PART 5The Authority
Disciplinary powers35
1
The Authority may take action against a person under this regulation if—
a
it appears to the Authority that the person is guilty of misconduct; and
b
the Authority is satisfied that it is appropriate in all the circumstances to take action against the person.
2
For the purposes of this regulation, a person (“B”) is guilty of misconduct if—
a
B has at any time been a manager in relation to a payment service provider;
b
there has at that time been (or continued to be) a contravention of a requirement of these Regulations by the payment service provider; and
c
B was at that time responsible for the management of any of the payment service provider’s activities in relation to which the contravention occurred.
3
But B is not guilty of misconduct by virtue of paragraph (2) if B satisfies the Authority that B had taken such steps as a person in B’s position could reasonably be expected to take to avoid the contravention occurring (or continuing).
4
If the Authority is entitled to take action under this regulation against B, it may—
a
impose a penalty upon B of such amount as it considers appropriate;
b
publish a statement of the B’s misconduct.