Legalize / United Kingdom / Statutory-Instrument

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

Type Statutory-Instrument

Publication 2026-06-30

Last updated 2026-07-03

State In force

Department Statute Law Database

Source legislation.gov.uk

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(c) functions provided for in the law of a third country equivalent to those provided for in the fourth money laundering directive or the funds transfer regulation.

(3) In deciding whether or not to exercise its powers under regulation 66 in response to a request, the supervisory authority may take into account in particular—

(a) whether, in the territory of the foreign authority concerned, corresponding assistance would be given to the supervisory authority;

(b) whether the case concerns the breach of a law, or other requirement, which has no close parallel in the United Kingdom or involves the assertion of a jurisdiction not recognised by the United Kingdom;

(4) The supervisory authority may decide not to exercise its powers under regulation 66 unless the foreign authority undertakes—

(a) to make such contribution towards the cost of doing so as the supervisory authority considers appropriate; and

(b) to comply with such conditions in relation to the information and documents as the supervisory authority considers appropriate.

(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6) “Foreign authority” means an authority in a territory which is not part of the United Kingdom which exercises functions referred to in paragraph (2).

Requests to other authorities

68

(1) This regulation applies if—

(a) documents or information which are reasonably required by a supervisory authority in connection with the exercise by the authority of any of the functions given to it under these Regulations are not (as far as the supervisory authority is aware) available in the United Kingdom; and

(b) the supervisory authority has reason to believe that such documents or information may be held by a person who is within the jurisdiction of a foreign authority.

(2) A supervisory authority may request the assistance of the foreign authority in obtaining specified information or documents which satisfy the conditions in paragraph (1).

(3) The information or documents provided to the supervisory authority pursuant to a request under paragraph (2) must only be used—

(a) for the purpose for which it was provided; or

(b) for the purposes of proceedings arising as a result of contravention of a relevant requirement in these Regulations, or proceedings arising out of such proceedings.

(4) Paragraph (3) does not apply if the foreign authority by which the information or documents were provided consents to its use.

(5) In this regulation, “foreign authority” has the meaning given in regulation 67(6).

Entry, inspection of premises without a warrant etc

69

(1) Paragraph (2) applies where a duly authorised officer of (or acting on behalf of) a supervisory authority in relation to a relevant person or a payment service provider (“P”) has reasonable grounds to believe that—

(a) any premises are being used by P in connection with P's business or professional activities; and

(b) P may have contravened the requirements of—

(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(ii) the funds transfer regulation, or

(iii) these Regulations.

(2) The officer may, on producing evidence of the officer's authority, at any reasonable time—

(a) enter the premises;

(b) inspect the premises;

(d) inspect any documents or other information found on the premises;

(e) require any person on the premises to provide an explanation of any document or to state where documents or information might be found;

(f) inspect any cash found on the premises.

(3) The officer may take copies of, or make extracts from, any documents found as a result of the exercise of the power in paragraph (2).

(4) In this regulation, “duly authorised officer” means—

(a) an officer of the FCA, authorised in writing to exercise the powers under this regulation on behalf of the FCA or another supervisory authority, by a Head of Department working within the enforcement function of the FCA; or

(b) an officer of Revenue and Customs authorised in writing to exercise the powers under this regulation on behalf of the Commissioners, or another supervisory authority, by an officer of Revenue and Customs of at least the grade of senior officer.

Entry of premises under warrant

70

(1) A justice may issue a warrant under this regulation if satisfied on information given on oath (or in Scotland by evidence on oath) by a duly authorised officer acting on behalf of a supervisory authority that—

(a) there are reasonable grounds for believing that the first, second, or third set of conditions is satisfied; or

(b) there are reasonable grounds for suspecting that the fourth set of conditions is satisfied.

(2) The application for the warrant must—

(a) identify the premises to which the application relates and state that the premises is not used only as a dwelling;

(b) state that the officer has reasonable grounds to suspect a warrant is necessary in connection with the exercise of the supervisory functions of the supervisory authority for which the officer is acting and the warrant is sought for the purpose of those functions;

(i) will give to any person on the premises, when entering the premises, evidence of identification and authority to act on behalf of the supervisory authority, and

(ii) will give to that person, no later than on entering the premises, a notice identifying and explaining the powers exercisable under this regulation, and

(d) state that the warrant is sought in relation to material specified in the application, or that there are reasonable grounds for suspecting that there is material falling within regulation 66 on the premises.

(3) The first set of conditions is—

(a) that a person on whom a requirement has been imposed under regulation 66 has failed (wholly or in part) to comply with it, and

(b) that on the premises specified in the warrant—

(i) there are documents which have been required, or

(ii) there is information which has been required.

(4) The second set of conditions is—

(a) that the premises specified in the warrant are premises of—

(i) the relevant person or the payment service provider (“P”),

(ii) a member of the same group as P; or

(iii) a third person referred to in regulation 66(8);

(b) that there are on the premises documents or information in relation to which a requirement could be imposed under regulation 66, and

(i) it would not be complied with, or

(ii) the documents or information to which it related would be removed, tampered with or destroyed.

(5) The third set of conditions is—

(a) that an officer has been obstructed in the exercise of the power under regulation 69; and

(b) that there is on the premises specified in the warrant documents, information or cash which could be inspected under regulation 69(2)(d) or (f).

(6) The fourth set of conditions is—

(a) that an offence under these Regulations has been, is being or is about to be committed by P; and

(b) there is on the premises specified in the warrant information or documents relevant to whether the offence has been, is being or is about to be committed.

(7) A warrant under this regulation authorises the executing officer—

(a) to enter the premises specified in the warrant;

(b) to search the premises and take possession of any documents or information appearing to be documents or information of a kind in respect of which the warrant was issued (“the relevant kind”) or to take, in relation to any such documents or information, any other steps which may appear to be necessary for preserving them or preventing interference with them;

(d) to take copies of, or extracts from, any documents or information appearing to be of the relevant kind;

(e) to require any person on the premises to provide an explanation of any document or information appearing to be of the relevant kind or to state where it may be found; and

(f) to use such force as may be reasonably necessary.

(8) Where information of the relevant kind is contained in a computer or other storage device, or is recorded in any other way otherwise than in legible form, the warrant authorises the executing officer to take possession of that information in a form in which it can be taken away and in which it is legible.

(9) A warrant under this regulation—

(a) may be exercised by any executing officer;

(b) may authorise persons to accompany any executing officer who is executing it;

(10) The powers in paragraph (7) may be exercised by a person authorised by the warrant to accompany an executing officer; but that person may exercise those powers only in the company of, and under the supervision of, an executing officer.

(11) In England and Wales, sections 15(5) to (8) and 16(3) to (12) of the Police and Criminal Evidence Act 1984 (execution of warrants and safeguards) apply to warrants issued under this regulation.

(12) In Northern Ireland, Articles 17(5) to (8) and 18(3) to (12) of the Police and Criminal Evidence (Northern Ireland) Order 1989 (execution of warrants and safeguards) apply to warrants issued under this regulation.

(13) In this regulation—

“duly authorised officer” means—where a warrant is issued on the basis of information given on behalf of the FCA or another supervisory authority, an officer of the FCA authorised in writing to exercise the powers under this regulation by a Head of Department working within the enforcement function of the FCA,where a warrant is issued on the basis of information given on behalf of the Commissioners or another supervisory authority, an officer of Revenue and Customs authorised in writing to exercise the powers under this regulation by an officer of Revenue and Customs of at least the grade of senior officer;

“executing officer” means—where a warrant is issued on the basis of information given on behalf of the FCA, or of a supervisory authority for which the FCA is acting, a constable,where a warrant is issued on the basis of information given on behalf of the Commissioners, or of a supervisory authority for which the Commissioners are acting, an officer of Revenue and Customs;

“justice” means—in England and Wales, a justice of the peace;in Northern Ireland, a lay magistrate; orin Scotland, a sheriff or summary sheriff.

Retention of documents taken under regulation 66 or 70

71

(1) Any material possession of which is taken in accordance with a requirement under regulation 66 or under a warrant issued under regulation 70 (“seized material”) may be retained for so long as it is necessary to retain it (rather than copies of it) in connection with the exercise of the functions of the supervisory authority under these Regulations for the purposes of which any requirement was imposed or the warrant was issued.

(2) If a duly authorised officer (within the meaning of regulation 70(13)) has reasonable grounds for suspecting that—

(a) the seized material may need to be produced for the purposes of legal proceedings; and

(b) it might otherwise be unavailable for those purposes,

it may be retained until the proceedings are concluded.

(3) A person claiming to be the owner of any seized material may apply to the Crown Court or (in Scotland) the sheriff or the summary sheriff for an order for the delivery of the material to the person appearing to the court, the sheriff or the summary sheriff to be the owner.

(4) If on an application under paragraph (3), the court or (in Scotland) the sheriff or the summary sheriff cannot ascertain who is the owner of the seized material the court, the sheriff or the summary sheriff may make such order as the court, the sheriff or the summary sheriff thinks fit.

(5) An order under paragraph (3) or (4) does not affect the right of any person to take legal proceedings against any person in possession of seized material for the recovery of the material.

Provision of information and warrants: safeguards

72

(1) A person may not be required under regulation 66, 69 , 70, 74A or 74B to produce excluded material, or to provide information, produce documents or answer questions which that person would be entitled to refuse to provide, produce or answer on grounds of legal professional privilege in proceedings in the High Court, except that a lawyer may be required to provide the full name and address of the lawyer's client.

(2) The provision of information in accordance with regulation 66, 69 , 70, 74A or 74B, is not to be taken to breach any restriction, however imposed, on the disclosure of information.

(3) Where a disclosure is made in good faith in accordance with regulations 66, 69 , 70, 74A or 74B no civil liability arises in respect of the disclosure on the part of the person making the disclosure.

(4) A warrant issued under regulation 70 does not confer the right to seize privileged material or excluded material.

(5) Privileged material is any material which the person would be entitled to refuse to produce on grounds of legal professional privilege in proceedings in the High Court.

(6) In the application of this regulation to Scotland, the references in paragraphs (1) and (5)—

(a) to proceedings in the High Court are to be read as references to proceedings in the Court of Session; and

(b) to an entitlement on grounds of legal professional privilege are to be read as references to an entitlement on the grounds of confidentiality of communication—

(i) between professional legal advisers and their clients; or

(ii) made in connection with or in contemplation of legal proceedings and for the purposes of those proceedings.

(7) For the purposes of this regulation, “excluded material” means personal records which a person has acquired or created in the course of any trade, business, profession or other occupation or for the purposes of any paid or unpaid office and which is held subject—

(a) to an express or implied undertaking to hold it in confidence; or

(b) to a restriction on disclosure or an obligation of secrecy contained in any enactment, including an enactment contained in, or made under, an Act passed after this Regulation.

Admissibility of statements

73

(1) A statement made by a person in response to a requirement imposed under regulations 66(1)(c), 69(2)(e) , 70(7)(e) or 74B(6) may not be used in evidence against the person in criminal proceedings.

(2) Paragraph (1) does not apply—

(a) in the case of proceedings under Parts 2 to 4 of the Proceeds of Crime Act 2002 (confiscation proceedings) ;

(b) on a prosecution for an offence under section 5 of the Perjury Act 1911 (false statements) ;

(d) on a prosecution for an offence under section 44(2) of the Criminal Law (Consolidation) (Scotland) Act 1995 (false statements and declarations) ;

(e) on a prosecution for an offence under regulation 88; or

(f) for some other offence where, in giving evidence, the person makes a statement inconsistent with the statement mentioned in paragraph (1).

(3) A statement may not be used by virtue of paragraph (2)(f) against a person unless—

(a) evidence relating to it is adduced; or

(b) a question relating to it is asked;

by them or on their behalf in the proceedings arising out of the prosecution.

Powers of relevant officers

74

(1) A relevant officer (“R”) may only exercise powers under this Part pursuant to arrangements made with the FCA or with the Commissioners—

(a) by or on behalf of the local weights and measures authority of which R is an officer (“R's authority”); or

(b) by the Department for the Economy.

(2) Anything done or omitted to be done by, or in relation to, R in the exercise or purported exercise of a power in this Part is to be treated for all purposes as having been done or omitted to be done by, or in relation to—

(a) an officer of the FCA, if R is acting pursuant to arrangements made with the FCA, or

(b) an officer of Revenue and Customs, if R is acting pursuant to arrangements made with the Commissioners.

(3) Paragraph (2) does not apply for the purpose of any criminal proceedings brought against R, R's authority, the Department for the Economy, the FCA or the Commissioners, in respect of anything done or omitted to be done by R.

(4) R must not disclose to any person other than the FCA (if R is acting pursuant to arrangements made with the FCA), the Commissioners (if R is acting pursuant to arrangements made with the Commissioners), R's authority or, as the case may be, the Department of the Economy, information obtained by R in the exercise of such powers unless—

(a) R has the approval of the FCA or where appropriate the Commissioners to do so, or

(b) R is under a duty to make the disclosure.

Reporting requirements: cryptoasset businesses

74A

(1) Each cryptoasset exchange provider and custodian wallet provider (“cryptoasset business”) must provide to the FCA such information as the FCA may direct—

(a) about compliance by the cryptoasset business with requirements imposed in or under Parts 2 to 6 and 7A of these Regulations;

(b) which is required by the FCA for the purpose of calculating charges under regulation 102 (costs of supervision); or

(c) which is otherwise reasonably required by the FCA in connection with the exercise by the FCA of any of its supervisory functions.

(2) The information referred to in paragraph (1) must be provided at such times and in such form, and verified in such manner, as the FCA may direct.

Report by a skilled person: cryptoasset businesses

74B

(1) This regulation applies where the FCA reasonably considers that a report by a skilled person, concerning a matter relating to the exercise of the FCA’s functions under these Regulations, is required in connection with the exercise by the FCA of any of its functions under these Regulations in relation to a relevant person who is a cryptoasset exchange provider or custodian wallet provider.

(2) The FCA may either—

(a) by notice in writing to the relevant person, require the relevant person to appoint a skilled person to provide the FCA with a report on the matter concerned, or

(b) itself appoint a skilled person to do so, and recover any expenses incurred in doing so as a fee to be payable by the relevant person concerned.

(3) When acting under paragraph (2)(a), the FCA may require—

(a) the report to be in such form as may be specified in the notice; and

(b) that the contract between the skilled person and the relevant person contain certain terms that the FCA considers appropriate.

(4) The FCA must give notice in writing of an appointment under paragraph (2)(b) to the relevant person.

(5) References in this regulation to a skilled person are to a person—

(a) appearing to the FCA to have the skills necessary to make a report on the matter concerned, and

(b) where the appointment is to be made by the relevant person, nominated or approved by the FCA.

(6) It is the duty of the relevant person and any connected person to give the skilled person all such assistance as the skilled person may reasonably require.

Directions: cryptoasset businesses

74C

(1) The FCA may exercise its powers of direction under paragraph (5) or (6) in writing in relation to a cryptoasset exchange provider or custodian wallet provider (“cryptoasset business”).

(2) A direction may be imposed before, on or after registration, as the FCA considers appropriate.

(3) A direction may be imposed for the purpose of—

(a) remedying a failure to comply with a requirement under these Regulations;

(b) preventing a failure to comply, or continued non-compliance with a requirement under these Regulations;

(c) preventing the cryptoasset business from being used for money laundering, terrorist financing or proliferation financing.

(4) A direction may require or prohibit the taking of specified action.

(5) The FCA may, on its own initiative—

(a) impose a new direction;

(b) vary a direction imposed under this regulation; or

(6) The FCA may, on the request of a cryptoasset business—

(a) impose a new direction;

(b) vary a direction imposed under this regulation; or

(7) The FCA must consult the PRA before imposing or varying a direction which relates to—

(a) a person who is a PRA authorised person; or

(b) a person who is a member of a group which includes a PRA authorised person.

(8) A direction may be expressed to expire at the end of such period as the FCA may specify, but the imposition of a direction that expires at the end of a specified period does not affect the FCA’s power to impose a new direction.

(9) If the FCA imposes or varies a direction under paragraph (5)(a) or (b) it must give the cryptoasset business a notice in writing.

(10) The notice referred to in paragraph (9) must—

(a) give details of the direction;

(b) state the FCA’s reasons for imposing or varying the direction;

(c) inform the cryptoasset business that it may make representations to the FCA within such period as may be specified in the notice (whether or not the cryptoasset business has referred the matter to the Upper Tribunal);

(d) inform the cryptoasset business of when the direction takes effect; and

(e) inform the cryptoasset business of its right to refer the matter to the Upper Tribunal.

(11) The FCA may extend the period allowed under the notice for making representations.

(12) If, having considered any representations made by the cryptoasset business, the FCA decides not to rescind the direction, it must give the cryptoasset business a notice in writing.

(13) If, having considered any representations made by the cryptoasset business, the FCA decides—

(a) to vary the direction,

(b) to rescind the direction and to impose a different direction, or

it must give the cryptoasset business a notice in writing.

(14) A notice under paragraph (12) must inform the cryptoasset business of its right to refer the matter to the Upper Tribunal.

(15) A notice under paragraph (13)(a) or (b) must comply with paragraph (10).

(16) If a notice informs the cryptoasset business of its right to refer a matter to the Upper Tribunal, it must give an indication of the procedure on such a reference.

(17) If the FCA imposes or varies a direction under paragraph (6)(a) or (b) it must give the cryptoasset business a notice in writing.

(18) The notice referred to in paragraph (17) must—

(a) give details of the direction;

(b) state the reasons for imposing or varying the direction; and

(19) If the FCA rescinds a direction under paragraph (6)(c) it must give the cryptoasset business a notice in writing.

(20) The FCA may, if it considers it proportionate to do so, publish such information about a notice given under paragraphs (9), (13) or (17) as it considers appropriate.

(21) Where the FCA publishes such information and the FCA decides to rescind the direction to which the notice relates, the FCA must, without delay, publish that fact in the same manner as that in which the information was published under paragraph (20).

(22) Where the FCA publishes information under paragraph (20) and the person to whom the notice is given refers the matter to the Upper Tribunal, the FCA must, without delay, publish information about the status of the appeal and its outcome in the same manner as that in which the information was published under paragraph (20).

PART 9 — Enforcement

CHAPTER 1 — General

Meaning of “relevant requirement”

75

For the purposes of this Part, “relevant requirement” has the meaning given in Schedule 6.

CHAPTER 2 — Civil penalties and notices

Power to impose civil penalties: fines and statements

76

(1) Paragraph (2) applies if a designated supervisory authority is satisfied that any person (“P”) has contravened a relevant requirement imposed on that person.

(2) A designated supervisory authority may do one or both of the following—

(a) impose a penalty of such amount as it considers appropriate on P;

(b) publish a statement censuring P.

(3) If a designated supervisory authority considers that another person who was at the material time an officer of P was knowingly concerned in a contravention of a relevant requirement by P, the designated supervisory authority may impose on that person a penalty of such amount as it considers appropriate.

(4) A designated supervisory authority must not impose a penalty on P under this regulation for contravention of a relevant requirement if the authority is satisfied that P took all reasonable steps and exercised all due diligence to ensure that the requirement would be complied with.

(5) Where the FCA proposes to impose a penalty under this regulation on a PRA-authorised person or on a person who has a qualifying relationship with a PRA-authorised person, it must consult the PRA.

(6) In deciding whether P has contravened a relevant requirement, the designated supervisory authority must consider whether at the time P followed—

(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) any relevant guidance which was at the time—

(i) issued by the FCA; or

(ii) issued by any other supervisory authority or appropriate body and approved by the Treasury.

(7) A penalty imposed under this Part is payable to the designated supervisory authority which imposes it.

(8) For the purposes of this regulation—

(a) “appropriate” means (other than in references to an appropriate body) effective, proportionate and dissuasive;

(b) “designated supervisory authority” means the FCA or the Commissioners.

Power to impose civil penalties: suspension and removal of authorisation

77

(1) Paragraph (2) applies if the FCA is satisfied that a relevant person or a payment service provider has—

(a) repeatedly or systematically failed to include the information it is required to include on the payer or the payee under Articles 4, 5 or 6 of the funds transfer regulation;

(b) failed to implement effective risk-based procedures in breach of Articles 8 or 12 of the funds transfer regulation;

(d) repeatedly or systematically failed to retain records in breach of Article 16 of the funds transfer regulation; or

(e) failed to comply with a relevant requirement.

(2) The FCA may take one or more of the measures set out in sub-paragraphs (a) and (b)—

(a) to cancel or suspend, for such period as it considers appropriate—

(i) any permission which an authorised person has to carry on a regulated activity;

(ii) the authorisation of a payment service provider as an authorised payment institution under the Payment Services Regulations 2017;

(iii) the registration of a payment service provider as a small payment institution under the Payment Services Regulations 2017;

(iv) the authorisation of a payment service provider as an authorised electronic money institution under the Electronic Money Regulations 2011 ; or

(v) the registration of a payment service provider as a small electronic money institution under the Electronic Money Regulations 2011;

(b) to impose, for such period as it considers appropriate, such limitations or other restrictions as it considers appropriate—

(i) in relation to the carrying on of a regulated activity by an authorised person;

(ii) on the authorisation of a payment service provider as a payment institution under the Payment Services Regulations 2017;

(iii) on the registration of a payment service provider as a small payment institution under the Payment Services Regulations 2017;

(iv) on the authorisation of a payment service provider as an electronic money institution under the Electronic Money Regulations 2011; or

(v) on the registration of a payment service provider as a small electronic money institution under the Electronic Money Regulations 2011.

(3) In paragraph (2)—

(a) “permission” means any permission that the authorised person has, whether given (or treated as given) under Part 4A of FSMA ;

(b) “regulated activity” has the meaning given by section 22 of FSMA ).

(4) The period for which a suspension, limitation or other restriction is to have effect may not exceed 12 months.

(5) A suspension may relate only to the carrying on of an activity in circumstances specified by the FCA when the suspension is imposed.

(6) A restriction may, in particular, be imposed so as to require the person concerned to take, or refrain from taking, specified action.

(7) The FCA may—

(a) withdraw a suspension, limitation or other restriction; or

(b) vary a suspension, limitation or other restriction so as to reduce the period for which it has effect or otherwise to limit its effect.

(8) For the purposes of this regulation, “appropriate” means effective, proportionate and dissuasive.

Power to impose civil penalties: prohibitions on management

78

(1) Paragraph (2) applies if a designated supervisory authority considers that another person who was at the material time an officer of P was knowingly concerned in a contravention of a relevant requirement by P.

(2) The designated supervisory authority may impose one of the following measures on the person concerned—

(a) a temporary prohibition on the individual concerned holding an office or position involving responsibility for taking decisions about the management of a relevant person or a payment service provider (“having a management role”);

(b) a permanent prohibition on the individual concerned having a management role.

(3) A prohibition may be expressed to expire at the end of such period as the designated supervisory authority may specify, but the imposition of a prohibition under paragraph (2)(a) that expires at the end of a specified period does not affect the designated supervisory authority's power to impose a new prohibition under paragraph (2)(a).

(4) A prohibition imposed under paragraph (2) may be expressed to be a prohibition on an individual having a management role in—

(a) a named relevant person or payment service provider;

(b) a relevant person or payment service provider of a description specified by the designated supervisory authority when the prohibition is imposed; or

(5) A relevant person or payment service provider must take reasonable care to ensure that no individual who is subject to a prohibition under paragraph (2) on having a management role with that relevant person or payment service provider is given such a role, or continues to act in such a role.

Imposition of civil penalties

79

Any one or more of the powers in regulations 76, 77 and 78 may be exercised by a designated supervisory authority in relation to the same contravention.

Injunctions

80

(1) If, on the application of a designated supervisory authority, the court is satisfied—

(a) that there is a reasonable likelihood that any person will contravene a relevant requirement; or

(b) that any person has contravened a relevant requirement and that there is a reasonable likelihood that the contravention will continue or be repeated,

the court may make an order restraining (or in Scotland an interdict prohibiting) the contravention.

(2) If on the application of a designated supervisory authority the court is satisfied—

(a) that any person has contravened a relevant requirement; and

(b) that there are steps which could be taken for remedying the contravention,

the court may make an order requiring that person, and any other person who appears to have been knowingly concerned in the contravention, to take such steps as the court may direct to remedy it.

(3) If, on the application of a designated supervisory authority, the court is satisfied that any person may have—

(a) contravened a relevant requirement; or

(b) been knowingly concerned in the contravention of a relevant requirement,

the court may make an order restraining (or in Scotland an interdict prohibiting) that person from disposing or otherwise dealing with any assets belonging to that person which it is satisfied that that person is reasonably likely to dispose of or otherwise deal with.

(4) The jurisdiction in this regulation is exercisable by the High Court and the Court of Session.

(5) In paragraph (2), references to remedying a contravention include references to mitigating its effect.

The FCA: disciplinary measures (procedure)

81

(1) When determining the type of sanction, and level of any penalty, to be imposed on a person (“P”) under regulation 76, 77 or 78, the FCA must take into account all relevant circumstances, including where appropriate—

(a) the gravity and the duration of the contravention or failure;

(b) the degree of responsibility of P;

(d) the amount of profits gained or losses avoided by P;

(e) the losses for third parties caused by the contravention or failure;

(f) the level of co-operation of P with the FCA;

(g) previous contraventions or failures by P; and

(h) any potential systemic consequences of the contravention or failure.

(1A) Before imposing a sanction on P under regulation 76, 77 or 78, the FCA must check whether P has any criminal convictions that may be relevant to the determination referred to in paragraph (1).

(2) If the FCA proposes to impose a sanction on P under regulation 76, 77 or 78 it must give P a warning notice.

(3) Where the FCA proposes to impose a penalty on a PRA-authorised person or on a person who has a qualifying relationship with a PRA-authorised person, it must consult the PRA.

(4) Section 387 of FSMA (warning notices) applies in relation to a notice given under paragraph (2) as it applies in relation to a warning notice given by the FCA under that Act, subject to paragraph (5).

(5) In complying with section 387(1)(a), a warning notice must—

(a) if it is about a proposal to publish a statement, set out the terms of the statement;

(b) if it is about a proposal to impose a penalty, specify the amount of the penalty;

(i) state the period for which the suspension, limitation or restriction is to have effect,

(ii) sets out the terms of the suspension, limitation or other restriction;

(d) if it is about a proposal to cancel, state the date from which the cancellation is to have effect;

(e) if it is about a proposal to impose a prohibition on an individual, set out the terms of the proposed prohibition.

(6) If the FCA decides to impose a sanction on P under regulation 76, 77 or 78 it must without undue delay give P a decision notice.

(7) If the decision is to publish a statement, the decision notice must set out the terms of the statement.

(8) If the decision is to impose a penalty, the decision notice must specify the amount of the penalty.

(9) If the decision is to impose a suspension, limitation or other restriction, the decision notice must—

(a) state the period for which the suspension, limitation or restriction is to have effect;

(b) sets out the terms of the suspension, limitation or other restriction.

(10) If the decision is to cancel a permission, registration or authorisation, the decision notice must state the date from which the cancellation is to have effect.

(11) If the decision is to impose a prohibition on an individual, the decision notice must set out the terms of the prohibition.

(12) Section 388 of FSMA (decision notices) applies in relation to a decision notice given under paragraph (6) as it applies in relation to a decision notice given by the FCA under FSMA, subject to paragraph (13).

(13) Section 388 of FSMA has effect for the purposes of paragraph (12) as if—

(a) in subsection (1)(e)(i) for “this Act” there were substituted “ regulation 93(1) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”, and

(b) subsections (1A) and (2) were omitted.

The FCA: procedure (general)

82

(1) Sections 389 (notices of discontinuance), 390 (final notices) and 392 (application of sections 393 and 394) to 395 (the FCA's and PRA's procedures) of FSMA apply in relation to a warning notice given under regulation 81(2) and a decision notice given under regulation 81(6) as they apply in relation to a warning notice or decision notice given under FSMA, subject to paragraphs (2) to (3).

(2) Section 390 of FSMA has effect as if—

(a) for subsection (4) there were substituted—

(4) A final notice about a cancellation, suspension, limitation or other restriction under regulation 77 or 78 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“the 2017 Regulations”) must— (a) specify the permission, authorisation or registration which is being cancelled, suspended or the terms of the limitation or other restriction being imposed, and (b) give details of— (i) the date on which the cancellation, suspension, limitation or other restriction has effect, and (ii) the period for which the suspension, limitation or other restriction is imposed. (4A) A final notice about a prohibition under regulation 78 of the 2017 Regulations must— (a) specify the extent of the prohibition; and (b) give details of the date on which the prohibition has effect, and if relevant the period for which it has effect.

(b) subsections (6), (7) and (10) were omitted.

(3) Section 392 of FSMA has effect as if for paragraphs (a) and (b) there were substituted—

(a) a warning notice given under regulation 81(2) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“the 2017 Regulations”); (b) a decision notice given under regulation 81(6) of the 2017 Regulations.

The Commissioners: disciplinary measures (procedure)

83

(1) When determining the type of sanction, and level of any penalty, to be imposed on a person (“P”) under regulation 76 or 78, the Commissioners must take into account all relevant circumstances, including where appropriate—

(a) the gravity and the duration of the contravention or failure;

(b) the degree of responsibility of P;

(d) the amount of profits gained or losses avoided by P;

(e) the losses for third parties caused by the contravention or failure;

(f) the level of co-operation of P with the Commissioners;

(g) previous contraventions or failures by P; and

(h) any potential systemic consequences of the contravention or failure.

(1A) Before imposing a sanction on P under regulation 76, 77 or 78, the Commissioners must check whether P has any criminal convictions that may be relevant to the determination referred to in paragraph (1).

(2) Where the Commissioners decide to impose a penalty or publish a statement under regulation 76, or impose a prohibition under regulation 78, the Commissioners must give P a notice in accordance with paragraph (3).

(3) A notice must be given of—

(a) the Commissioners' decision—

(i) to impose a penalty, and the amount of the penalty;

(ii) to publish a statement, and the terms of the statement;

(iii) to impose a prohibition, and the terms of the prohibition;

(b) the Commissioners' reasons for imposing a penalty, publishing a statement or imposing a prohibition;

(d) the right to appeal under regulation 99.

(4) A notice about a penalty must—

(a) state the manner in which and the period within which, the penalty is to be paid;

(b) give details of the way in which the penalty may be recovered if it is not paid by the date stated in the notice.

Publication: the FCA

84

(1) Where a warning notice is given by the FCA under regulation 81(2), neither the FCA nor any person to whom it is given or copied may publish the notice or any details concerning it.

(2) Where the FCA gives a decision notice under regulation 81(6), the FCA must publish on their official website such information about the matter to which the notice relates as it considers appropriate, subject to paragraphs (3) to (9).

(3) Where the FCA publishes information under paragraph (2) or (4) about a matter to which a decision notice relates and the person to whom the notice is given refers the matter to the Upper Tribunal (see regulation 93), the FCA must, without undue delay, publish on its official website information about the status of the appeal and its outcome.

(4) Subject to paragraph (5), (6) and (9) where the FCA gives a final notice, it must, without undue delay, publish on its official website information on the type and nature of the breach and the identity of the person on whom the sanction or measure is imposed.

(5) Subject to paragraph (8) and (9), information about a matter to which a final notice relates must be published in accordance with paragraph (6) where—

(a) the FCA considers it to be disproportionate to publish the identity of a legal person on whom the sanction or measure is imposed following an assessment by the FCA of the proportionality of publishing the person's identity;

(b) the FCA considers it to be disproportionate to publish the personal data of the individual on whom the sanction or measure is imposed following an assessment by the FCA of the proportionality of publishing the personal data; or

(c) the publication of information under paragraph (4) would jeopardise the stability of the financial markets or an ongoing investigation.

(6) Where paragraph (5) applies, the FCA must—

(a) defer the publication of the information about a matter to which a final notice relates until such time as paragraph (5) ceases to apply; or

(b) publish the information on an anonymous basis if publication on that basis would ensure the effective protection of any anonymised personal data in the information.

(7) Where paragraph (6)(b) applies, the FCA may make such arrangements as to the publication of information (including as to the timing of publication) as are necessary to preserve the anonymity of the person on whom the sanction or measure is imposed.

(8) The FCA may make arrangements for the postponed publication of personal data that is anonymised in information it publishes under paragraph (6)(b) if—

(a) the publication of the data is postponed for a reasonable period of time; and

(b) the FCA considers that paragraphs (5)(b) and (6)(b) will no longer apply in respect of that data at the time of the postponed publication.

(9) Information about a matter to which a final notice relates must not be published if publication in accordance with paragraph under paragraph (6) is considered by the FCA insufficient to ensure—

(a) that the stability of the financial markets would not be put in jeopardy; or

(b) that the publication of the information would be proportionate with regard to sanctions or measures which are considered by the FCA to be of a minor nature.

(10) Where the FCA publishes information in accordance with paragraphs (2) to (8), the FCA must ensure that the information remains on its official website for at least five years, unless the information is personal data and the data protection legislation requires the information to be retained for a different period.

(11) For the purposes of this regulation, “personal data” has the same meaning as in Parts 5 to 7 of the Data Protection Act 2018 (see section 3(2) and (14) of that Act).

Publication: the Commissioners

85

(1) Where the Commissioners give a notice under regulation 83, the Commissioners must publish on their official website such information about the matter to which the notice relates as they consider appropriate, subject to paragraphs (2) to (8).

(2) Where the Commissioners publish information under paragraph (1) or (3) about a matter to which a notice under regulation 83 relates and the person to whom the notice is given refers the matter to the tribunal (see regulation 99), the Commissioners must, without undue delay, publish on their official website information about the status of the appeal and its outcome.

(3) Subject to paragraph (4), (5) and (8) where the Commissioners give a notice under regulation 83, they must, without undue delay, publish on their official website information on the type and nature of the breach and the identity of the person on whom the sanction or measure is imposed.

(4) Subject to paragraph (7) and (8), information about a matter to which a notice under regulation 83 relates must be published in accordance with paragraph (5) where—

(a) the Commissioners consider it to be disproportionate to publish the identity of a legal person on whom the sanction or measure is imposed following an assessment by the Commissioners of the proportionality of publishing the person's identity;

(b) the Commissioners consider it to be disproportionate to publish the personal data of the individual on whom the sanction or measure is imposed following an assessment by the Commissioners of the proportionality of publishing the personal data; or

(c) the publication of information under paragraph (3) would jeopardise the stability of the financial markets or an ongoing investigation.

(5) Where paragraph (4) applies, the Commissioners must—

(a) defer the publication of the information about a matter to which a notice under regulation 83 relates until such time as paragraph (4) ceases to apply; or

(b) publish the information on an anonymous basis if publication on that basis would ensure the effective protection of any anonymised personal data in the information.

(6) Where paragraph (5)(b) applies, the Commissioners may make such arrangements as to the publication of information (including as to the timing of publication) as are necessary to preserve the anonymity of the person on whom the sanction or measure is imposed.

(7) The Commissioners may make arrangements for the postponed publication of personal data that is anonymised in information they publish under paragraph (5)(b) if—

(a) the publication of the data is postponed for a reasonable period of time; and

(b) the Commissioners consider that paragraphs (4)(b) and (5)(b) will no longer apply in respect of that data at the time of the postponed publication.

(8) Information about a matter to which a notice relates must not be published if publication in accordance with paragraph under paragraph (5) is considered by the Commissioners insufficient to ensure—

(a) that the stability of the financial markets would not be put in jeopardy; or

(b) that the publication of the information would be proportionate with regard to sanctions or measures which are considered by the Commissioners to be of a minor nature.

(9) Where the Commissioners publish information in accordance with paragraphs (1) to (7), the Commissioners must ensure that the information remains on their official website for at least five years, unless the information is personal data and the data protection legislation requires the information to be retained for a different period.

(10) For the purposes of this regulation, “personal data” has the same meaning as in Parts 5 to 7 of the Data Protection Act 2018 (see section 3(2) and (14) of that Act).

CHAPTER 3 — Criminal offences, penalties and proceedings etc.

Criminal offence

86

(1) A person who contravenes a relevant requirement imposed on that person is guilty of an offence and liable—

(a) on summary conviction—

(i) in England and Wales, to imprisonment for a term not exceeding three months, to a fine or to both;

(ii) in Scotland or Northern Ireland, to imprisonment for a term not exceeding three months, to a fine not exceeding the statutory maximum or to both;

(b) on conviction on indictment, to imprisonment for a term not exceeding two years, to a fine, or to both.

(2) In deciding whether a person has committed an offence under paragraph (1), the court must decide whether that person followed—

(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) any relevant guidance which was at the time—

(i) issued by the FCA; or

(ii) issued by any other supervisory authority or appropriate body and approved by the Treasury.

(3) A person is not guilty of an offence under this regulation if that person took all reasonable steps and exercised all due diligence to avoid committing the offence.

(4) Where a person has been convicted of an offence under this regulation, that person is not also to be liable to a sanction under Chapter 2 of this Part.

Offences of prejudicing investigations

87

(1) This regulation applies if a person (“P”) knows or suspects that an appropriate officer is acting (or proposing to act) in connection with an investigation into a potential contravention of a relevant requirement which is being or is about to be conducted.

(2) P commits an offence if—

(a) P makes a disclosure which is likely to prejudice the investigation; or

(b) P falsifies, conceals, destroys or otherwise disposes of, or causes or permits the falsification, concealment, destruction or disposal of, documents which are relevant to the investigation.

(3) P does not commit an offence under paragraph (2)(a) if—

(a) P does not know or suspect that the disclosure is likely to prejudice the investigation;

(b) the disclosure is made in the exercise of a function under these Regulations, or in compliance with a requirement imposed by or under these Regulations;

(c) the disclosure is made in the exercise of a function, or in compliance with a requirement imposed, by or under the Terrorism Act 2000 ;

(d) the disclosure is made in the exercise of a function, or in compliance with a requirement imposed, by or under the Proceeds of Crime Act 2002 ;

(e) the disclosure is made in the exercise of a function, or in compliance with a requirement imposed, under any Act relating to criminal conduct or benefit from criminal conduct; or

(f) P is a professional legal adviser and the disclosure falls within paragraph (6).

(4) Criminal conduct is conduct which—

(a) constitutes an offence in any part of the United Kingdom; or

(b) would constitute an offence in any part of the United Kingdom if it occurred there.

(5) A person benefits from conduct if that person obtains property as a result of or in connection with the conduct.

(6) Subject to paragraph (7), a disclosure falls within this paragraph if it is a disclosure—

(a) to (or to a representative of) a client of the professional legal adviser in connection with the giving by the adviser of legal advice to the client; or

(b) to any person in connection with legal proceedings or contemplated legal proceedings.

(7) A disclosure does not fall within paragraph (6) if it is made with the intention of furthering a criminal purpose.

(8) P does not commit an offence under paragraph (2)(b) if—

(a) P does not know or suspect that the documents are relevant in connection with the investigation; or

(b) P does not intend to conceal any facts disclosed by the documents from any appropriate officer acting in connection with the investigation.

(9) A person guilty of an offence under paragraph (2) is liable—

(a) on summary conviction—

(i) in England and Wales, to imprisonment for a term not exceeding three months, to a fine or to both,

(ii) in Scotland or Northern Ireland, to imprisonment for a term not exceeding three months, to a fine not exceeding the statutory maximum or to both;

(b) on conviction on indictment, to imprisonment for a term not exceeding two years or to a fine, or to both.

(10) For the purposes of this regulation—

“appropriate officer” means—an officer of the FCA, including a member of the FCA's staff or an agent of the FCA;an officer of Revenue and Customs;an employee or agent of a professional body listed in Schedule 1 who is authorised by the body to act on behalf of the body for the purposes of this Part; ora relevant officer;

“relevant officer” means—in Great Britain, an officer of a local weights and measures authority;in Northern Ireland, an officer of the Department for the Economy;acting pursuant to arrangements made with the FCA or with the Commissioners for the purposes of these Regulations.

Information offences

88

(1) A person (“P”) commits an offence if, in purported compliance with a requirement imposed on P by or under these Regulations, P provides information to any person which is false or misleading in a material particular, and—

(a) P knows that the information is false or misleading; or

(b) P is reckless as to whether the information is false or misleading.

(2) A person guilty of an offence under paragraph (1) is liable—

(a) on summary conviction—

(i) in England and Wales, to imprisonment for a term not exceeding three months, to a fine or to both,

(ii) in Scotland or Northern Ireland, to imprisonment for a term not exceeding three months, to a fine not exceeding the statutory maximum or to both;

(b) on conviction on indictment, to imprisonment for a term not exceeding two years or to a fine or to both.

(3) A person who discloses information in contravention of a relevant requirement is guilty of an offence and liable—

(a) on summary conviction—

(i) in England and Wales, to imprisonment for a term not exceeding three months, to a fine or to both,

(ii) in Scotland or Northern Ireland, to imprisonment for a term not exceeding three months, to a fine not exceeding the statutory maximum or to both;

(b) on conviction on indictment, to imprisonment for a term not exceeding two years or to a fine or to both.

(4) It is a defence for a person charged with an offence under paragraph (3) of disclosing information to prove that they reasonably believed—

(a) that the disclosure was lawful; or

(b) that the information had already and lawfully been made available to the public.

Proceedings: general

89

(1) Proceedings for an offence under these Regulations may be instituted by—

(a) order of the Commissioners;

(b) a local weights and measures authority;

(d) the Director of Public Prosecutions; or

(e) the Director of Public Prosecutions for Northern Ireland.

(2) Where proceedings under paragraph (1) are instituted by order of the Commissioners, the proceedings must be brought in the name of an officer of Revenue and Customs.

(3) A local weights and measures authority must, whenever the FCA or (where the authority is acting pursuant to arrangements made with the Commissioners) the Commissioners require, report in such form and with such particulars as the FCA or the Commissioners require on the exercise of its functions under these Regulations.

(4) Where the Commissioners investigate, or propose to investigate, any matter with a view to determining—

(a) whether there are grounds for believing that an offence under these Regulations has been committed by any person; or

(b) whether a person should be prosecuted for such an offence,

that matter is to be treated as an assigned matter within the meaning of section 1(1) of the Customs and Excise Management Act 1979 (interpretation) .

(5) Paragraphs (1) and (3) do not extend to Scotland.

(6) In its application to the Commissioners acting in Scotland, paragraph (4)(b) is to be read as referring to the Commissioners determining whether to refer the matter to the Crown Office and Procurator Fiscal Service with a view to the Procurator Fiscal determining whether a person should be prosecuted for such an offence.

Proceedings: jurisdiction

90

(1) Proceedings against any person for an offence under these Regulations may be taken before the appropriate court in the United Kingdom having jurisdiction in the place where that person is for the time being.

(2) Proceedings against any person for an offence under these Regulations which cannot be taken under paragraph (1) may be taken at any appropriate court in the United Kingdom.

(3) An offence falling under these Regulations which is committed wholly or partly outside the United Kingdom may for all incidental purposes be treated as having been committed within the jurisdiction of the court where proceedings were taken.

Proceedings: partnership or unincorporated association

91

(1) Proceedings for an offence alleged to have been committed by—

(a) a partnership must be brought in the name of the partnership; or

(b) an unincorporated association must be brought in the name of the association,

and not in that of its members.

(2) A fine imposed on—

(a) a partnership on its conviction of an offence is to be paid out of the funds of the partnership; and

(b) an unincorporated association on its conviction of an offence is to be paid out of the funds of the association.

(3) Rules of court relating to the service of documents are to have effect as if a partnership or unincorporated association were a body corporate.

(4) In proceedings for an offence brought against a partnership or an unincorporated association—

(a) section 33 of the Criminal Justice Act 1925 (procedure on charge of offence against corporation) and Schedule 3 to the Magistrates' Courts Act 1980 (corporations) apply as they do in relation to a body corporate; and

(b) section 18 of the Criminal Justice (Northern Ireland) Act 1945 (procedure on charge) and Schedule 4 to the Magistrates' Courts (Northern Ireland) Order 1981 (corporations) apply as they do in relation to a body corporate.

Offence by bodies corporate, partnership or unincorporated association

92

(1) If an offence under this Part committed by a body corporate is shown—

(a) to have been committed with the consent or the connivance of an officer of the body corporate; or

(b) to be attributable to any neglect on the part of an officer,

the officer (as well as the body corporate) is guilty of the offence and is liable to be proceeded against and punished accordingly.

(2) If the affairs of a body corporate are managed by its members, paragraph (1) applies in relation to the acts and defaults of a member in connection with their functions of management as if the member was a director of the body.

(3) If an offence under this Part committed by a partnership is shown—

(a) to have been committed with the consent or the connivance of an officer; or

(b) to be attributable to any neglect on the part of an officer,

that officer (as well as the partnership) is guilty of the offence and is liable to be proceeded against and punished accordingly.

(4) If an offence under this Part committed by an unincorporated association (other than a partnership) is shown—

(a) to have been committed with the consent or the connivance of an officer of the association; or

(b) to be attributable to any neglect on the part of an officer,

that officer (as well as the association) is guilty of the offence and is liable to be proceeded against and punished accordingly.

PART 10 — Appeals

CHAPTER 1 — Decisions of the FCA

Appeals against decisions of the FCA

93

(1) A person may appeal to the Upper Tribunal a decision by the FCA under—

(a) regulation 25(2), to issue a direction;

(b) regulation 59(1), to refuse to register an applicant;

(ca) regulation 74C(1), to impose a direction;

(d) regulation 76, to impose a penalty or publish a censuring statement;

(e) regulation 77, to take a measure set out in paragraph (2)(a) or (b) of that regulation;

(f) regulation 78(2), to impose a prohibition.

(2) The provisions of Part 9 of FSMA (hearings and appeals), apply, subject to the modifications set out in paragraph (3), in respect of appeals to the Upper Tribunal made under this regulation as they apply in respect of references made to that Tribunal under that Act.

(3) Part 9 of FSMA has effect as if—

(a) in section 133 (proceedings before Tribunal: general provision), in subsection (7A) , after paragraph (o) there were inserted—

(p) a decision to take action under any of regulations 76 to 78 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

; and

(b) for section 133A there were substituted—

(133A) (1) The action specified in a decision notice given under regulation 81(6) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 must not be taken— (a) during the period within which the matter to which the notice relates may be referred to the Tribunal under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017; and (b) if the matter is so referred, until the reference, and any appeal against the Tribunal's determination, has been finally disposed of. (2) The Tribunal may, on determining a reference under these Regulations in respect of a decision of the FCA, make recommendations as to its regulating provisions or its procedures.

CHAPTER 2 — Decisions of the Commissioners

Offer of review

94

(1) The Commissioners must offer a person (“P”) a review of a decision that has been notified to P if an appeal lies under this Chapter in respect of the decision.

(2) The offer of a review must be made by notice given to P at the same time as the decision is notified to P.

(3) This regulation does not apply to the notification of the conclusions of a review.

Review by the Commissioners

95

(1) The Commissioners must review a decision if—

(a) they have offered a review of the decision under this Chapter, and

(b) the person concerned (“P”) notifies the Commissioners that P accepts the offer within 30 days from the date of the notice of the offer of a review.

(2) P may not notify acceptance of the offer where P has already appealed against the decision to the tribunal under regulation 100.

(3) The Commissioners must not review a decision if P has appealed to the tribunal under regulation 100 in respect of the decision.

Extensions of time

96

(1) If under this Chapter the Commissioners have offered a person (“P”) a review of a decision the Commissioners may within the relevant period notify P that the relevant period is extended.

(2) If notice is given, the relevant period is extended to the end of 30 days from—

(a) the date of the notice; or

(b) any other date set out in the notice or a further notice.

(3) More than one notice may be given under paragraph (1).

(4) In this regulation, “relevant period” means—

(a) the period of 30 days referred to in regulation 95(1)(b); or

(b) in the case where one or more notices have already been given under paragraph (1) the period as extended (or as most recently extended) in accordance with paragraph (2).

Review out of time

97

(1) This regulation applies if—

(a) the Commissioners have offered a review of a decision under this Chapter to a person (“P”); and

(b) P does not accept the offer within the time allowed under regulation 95(1)(b) or 96(2).

(2) The Commissioners must review the decision if—

(a) after the time allowed, P notifies the Commissioners in writing requesting a review out of time;

(b) the Commissioners are satisfied that P had a reasonable excuse for not accepting the offer of a review within the time allowed; and

(c) the Commissioners are satisfied that P made the request without unreasonable delay after the excuse had ceased to apply.

Nature of review etc

98

(1) This regulation applies if the Commissioners are required to undertake a review under regulation 95 or 97.

(2) The nature and extent of the review are to be such as appear appropriate to the Commissioners in the circumstances.

(3) For the purpose of paragraph (2), the Commissioners must, in particular, have regard to steps taken before the beginning of the review—

(a) by the Commissioners in reaching the decision; and

(b) by any person in seeking to resolve disagreement about the decision.

(4) The review must take account of any representations made by the person (“P”) at a stage which gives the Commissioners a reasonable opportunity to consider them.

(5) The review may conclude that the decision is to be—

(a) upheld;

(b) varied; or

(6) The Commissioners must give P notice of the conclusions of the review and their reasoning within—

(a) a period of 45 days beginning with the relevant date; or

(b) such other period as the Commissioners and P may agree.

(7) In paragraph (6), “relevant date” means—

(a) in a case falling within regulation 95, the date the Commissioners received notification accepting the offer of a review from P; or

(b) in a case falling within regulation 97, the date on which the Commissioners decided to undertake the review.

(8) Where the Commissioners are required to undertake a review but do not give notice of the conclusions within the time period specified in paragraph (6), the review is to be treated as having concluded that the decision is upheld.

(9) If paragraph (8) applies, the Commissioners must notify P of the conclusion which the review is treated as having reached.

Appeals against decisions of the Commissioners

99

(1) A person may appeal to the tribunal in accordance with regulation 100 if the person is the subject of a decision by the Commissioners under—

(a) regulation 25(2), to issue a direction;

(b) regulation 58, to the effect that a person is not a fit and proper person (unless the decision is required by virtue of paragraph (3) of that regulation);

(d) regulation 60, to suspend or cancel the registration of a registered person;

(e) regulation 76, to impose a penalty or publish a censuring statement;

(f) regulation 78(2), to impose a prohibition.

(2) The provisions of Part 5 of the Value Added Tax Act 1994 (appeals), subject to the modifications set out in paragraph (3), apply in respect of appeals to the tribunal made under this regulation as they apply in respect of appeals made to the tribunal under section 83 of that Act (appeals) .

(3) Part 5 of the Value Added Tax Act 1994 has effect as if sections 83A to 84 , 85A and 85B (appeals and reviews) were omitted.

(4) The tribunal hearing an appeal under paragraph (1) has the power to—

(a) quash or vary any decision of the Commissioners, including the power to reduce any penalty to such amount (including nil) as the tribunal thinks appropriate; and

(b) substitute the tribunal's own decision for any decision quashed on appeal.

(5) For the purpose of an appeal under this regulation, the meaning of “tribunal” is as defined in section 82 of the Value Added Tax Act 1994 (meaning of tribunal) .

Appeals against decisions of the Commissioners: procedure

100

(1) Subject to paragraphs (2) to (4), an appeal under regulation 99 is to be made to the tribunal before—

(a) the end of the period of 30 days beginning with the date of the notice notifying the decision to which the appeal relates; or

(b) if later, the end of the relevant period (within the meaning of regulation 96).

(2) In a case where the Commissioners are required to undertake a review under regulation 95—

(a) an appeal may not be made until the conclusion date; and

(b) any appeal is to be made within the period of 30 days beginning with the conclusion date.

(3) In a case where the Commissioners are requested to undertake a review in accordance with regulation 97—

(a) an appeal may not be made—

(i) unless the Commissioners have notified the person concerned (“P”) as to whether or not a review will be undertaken; and

(ii) if the Commissioners have notified P that a review will be undertaken, until the conclusion date;

(b) any appeal where sub-paragraph (a)(ii) applies is to be made within the period of 30 days beginning with the conclusion date; and

(c) if the Commissioners have notified P that a review will not be undertaken, an appeal may be made only if the tribunal gives permission to appeal.

(4) In a case where regulation 98(8) applies, an appeal may be made at any time from the end of the period specified in regulation 98(6) to the date 30 days after the conclusion date.

(5) An appeal may be made after the end of the period specified in paragraph (1), (2)(b), 3(b) or (4) if the tribunal gives permission to appeal.

(6) In this regulation, “conclusion date” means the date of the notice notifying the conclusions of the review.

PART 11 — Miscellaneous Provisions

Recovery of charges and penalties through the court

101

Any charge or penalty imposed on a relevant person or on a payment service provider by the FCA or the Commissioners under these Regulations is a debt due from that person to the FCA or the Commissioners respectively, and is recoverable accordingly.

Costs of supervision

102

(1) The FCA and the Commissioners may impose charges on—

(a) applicants for approval under Chapter 3 of Part 2;

(b) applicants for registration under Chapter 2 of Part 6;

(d) payment service providers supervised by them;

(e) professional bodies listed in Schedule 1, for which they undertake enforcement action in relation to relevant persons supervised by those professional bodies.

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