The Securitisation Regulations 2018

Statements of policyU.K.

This section has no associated Explanatory Memorandum

9.—(1) The FCA and the PRA must prepare and issue a statement of policy with respect to their exercise of the following functions as appropriate regulator—

(a)the imposition of a prohibition under regulation 5 (temporary prohibition relating to management functions);

(b)the period of a prohibition under that regulation;

(c)the imposition of penalties under regulation 8 (financial penalties); and

(d)the amount of penalties under that regulation.

[F1(2) The policy must require the appropriate regulator, in determining the amount of a penalty to be imposed on any person, to take account of all relevant circumstances including, where appropriate—

(a)the impact, gravity and duration of the contravention for which the penalty is to be imposed;

(b)the extent of the person's responsibility for the contravention;

(c)the financial position of the person;

(d)the amount of profit gained or of loss avoided as a result of the contravention, so far as this can be determined;

(e)the amount of loss sustained as a result of the contravention by any other person, so far as this can be determined;

(f)the level of co-operation by the person with the appropriate regulator (without prejudice to the need to ensure that the person accounts for or makes good any profit gained or loss avoided as a result of the contravention);

(g)any previous contravention by the person for which a penalty was, or could have been, imposed under regulation 8.]

(3) The FCA or the PRA may at any time alter or replace a statement issued by it under this regulation.

(4) If a statement issued under this regulation is altered or replaced by the FCA or the PRA, the FCA or the PRA must issue the altered or replacement statement.

(5) The FCA or the PRA must, without delay, give the Treasury a copy of any statement which it issues under this regulation.

(6) A statement issued under this regulation by the FCA or the PRA must be published by the FCA or the PRA in the way appearing to the FCA or the PRA to be best calculated to bring it to the attention of the public.

(7) The FCA or the PRA may charge a reasonable fee for providing a person with a copy of the statement.

(8) In exercising, or deciding whether to exercise, its power under regulation 5 (temporary prohibition relating to management functions) or under regulation 8 (financial penalties) in the case of any particular contravention, the appropriate regulator must have regard to any statement of policy published by it under this regulation and in force at the time when the contravention in question occurred.

Textual Amendments