Public censure
16.—(1) If the FCA considers that a self-regulatory organisation has failed to comply with—
(a)a supervision requirement,
(b)a requirement under regulation 7 (power to require information), regulation 12 (disclosure), or regulation 13 (report by a skilled person),
(c)a direction given under regulation 14, or
(d)a requirement under regulation 27 (costs of supervision),
the FCA may publish a statement censuring the self-regulatory organisation.
(2) The FCA may publish a statement censuring a self-regulatory organisation which, in purported compliance with a supervision requirement or a requirement imposed on the self-regulatory organisation by or under these Regulations, provides information to the FCA which is false or misleading in a material particular and—
(a)knows that the information is false or misleading, or
(b)is reckless as to whether the information is false or misleading.
(3) The FCA must not censure a self-regulatory organisation under this regulation for failure to comply with a requirement listed in paragraph (1) if the FCA is satisfied that the self-regulatory organisation took all reasonable steps and exercised all due diligence to ensure that such a requirement would be complied with.
(4) In deciding whether a self-regulatory organisation has failed to comply with a supervision requirement, the FCA must consider whether at the time the self-regulatory organisation followed—
(a)any relevant guidance which was at the time issued by the FCA;
(b)any relevant guidelines issued by a European Supervisory Authority in accordance with Articles 17, 18(4) or 48(10) of the fourth money laundering directive.