The Central Securities Depositories Regulations 2014
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Change 1
5B Penalties and statements
(1) If the Bank considers that— (a) a person has contravened a relevant requirement imposed on it; (b) a settlement internaliser has contravened a requirement imposed by or under the CSD regulation; or (c) a settlement internaliser has contravened regulation 5N, the Bank may publish a statement to that effect or impose on it a penalty, in respect of the contravention, of such amount as the Bank considers appropriate. (2) If the Bank considers that a person has in purported compliance with a relevant requirement knowingly or recklessly given the Bank information which is false or misleading in a material particular, the Bank may publish a statement to that effect or impose upon the person a penalty of such amount as it considers appropriate. (3) Where the Bank 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 Bank. (5) The Bank 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 Bank as to how the Bank 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 Bank to provide the Treasury at specified times with information relating to penalties that the Bank 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 5A.
5B Penalties and statements
(1) If the Bank considers that— (a) a person has contravened a relevant requirement imposed on it; (b) a settlement internaliser has contravened a requirement imposed by or under the CSD regulation; or (c) a settlement internaliser has contravened regulation 5N, the Bank may publish a statement to that effect or impose on it a penalty, in respect of the contravention, of such amount as the Bank considers appropriate. (2) If the Bank considers that a person has in purported compliance with a relevant requirement knowingly or recklessly given the Bank information which is false or misleading in a material particular, the Bank may publish a statement to that effect or impose upon the person a penalty of such amount as it considers appropriate. (3) Where the Bank 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 Bank. (5) The Bank 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 Bank as to how the Bank 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 Bank to provide the Treasury at specified times with information relating to penalties that the Bank 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 5A.
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