(1) This section applies if a regulator is satisfied that a person who is or has been a qualifying parent undertaking ("P") has contravened -
(a) a requirement of a direction given to P by that regulator under section 192C,
(b) a provision of rules made by that regulator under section 192J or 192JB, or
(c) a requirement imposed by a qualifying provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order
(1A) This section also applies if a regulator is satisfied that a person ("P") who is or has been a parent undertaking of a ring-fenced body has contravened a provision of rules made by that regulator under section 192JA.
(2) The regulator may impose a penalty of such amount as it considers appropriate on -
(a) P, or
(b) any person who was knowingly concerned in the contravention.
(3) The regulator may, instead of imposing a penalty on a person, publish a statement censuring the person.
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