Financial Services and Markets Bill - continued        House of Lords
PART XIV, DISCIPLINARY MEASURES - continued

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Publication.     203. - (1) After a statement under section 198 is published, the Authority must send a copy of it to the authorised person and to any person on whom a copy of the decision notice was given under section 376(2).
 
      (2) Subsection (3) applies if, having considered imposing a financial penalty on an authorised person under section 199, the Authority decides not to impose it.
 
      (3) If the authorised person consents to the decision being made public, the Authority may publish information of a prescribed kind, in the prescribed way, about it.
 
Statements of policy.     204. - (1) The Authority must prepare and issue a statement of its policy with respect to-
 
 
    (a) the imposition of penalties under this Part; and
 
    (b) the amount of penalties under this Part.
      (2) The Authority's policy in determining what the amount of a penalty should be must include having regard to-
 
 
    (a) the seriousness of the contravention in question in relation to the nature of the requirement contravened;
 
    (b) the extent to which that contravention was deliberate or reckless; and
 
    (c) whether the person on whom the penalty is to be imposed is an individual.
      (3) The Authority may at any time alter or replace a statement issued under this section.
 
      (4) If a statement issued under this section is altered or replaced, the Authority must issue the altered or replacement statement.
 
      (5) The Authority must, without delay, give the Treasury a copy of any statement which it publishes under this section.
 
      (6) A statement issued under this section must be published by the Authority in the way appearing to the Authority to be best calculated to bring it to the attention of the public.
 
      (7) In exercising, or deciding whether to exercise, its power under section 199 in the case of any particular contravention, the Authority must have regard to any statement published under this section and in force at the time when the contravention in question occurred.
 
      (8) The Authority may charge a reasonable fee for providing a person with a copy of the statement.
 
Statements of policy: procedure.     205. - (1) Before issuing a statement under section 204, the Authority must publish a draft of the proposed statement in the way appearing to the Authority to be best calculated to bring it to the attention of the public.
 
      (2) The draft must be accompanied by notice that representations about the proposal may be made to the Authority within a specified time.
 
      (3) Before issuing the proposed statement, the Authority must have regard to any representations made to it in accordance with subsection (2).
 
      (4) If the Authority issues the proposed statement it must publish an account, in general terms, of-
 
 
    (a) the representations made to it in accordance with subsection (2); and
 
    (b) its response to them.
      (5) If the statement differs from the draft published under subsection (1) in a way which is, in the opinion of the Authority, significant, the Authority must (in addition to complying with subsection (4)) publish details of the difference.
 
      (6) The Authority may charge a reasonable fee for providing a person with a copy of a draft published under subsection (1).
 
      (7) This section also applies to a proposal to alter or replace a statement.
 
 
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Prepared 11 February 2000