7.—(1) The functions of the FCA under these Regulations are to be treated for the purposes of paragraph 23 (fees) of Schedule 1ZA to the 2000 Act(1) as qualifying functions conferred on the FCA under that Act except that—
(a)section 3B(2) (regulatory principles to be applied by both regulators) of the 2000 Act does not apply to the making of rules under paragraph 23 by virtue of this regulation,
(b)rules made under paragraph 23 by virtue of this regulation are not regulating provisions for the purposes of Chapter 4 of Part 9A (competition scrutiny)(3) of the 2000 Act, and
(c)in paragraph 23(7) after “under this Act” insert “or under the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Referral Fees) Regulations 2013”.
(2) Paragraphs 19 to 22 (penalties) of Schedule 1ZA to the 2000 Act apply for the purposes of these Regulations with the modifications set out in paragraphs (3) to (6).
(3) In paragraph 19 for “under this Act” substitute “under the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Referral Fees) Regulations 2013”.
(4) In paragraph 20—
(a)in both sub-paragraphs (2) and (3)(b) for “under this Act” substitute “under the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Referral Fees) Regulations 2013”;
(b)for sub-paragraph (4) substitute—
“(4) For this purpose the FCA’s enforcement powers are—
(a)its powers under regulations 14 to 18 of the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Referral Fees) Regulations 2013,
(b)its powers under Part 25 of this Act (injunctions and restitution) as applied by regulation 24 of those Regulations, and
(c)its powers in relation to the investigation or prosecution of the offences under regulation 19 of those Regulations.”;
(c)omit sub-paragraph (5).
(5) In paragraph 21(1) after “paragraph 20(1)” insert “as applied by the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Referral Fees) Regulations 2013”.
(6) In paragraphs 21(1), (3), (4) and (5) and 22(2) and (9) for “financial penalty scheme” substitute “referral fees financial penalty scheme” (in each place).
Schedule 1ZA was inserted by Schedule 3 to the Financial Services Act 2012.
Section 3B was inserted by section 6 of the Financial Services Act 2012.
Chapter 4 of Part 9A was inserted by section 24 of the Financial Services Act 2012.