9.—(1) The Regulator may require the operator to pay a penalty where the operator has failed to comply—
(a)with a notice to provide information issued under paragraph 7; or
(b)a direction given under paragraph 8.
(2) A penalty—
(a)must be paid to the Regulator, and
(b)may be enforced by the Regulator as a debt.
(3) The Regulator must prepare a statement of principles which it must apply in determining—
(a)whether to impose a penalty, and
(b)the amount of the penalty.
(4) The Regulator must—
(a)publish the statement on its website;
(b)send a copy to the Treasury;
(c)review the statement from time to time and revise it if necessary (and paragraphs (a) and (b) apply to any such revision), and
(d)when applying the statement, apply the version in force at the time when the failure to comply with the relevant requirements set out in sub-paragraph (1)(a) and (b) occurred.