[Part 3 Penalties and Fees]

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In determining its policy with respect to the amounts of penalties to be imposed by it under this Act, the PRA must take no account of the expenses which it incurs, or expects to incur, in discharging its functions.

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(1)     The PRA must in respect of each of its financial years pay to the Treasury its penalty receipts after deducting its enforcement costs.

(2)     The PRA's “penalty receipts” in respect of a financial year are any amounts received by it during the year by way of penalties imposed under this Act.

(3)     The PRA's “enforcement costs” in respect of a financial year are the expenses incurred by it during the year in connection with—

(a)     the exercise, or consideration of the possible exercise, of any of its enforcement powers in particular cases, or

(b)     the recovery of penalties imposed under this Act.

(4)     For this purpose the PRA's enforcement powers are—

(a)     its powers under any of the provisions mentioned in section 133(7A),

(b)     its powers under section 56 (prohibition orders),

(c)     its powers under Part 25 of this Act (injunctions and restitution),

(d)     its powers under any other enactment specified by the Treasury by order,

(e)     its powers in relation to the investigation of relevant offences, and

(f)     its powers in England and Wales or Northern Ireland in relation to the prosecution of relevant offences.

(5)     “Relevant offences” are—

(a)     offences under FSMA 2000,

(b)     offences under subordinate legislation made under that Act, and

(c)     any other offences specified by the Treasury by order.

(6)     The Treasury may give directions

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