Financial Services and Markets Bill - continued        House of Lords

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  PART XIV
  DISCIPLINARY MEASURES
Public censure.     201. 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.     202. - (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.     203. - (1) If the Authority proposes-
 
 
    (a) to publish a statement in respect of an authorised person (under section 201), or
 
    (b) to impose a penalty on an authorised person (under section 202),

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.     204. - (1) If the Authority decides-
 
 
    (a) to publish a statement under section 201 (whether or not in the terms proposed), or
 
    (b) to impose a penalty under section 202 (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 201, or
 
    (b) impose a penalty on an authorised person under section 202,

the authorised person may refer the matter to the Tribunal.

 
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