Financial Services and Markets Bill - continued        House of Lords
PART V, PERFORMANCE OF REGULATED ACTIVITIES - continued
Conduct - continued

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Disciplinary measures: procedure and right to refer to Tribunal.     66. - (1) If the Authority proposes to take action against a person under section 65, it must give him a warning notice.
 
      (2) A warning notice about a proposal to impose a penalty must state the amount of the penalty.
 
      (3) A warning notice about a proposal to publish a statement must set out the terms of the statement.
 
      (4) If the Authority decides to take action against a person under section 65, it must give him a decision notice.
 
      (5) A decision notice about the imposition of a penalty must state the amount of the penalty.
 
      (6) A decision notice about the publication of a statement must set out the terms of the statement.
 
      (7) If the Authority decides to take action against a person under section 65, he may refer the matter to the Tribunal.
 
Notice for payment.     67. - (1) If the Authority imposes a penalty on a person under section 65, 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 person concerned 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.
 
Publication.     68. - (1) After a statement under section 65 is published, the Authority must send a copy of it to the person concerned and to any person to whom a copy of the decision notice was given.
 
      (2) If the Authority decides not to impose a penalty on a person under section 65 after proposing to do so, it may, if the person consents to the decision being made public, publish such information about the matter to which the decision relates, in such way, as it considers appropriate.
 
Statement of policy.     69. - (1) The Authority must prepare and issue a statement of its policy with respect to-
 
 
    (a) the imposition of penalties under section 65; and
 
    (b) the amount of penalties under that section.
      (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 misconduct in question in relation to the nature of the principle or requirement concerned;
 
    (b) the extent to which that misconduct 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) The Authority 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 section 65 in the case of any particular misconduct, the Authority must have regard to any statement of policy published under this section and in force at the time when the misconduct in question occurred.
 
Statements of policy: procedure.     70. - (1) Before issuing a statement under section 69, 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.
 
 
Breach of statutory duty
Actions for damages.     71. - (1) A contravention of section 55(5) or 58(1) or (2) is actionable at the suit of a private person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.
 
      (2) "Private person" has such meaning as may be prescribed.
 
 
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