidated Fund any sums received by them under this regulation.]
Textual Amendments
F1Reg. 59(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(3)
F2Reg. 59(2)-(5) substituted for reg. 59(2) (1.4.2013) by The Payment to Treasury of Penalties Regulations 2013 (S.I. 2013/429), regs. 1, 2(5)