PART 2FCA powers over Miscellaneous BM persons

FCA: penalties, fees and exemption from liability in damages26.

(1)

Paragraphs 19 to 23 (penalties and fees) and 25 (exemption from liability in damages) of Schedule 1ZA40 to the Act apply with respect to the discharge by the FCA of its functions under these Regulations as they apply with respect to the discharge by it of its functions under the Act, with the following modifications.

(2)

Those paragraphs apply as if—

(a)

each reference to penalties imposed under the Act included a reference to penalties imposed under Part 2 of these Regulations;

(b)

each reference to a section or Part of the Act included a reference to that section or Part as applied by Part 2 of these Regulations; and

(c)

each reference to the functions of the FCA included a reference to its functions under Part 2 of these Regulations.

(3)

Paragraph 20 applies as if references to the FCA’s enforcement powers included—

(a)

its powers under these Regulations and under Part 2541 of the Act as applied by Part 2 of these Regulations;

(b)

its powers in relation to the investigation of offences under these Regulations or under the Act as applied by Part 2 of these Regulations; and

(c)

its powers in England and Wales or Northern Ireland in relation to the prosecution of offences under these Regulations or under the Act as applied by Part 2 of these Regulations.

(4)

Paragraph 21 applies as if regulated persons included Miscellaneous BM persons.

(5)

Paragraph 23 applies as if references to qualifying functions included references to the functions of the FCA under these Regulations and under the Act as applied by Part 2 of these Regulations.