reg 35 Disciplinary powers
(1) The Authority may take action against a person under this regulation if— (a) it appears to the Authority that the person is guilty of misconduct; and (b) the Authority is satisfied that it is appropriate in all the circumstances to take action against the person. (2) For the purposes of this regulation, a person (“B”) is guilty of misconduct if— (a) B has at any time been a manager in relation to a payment service provider; (b) there has at that time been (or continued to be) a contravention of a requirement of these Regulations by the payment service provider; and (c) B was at that time responsible for the management of any of the payment service provider’s activities in relation to which the contravention occurred. (3) But B is not guilty of misconduct by virtue of paragraph (2) if B satisfies the Authority that B had taken such steps as a person in B’s position could reasonably be expected to take to avoid the contravention occurring (or continuing). (4) If the Authority is entitled to take action under this regulation against B, it may— (a) impose a penalty upon B of such amount as it considers appropriate; (b) publish a statement of the B’s misconduct.