|Financial Services and Markets Bill - continued||House of Commons|
|back to previous text|
|Public censure.|| 176. If the Authority considers that an authorised person has contravened a requirement imposed on him by or under this Act, the Authority may publish a statement to that effect.|
|Financial penalties.|| 177. - (1) If the Authority considers that an authorised person has contravened a requirement imposed on him by or under this Act, it may impose on him a penalty, in respect of the contravention, of such amount as it considers appropriate.|
| (2) The Authority may not in respect of any contravention both require a person to pay a penalty under this section and withdraw his authorisation under section 30.|
| (3) A penalty under this section is payable to the Authority.|
|Proposal to take disciplinary measures.|| 178. - (1) If the Authority proposes- |
it must give the authorised person a warning notice.
| (2) A warning notice about a proposal to publish a statement must set out the terms of the statement.|
| (3) A warning notice about a proposal to impose a penalty, must state the amount of the penalty.|
|Decision notice.|| 179. - (1) If the Authority decides- |
it must without delay give the authorised person concerned a decision notice.
| (2) In the case of a statement, the decision notice must set out the terms of the statement.|
| (3) In the case of a penalty, the decision notice must state the amount of the penalty.|
| (4) If the Authority decides to- |
the authorised person may refer the matter to the Tribunal.
|Notice for payment.|| 180. - (1) If the Authority imposes a penalty on an authorised person under section 177 it must give him a notice under this section ("a notice for payment").|
| (2) A notice for payment must- |
| (3) The specified period may not be less than 14 days beginning with the date on which the notice is given.|
| (4) If all or any of the amount payable under a notice for payment is outstanding at the end of the specified period, the Authority may recover the outstanding amount as a debt due to it.|
|Publication.|| 181. - (1) After a statement under section 176 is published, the Authority must send a copy of it to the authorised person and to any person on whom a copy of the decision notice was given under section 339(2).|
| (2) Subsection (3) applies if, having considered imposing a financial penalty on an authorised person under section 177, the Authority decides not to impose it.|
| (3) If the authorised person consents to the decision being made public, the Authority may publish information of a prescribed kind, in the prescribed way, about it.|
|Statements of policy.|| 182. - (1) The Authority must prepare and publish a statement of its policy with respect to- |
| (2) The Authority may at any time alter or replace any material published under this section.|
| (3) If any such material is altered or replaced, the Authority must publish it as altered.|
| (4) If the Authority publishes material under this section it must, without delay, give a copy to the Treasury.|
| (5) Material must be published under this section in such a way as the Authority considers most suitable for bringing it to the attention of authorised persons.|
| (6) If the Authority is- |
it must consult such persons as it considers appropriate.
| (7) When setting the amount of a penalty, the Authority must have regard to any material published under this section which is currently in force.|
|© Parliamentary copyright 1999||Prepared 18 November 1999|