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The Register of Overseas Entities (Penalties and Northern Ireland Dispositions) Regulations 2023
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- UK Statutory Instruments
- 2023 No. 696
- PART 2
- Regulation 5
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5.—(1) After the end of the period stated in the warning notice, the registrar, if satisfied beyond reasonable doubt that the person has engaged in the conduct referred to in the warning notice and that that conduct amounts to an offence under Part 1 of the ECTEA, may issue a penalty notice in writing to the person who was issued the warning notice.U.K.
(2) The penalty notice referred to in paragraph (1) above must [F1set out]—
(a)the grounds for issuing the financial penalty;
(b)whether the financial penalty is a fixed penalty, a daily rate penalty or a combination of both and how it is calculated;
(c)in the case of a fixed penalty, the amount of the penalty;
(d)in the case of a daily rate penalty, the amount of the daily rate, the day on which the amount first [F2started] to accumulate and the day on which, or the circumstances in which, it [F2ceased] to accumulate;
(e)how payment may be made;
(f)the period within which payment is to be made (which period must not end sooner than [F3the end of the period of] 28 days beginning on the date of the penalty notice [F3is given]);
(g)rights of appeal; and
(h)the consequences of non-payment.
Textual Amendments
F1Words in reg. 5(2) substituted (2.5.2024) by The Economic Crime and Corporate Transparency Act 2023 (Financial Penalty) Regulations 2024 (S.I. 2024/445), regs. 1(1), 12
F2Words in reg. 5(2)(d) substituted (2.5.2024) by The Economic Crime and Corporate Transparency Act 2023 (Financial Penalty) Regulations 2024 (S.I. 2024/445), regs. 1(1), 13
F3Words in reg. 5(2)(f) inserted (2.5.2024) by The Economic Crime and Corporate Transparency Act 2023 (Financial Penalty) Regulations 2024 (S.I. 2024/445), regs. 1(1), 14
Commencement Information
I1Reg. 5 in force at 23.6.2023, see reg. 1(1)
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