The Securitisation Regulations 2024
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Change 1
46 Statement of policy
(1) Each regulator must prepare and issue a statement of policy with respect to— (a) the imposition of a prohibition under regulation 37, (b) the period of a prohibition under that regulation, (c) the imposition of penalties under regulation 42, and (d) the amount of penalties under that regulation. (2) The policy must require the regulator, in determining the amount of the penalty to be imposed on any person, to take account of all relevant circumstances including, where appropriate— (a) the impact, gravity and duration of the contravention for which the penalty is to be imposed; (b) the extent of the person’s responsibility for the contravention; (c) the financial position of the person; (d) the amount of profit gained or loss avoided as a result of the contravention, so far as this can be determined; (e) the amount of loss sustained as a result of the contravention by any other person, so far as this can be determined; (f) the level of co-operation by the person with the regulator (without prejudice to the need to ensure that the person accounts for or makes good any profit sustained or loss avoided as a result of the contravention); (g) any previous contravention by the person for which a penalty was or could have been imposed under regulation 42. (3) A regulator may at any time alter or replace a statement issued by it under this regulation. (4) If a statement issued under this regulation is altered or replaced by a regulator, the regulator must issue the altered or replacement statement. (5) A regulator must, without delay, give the Treasury a copy of any statement which it issues under this regulation. (6) A statement issued under this regulation by a regulator must be published by the regulator in the way appearing to the regulator to be best calculated to bring it to the attention of the public. (7) The regulator may charge a reasonable fee for providing a person with a copy of the statement. (8) In exercising, or deciding whether to exercise, its power under regulation 37 (temporary prohibition relating to management functions) or under regulation 42 (financial penalties) in the case of any particular contravention, a regulator must have regard to any statement of policy published by it under this regulation and in force at the time when the contravention in question occurred.
46 Statement of policy
(1) Each regulator must prepare and issue a statement of policy with respect to— (a) the imposition of a prohibition under regulation 37, (b) the period of a prohibition under that regulation, (c) the imposition of penalties under regulation 42, and (d) the amount of penalties under that regulation. (2) The policy must require the regulator, in determining the amount of the penalty to be imposed on any person, to take account of all relevant circumstances including, where appropriate— (a) the impact, gravity and duration of the contravention for which the penalty is to be imposed; (b) the extent of the person’s responsibility for the contravention; (c) the financial position of the person; (d) the amount of profit gained or loss avoided as a result of the contravention, so far as this can be determined; (e) the amount of loss sustained as a result of the contravention by any other person, so far as this can be determined; (f) the level of co-operation by the person with the regulator (without prejudice to the need to ensure that the person accounts for or makes good any profit sustained or loss avoided as a result of the contravention); (g) any previous contravention by the person for which a penalty was or could have been imposed under regulation 42. (3) A regulator may at any time alter or replace a statement issued by it under this regulation. (4) If a statement issued under this regulation is altered or replaced by a regulator, the regulator must issue the altered or replacement statement. (5) A regulator must, without delay, give the Treasury a copy of any statement which it issues under this regulation. (6) A statement issued under this regulation by a regulator must be published by the regulator in the way appearing to the regulator to be best calculated to bring it to the attention of the public. (7) The regulator may charge a reasonable fee for providing a person with a copy of the statement. (8) In exercising, or deciding whether to exercise, its power under regulation 37 (temporary prohibition relating to management functions) or under regulation 42 (financial penalties) in the case of any particular contravention, a regulator must have regard to any statement of policy published by it under this regulation and in force at the time when the contravention in question occurred.
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