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

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Warning notices.     85. - (1) If the competent authority proposes to impose a penalty on a person under section 84, it must give him a warning notice.
      (2) A warning notice must-
    (a) state the competent authority's reasons for its proposed action;
    (b) state the amount of the proposed penalty; and
    (c) indicate the right of appeal available to the person to whom the notice applies.
      (3) If the reasons given by the competent authority relate to matters which may, in its opinion, be materially prejudicial to another person in any business, office or employment, it must give that other person a copy of the notice given under subsection (1).
Statement of policy.     86. - (1) The competent authority must prepare and publish a statement ("its policy statement") of its policy with respect to-
    (a) the imposition of penalties under section 84; and
    (b) the amount of penalties under that section.
      (2) The competent authority may at any time alter or replace its policy statement.
      (3) If its policy statement is altered or replaced, the competent authority must publish the altered or replacement statement.
      (4) In exercising, or deciding whether to exercise, its power under section 84 in the case of any particular contravention, the competent authority must have regard to its policy statement (as applicable at the time of the contravention).
      (5) The competent authority must publish its policy statement in such manner as it considers most suitable for bringing it to the attention of those who are likely to be affected by the exercise of its power under section 84.
      (6) If the competent authority is preparing, altering or replacing its policy statement it must consult such persons as it considers appropriate.
      (7) The competent authority must, without delay, give the Treasury a copy of any policy statement which it publishes under this section.
Appeals against penalties.     87. The competent authority must make, and maintain, arrangements in accordance with which any person on whom a penalty is imposed under section 84 may appeal against the imposition of that penalty.
Notice for payment.     88. - (1) If the competent authority imposes a penalty on a person under section 84, 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 to the competent authority before the end of such period as may be specified in the notice.
      (3) The specified period may not be less than 30 days beginning with the date on which the notice for payment 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 competent authority may recover the outstanding amount as a debt due to it.
Obligations of issuers of listed securities.     89. - (1) Listing rules may-
    (a) specify requirements to be complied with by issuers of listed securities; and
    (b) make provision with respect to the action that may be taken by the competent authority in the event of non-compliance.
      (2) The rules may, in particular, include provision-
    (a) authorising the authority to publish the fact that an issuer has contravened a provision of the rules; and
    (b) if the rules require an issuer to publish information, authorising the authority to publish it in the event of his failure to do so.
      (3) This section applies whenever the securities were listed.
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