Section 7 (1) (c) (v) of the FSA relates to the power of the Commission to impose administrative penalties (“APs”) on licensees as an administrative sanction. To ensure appropriate use of this power, the Commission intends to establish a framework based on which it will impose APs for breaches of legislation as well as Rules, Regulations and Guidelines made thereunder including Licensing Conditions. APs will thus complement the existing panoply of administrative sanctions available to the Commission.
This Consultation Paper (“CP”) sets out the proposed approach to be taken by the Commission in relation to APs.
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