[(1) If the [appropriate regulator] is satisfied that—
(a) a person (“P”) has at any time performed a controlled function without approval, and
(b) at that time P knew, or could reasonably be expected to have known, that P was performing a controlled function without approval,
it may impose a penalty on P of such amount as it considers appropriate.
(2) For the purposes of this section P performs a controlled function without approval at any time if at that time—
(a) P performs a controlled function under an arrangement entered into
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