(1) The appropriate regulator may impose a penalty on a person if it is satisfied that -
(a) the person has at any time performed a designated senior management function without approval, and
(b) at that time the person knew, or could reasonably be expected to have known, that they were performing a designated senior management function without approval.
(2) The penalty may be of such amount as the appropriate regulator considers appropriate.
(3) A person performs a designated senior management function without approval at a time if -
(a) the person performs a designated senior management function under an arrangement entered into by a relevant recognised body, or by a contractor of a relevant recognised body, in relation to the carrying on of an activity by the body, and
(b) when performing the function, the person is not acting in accordance with an approval given under section 309G.
(4) The appropriate regulator may not impose a penalty on a person under this section after the end o
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