Financial Services and Markets Bill - continued        House of Commons
Conduct - continued

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Notice for payment.     65. - (1) If the Authority imposes a penalty on a person under section 63, it must give him a notice under this section ("a notice for payment").
      (2) A notice for payment must-
    (a) be in writing; and
    (b) require the person concerned to pay the penalty before the end of such period as may be specified in the notice.
      (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.     66. - (1) After a statement under section 63 is published, the Authority must send a copy of it to the person concerned and to any person to whom a copy of the decision notice was given.
      (2) If the Authority decides not to impose a penalty on a person under section 63 after proposing to do so, it may, if the person consents to the decision being made public, publish such information about the matter to which the decision relates, in such way, as it considers appropriate.
Practice statements and guidance.     67. - (1) The Authority must prepare and publish-
    (a) guidance as to the amounts which it is likely to consider appropriate to impose as penalties under section 63; or
    (b) a general statement of the way in which, and the criteria by reference to which, it proposes to exercise its power to impose penalties under that section.
      (2) The Authority may prepare and publish both kinds of material.
      (3) The Authority may at any time alter any material published under this section.
      (4) If any such material is altered, the Authority must publish it as altered.
      (5) If the Authority publishes material under this section, it must give a copy to the Treasury without delay.
      (6) Material must be published under this section in such a way as the Authority considers most suitable for bringing it to the attention of approved persons.
      (7) If the Authority is-
    (a) preparing material for publication under this section, or
    (b) considering altering material which it has published under this section,
  it must consult such persons as it considers appropriate.
      (8) When setting the amount of a penalty under section 63, the Authority must have regard to any material published under this section which is currently in force.
      (9) "Approved person" has the same meaning as in section 61.
Breach of statutory duty
Actions for damages.     68. - (1) A contravention of section 53(5) or 56(1) or (2) is actionable at the suit of a private person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.
      (2) "Private person" has such meaning as may be prescribed.
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Prepared 14 December 1999