(1) If the FCA considers that -

(a) a financial counterparty;

(b) a non-financial counterparty; or

(c) any other person,

has contravened a relevant requirement imposed on it, the FCA may publish a statement to that effect or impose on it a penalty, in respect of the contravention, of such amount as it considers appropriate.

(2) If the FCA considers that -

(a) a financial counterparty;

(b) a non-financial counterparty; or

(c) any other person,

has in purported compliance with a requirement imposed on it under regulation 7 or 8 knowingly or recklessly given the FCA information which is false or misleading in a material particular, the FCA may publish a statement to that effect or impose on it a penalty of such amount as it considers appropriate.

(3) Where the FCA has imposed a penalty under paragraph (1) or (2), it must in addition publish a statement to that effect unless such disclosure would seriously jeopardise the financial markets or cause disproportionate damage to the parties involved.

(4) A penalty under paragraph (1) or (2) is payable to the FCA.