(1) If the FCA considers that -

(a) a non-authorised counterparty, participant or any other person has contravened a relevant requirement imposed on it; or

(b) a non-authorised counterparty or participant has contravened a requirement imposed by or under the CSD regulation,

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

(2) If the FCA considers that a non-authorised counterparty, participant or any other person has in purported compliance with a relevant requirement 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 published a statement or imposed a penalty under paragraph (1) or (2), it must comply with the requirements of Article 62 of the CSD regulation.