35.—(1) A person to whom a penalty notice is issued under regulation 31 or 33 may, if one of the conditions in paragraph (2) is satisfied, make a reference to the Tribunal in respect of—
(a)the issue of the notice;
(b)the amount of the penalty under the notice.
(2) The conditions are—
(a)that the Regulator has completed a review of the notice under regulation 34, or
(b)that the person to whom the notice was issued made an application for review of the notice under regulation 34(1)(a) and the Regulator has determined not to carry out a review.
(3) On a reference to the Tribunal in respect of a notice, the effect of the notice is suspended for the period beginning on the day the Tribunal receives notice of the reference and ending—
(a)on the day the reference is withdrawn,
(b)if the reference is made out of time, on the day the Tribunal determines not to allow the reference to proceed, or
(c)on the day the reference is completed.
(4) For the purposes of paragraph (3)(c), a reference is completed when—
(a)the reference has been determined, and
(b)the Tribunal has remitted the matter to the Regulator.
(5) In this regulation—
(a)“the Tribunal” means—
(i)the Upper Tribunal, in any case where it is determined by or under Tribunal Procedure Rules that the Upper Tribunal is to hear the reference;
(ii)the First-tier Tribunal in any other case;
(b)“Tribunal Procedure Rules” means—
(i)the Tribunal Procedure (First-tier Tribunal) (General Regulatory Chamber) Rules 2009 in relation to the First-tier Tribunal(1), and
(ii)the Tribunal Procedure (Upper Tribunal) Rules 2008(2) in relation to the Upper Tribunal.