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Regulatory Enforcement and Sanctions Bill [HL]

Clause 51 begins, ““Provision under section 40””, which is where discretionary requirements appear in the Bill. By that stage, we have dealt with fixed monetary penalties, which are not what we describe as a discretionary requirement, so it does not apply to fixed monetary penalties. One of the considerations that will have to be made by the regulator in deciding what course to take is his realisation that if he goes down the fixed monetary penalty route he will not be able to recover costs.