(1) Paragraph (2) applies if a designated supervisory authority is satisfied that any person ("P") has contravened a relevant requirement imposed on that person.
(2) A designated supervisory authority may do one or both of the following -
(a) impose a penalty of such amount as it considers appropriate on P;
(b) publish a statement censuring P.
(3) If a designated supervisory authority considers that another person who was at the material time an officer of P was knowingly concerned in a contravention of a relevant requirement by P, the designated supervisory authority may impose on that person a penalty of such amount as it considers appropriate.
(4) A designated supervisory authority must not impose a penalty on P under this regulation for contravention of a relevant requirement if the authority is satisfied that P took all reasonable steps and exercised all due diligence to ensure that the requirement would be complied with.
…