• MIR 6.10 MIR 6.10 Disciplinary measures

    • MIR 6.10.1

      If the Regulator considers that a Recognised Body has contravened a requirement imposed by the Regulator, or under any provision of the Act whose contravention constitutes an offence the Regulator has power to prosecute, it may:

      (a) publish a statement to that effect; or
      (b) impose on the body a financial penalty of such amount as it considers appropriate.

    • MIR 6.10.2

      The procedures and policies which the Regulator will follow if it proposes to publish a statement or to impose a penalty, and if it decides to publish such statement or impose such penalty, are set out in FSMR.

    • MIR 6.10.3

      In exercising or deciding whether to exercise its power to impose a penalty, the Regulator will also have regard to any statement of policy published under this section and in force at a time when the contravention in question occurred.

    • MIR 6.10.4

      If the Regulator considers that a qualifying parent undertaking of a Recognised Body has contravened a requirement of a direction given by the Regulator, or a provision of rules made by the Regulator, it may:

      (a) impose a penalty of such amount as it considers appropriate on the qualifying parent undertaking of the Recognised Body, or any Person who was knowingly concerned in the contravention; or
      (b) publish a statement censuring the Person.

    • MIR 6.10.5

      The procedures which the Regulator will follow if it proposes to take action, and if it decides to take action against a Person, are set out in FSMR.

    • MIR 6.10.6

      In exercising or deciding whether to exercise its power to impose a penalty or publish a statement of censure, the Regulator will also have regard to any statement of policy published under this section and in force at a time when the contravention in question occurred.