Financial Services (Banking Reform) Act 2013
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
73 Penalties
(1) The Payment Systems Regulator may require a participant in a regulated payment system to pay a penalty in respect of a compliance failure. (2) A penalty— (a) must be paid to the Payment Systems Regulator, and (b) may be enforced by the Payment Systems Regulator as a debt. (3) The Payment Systems Regulator must prepare a statement of the principles which it will apply in determining— (a) whether to impose a penalty, and (b) the amount of a penalty. (4) The Payment Systems Regulator must— (a) publish the statement on its website, (b) send a copy to the Treasury, (c) review the statement from time to time and revise it if necessary (and paragraphs (a) and (b) apply to a revision), and (d) in applying the statement to a compliance failure, apply the version in force when the compliance failure occurred.
73 Penalties
(1) The Payment Systems Regulator may require a participant in a regulated payment system to pay a penalty in respect of a compliance failure. (2) A penalty— (a) must be paid to the Payment Systems Regulator, and (b) may be enforced by the Payment Systems Regulator as a debt. (3) The Payment Systems Regulator must prepare a statement of the principles which it will apply in determining— (a) whether to impose a penalty, and (b) the amount of a penalty. (4) The Payment Systems Regulator must— (a) publish the statement on its website, (b) send a copy to the Treasury, (c) review the statement from time to time and revise it if necessary (and paragraphs (a) and (b) apply to a revision), and (d) in applying the statement to a compliance failure, apply the version in force when the compliance failure occurred.
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