The Central Securities Depositories Regulations 2014
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Change 1
4 Penalties and statements
(1) If the FCA considers that— (a) a non-authorised counterparty , participant or any other person has contravened a relevant requirement imposed on it; or (b) a non-authorised counterparty or participant has contravened a requirement imposed by or under the CSD regulation, the FCA may publish a statement to that effect or impose on it a penalty, in respect of the contravention, of such amount as the FCA considers appropriate. (2) If the FCA considers that a non-authorised counterparty , participant or any other person has in purported compliance with a relevant requirement knowingly or recklessly given the FCA information which is false or misleading in a material particular, the FCA may publish a statement to that effect or impose on it a penalty of such amount as it considers appropriate. (3) Where the FCA has published a statement or imposed a penalty under paragraph (1) or (2), it must comply with the requirements of Article 62 of the CSD regulation. (4) A penalty under paragraph (1) or (2) is payable to the FCA. (5) The FCA must in respect of each of its financial years pay to the Treasury any amounts received by it during the year by way of penalties imposed under this regulation. (6) The Treasury may give directions to the FCA as to how the FCA is to comply with its duty under paragraph (5). (7) The directions may in particular— (a) specify the time when any payment is required to be made to the Treasury, or (b) require the FCA to provide the Treasury at specified times with information relating to penalties that the FCA has imposed under this regulation. (8) The Treasury must pay into the Consolidated Fund any sums received by them under this regulation. (9) In this regulation, a “relevant requirement” means a requirement imposed under regulation 3.
4 Penalties and statements
(1) If the FCA considers that— (a) a non-authorised counterparty , participant or any other person has contravened a relevant requirement imposed on it; or (b) a non-authorised counterparty or participant has contravened a requirement imposed by or under the CSD regulation, the FCA may publish a statement to that effect or impose on it a penalty, in respect of the contravention, of such amount as the FCA considers appropriate. (2) If the FCA considers that a non-authorised counterparty , participant or any other person has in purported compliance with a relevant requirement knowingly or recklessly given the FCA information which is false or misleading in a material particular, the FCA may publish a statement to that effect or impose on it a penalty of such amount as it considers appropriate. (3) Where the FCA has published a statement or imposed a penalty under paragraph (1) or (2), it must comply with the requirements of Article 62 of the CSD regulation. (4) A penalty under paragraph (1) or (2) is payable to the FCA. (5) The FCA must in respect of each of its financial years pay to the Treasury any amounts received by it during the year by way of penalties imposed under this regulation. (6) The Treasury may give directions to the FCA as to how the FCA is to comply with its duty under paragraph (5). (7) The directions may in particular— (a) specify the time when any payment is required to be made to the Treasury, or (b) require the FCA to provide the Treasury at specified times with information relating to penalties that the FCA has imposed under this regulation. (8) The Treasury must pay into the Consolidated Fund any sums received by them under this regulation. (9) In this regulation, a “relevant requirement” means a requirement imposed under regulation 3.
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