(1) If the FCA finds that a person is failing or has failed to comply with the person’s obligations under an applicable provision, it may impose on that person a penalty of such amount as it considers appropriate.
(2) If, in the case of a contravention by a person (P) of an applicable provision, the FCA considers that a person who was at the material time a relevant officer of P was knowingly concerned in the contravention, it may impose on that person a penalty of such amount as it considers appropriate.
(3) In this regulation -
"an applicable provision" means -
(a) a provision of these Regulations, or
(b) a provision of regulated market admission rules or of designated activity rules made by virtue of regulation 15 or 17;
"relevant officer" of a person means -
(a) a director or other similar officer of the person, or
(b) if the affairs of the person are managed by its members, a member of the person.