§ 463 — Financial penalty for non‑compliance with class licence conditions

463.—(1) If IPOS finds that a licensed CMO has contravened any of its class licence conditions, IPOS may, by written notice, impose —(a)

a financial penalty not exceeding $20,000 on the CMO; and

(b)

a financial penalty not exceeding $20,000 on each officer of the CMO that IPOS considers to be responsible for the contravention.

(2) Before imposing a financial penalty on a person under subsection (1), IPOS must give the person an opportunity to make representations in accordance with the prescribed procedure.

(3) A financial penalty imposed under subsection (1) is recoverable as a fine.

(4) Financial penalties collected under subsection (1) must be paid into the Consolidated Fund.

—(1) If IPOS finds that a licensed CMO has contravened any of its class licence conditions, IPOS may, by written notice, impose —(a)

a financial penalty not exceeding $20,000 on the CMO; and

(b)

a financial penalty not exceeding $20,000 on each officer of the CMO that IPOS considers to be responsible for the contravention.

(2) Before imposing a financial penalty on a person under subsection (1), IPOS must give the person an opportunity to make representations in accordance with the prescribed procedure.

(3) A financial penalty imposed under subsection (1) is recoverable as a fine.

(4) Financial penalties collected under subsection (1) must be paid into the Consolidated Fund.