(1) The functions of the Authority under these Regulations are to be treated for the purposes of paragraph 23 of Part 3 of Schedule 1ZA to the 2000 Act (fees) as functions conferred on the Authority under that Act.

(2) The 2000 Act applies in relation to those functions with the following modifications -

(a) section 1B(5)(a) (regulatory principles to be applied by FCA) does not apply to the making of rules under paragraph 23 of Part 3 of Schedule 1ZA by virtue of this regulation;

(b) rules made under paragraph 23 of Part 3 of Schedule 1ZA by virtue of this regulation are not to be treated as regulating provisions for the purposes of section 140A(1) (competition scrutiny: interpretation); and

(c) paragraph 23(7) of Part 3 of Schedule 1ZA are omitted.

(3) The Authority must in respect of each of its financial years pay to the Treasury any amounts received by it during the year by way of penalties imposed under regulation 6.