Financial Services and Markets Bill - continued        House of Lords

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  PART XIV
  DISCIPLINARY MEASURES
Public censure.     198. If the Authority considers that an authorised person has contravened a requirement imposed on him by or under this Act, the Authority may publish a statement to that effect.
 
Financial penalties.     199. - (1) If the Authority considers that an authorised person has contravened a requirement imposed on him by or under this Act, it may impose on him a penalty, in respect of the contravention, of such amount as it considers appropriate.
 
      (2) The Authority may not in respect of any contravention both require a person to pay a penalty under this section and withdraw his authorisation under section 31.
 
      (3) A penalty under this section is payable to the Authority.
 
Proposal to take disciplinary measures.     200. - (1) If the Authority proposes-
 
 
    (a) to publish a statement in respect of an authorised person (under section 198), or
 
    (b) to impose a penalty on an authorised person (under section 199),
  it must give the authorised person a warning notice.
 
      (2) A warning notice about a proposal to publish a statement must set out the terms of the statement.
 
      (3) A warning notice about a proposal to impose a penalty, must state the amount of the penalty.
 
Decision notice.     201. - (1) If the Authority decides-
 
 
    (a) to publish a statement under section 198 (whether or not in the terms proposed), or
 
    (b) to impose a penalty under section 199 (whether or not of the amount proposed),
  it must without delay give the authorised person concerned a decision notice.
 
      (2) In the case of a statement, the decision notice must set out the terms of the statement.
 
      (3) In the case of a penalty, the decision notice must state the amount of the penalty.
 
      (4) If the Authority decides to-
 
 
    (a) publish a statement in respect of an authorised person under section 198, or
 
    (b) impose a penalty on an authorised person under section 199,
  the authorised person may refer the matter to the Tribunal.
 
Notice for payment.     202. - (1) If the Authority imposes a penalty on an authorised person under section 199 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 authorised person to pay the penalty before the end of such period as may be specified in the notice.
      (3) The specified period may not be less than 14 days beginning with the date on which the notice 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 Authority may recover the outstanding amount as a debt due to it.
 
 
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Prepared 11 February 2000