s.20Duty to issue penalty notice
20
Section 20Part 6 — Enforcement: Civil Penalties

Duty to issue penalty notice

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The Financial Reporting Authority shall, before imposing a penalty against a person under section 19, give notice to the person —
stating its intention to impose the penalty;
stating the reasons for the intention to impose the penalty;
stating the amount proposed to be imposed as the penalty; and
inviting the person to make any representation he wishes.
A notice issued under subsection (1) shall require the person to whom it relates to submit his representation, if any, within a period of twenty-eight days from the date indicated on the notice.
Where the Financial Reporting Authority receives a representation under this section, it shall consider the representation and —
confirm the amount of the proposed penalty;
vary the penalty to be imposed in such manner as it considers fit; or
withdraw the penalty proposed to be imposed.
Where the Financial Reporting Authority varies or withdraws a proposed penalty under paragraph (b) or (c), as the case may be, it may take further steps, if any, in consequence of the variation or withdrawal as it considers appropriate.
The Financial Reporting Authority shall notify the person of its decision under subsection (3) and, where it varies or withdraws the proposed penalty, of the further steps, if any, it has taken in relation to the person.
The Financial Reporting Authority shall, by the notice under subsection (5), advise the person of his right of appeal under section 21.
Where the Financial Reporting Authority imposes a penalty under subsection (3)(a) or (b), it shall require the person to pay to the Financial Reporting Authority the penalty imposed within such period as the Financial Reporting Authority may determine.
Where the Financial Reporting Authority varies a penalty under subsection (3)(b), the application of subsection (7) is without prejudice to any further steps that the Financial Reporting Authority may take under subsection (5).
Where the Financial Reporting Authority does not receive a representation in relation to a notice it has issued under this section, it shall proceed to impose such penalty as it considers appropriate.
A notice issued under this section may, at the written request of the person against whom it is issued, be extended by the Financial Reporting Authority for a period not exceeding an additional seven days.

Cross References