UK Offence Report

Penalties under implementing regulations

article 340 of The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

This offence was read from the text as made, and no revised version was available, so a later revocation could not be ruled out. Check the current text at legislation.gov.uk.

What the provision says

340 In section 70(2) of the Criminal Justice Act 1993 (penalties under implementing regulations), for “under sections 39, 40 and 41 of the Banking Act 1987” substitute “punishable on summary conviction under section 177 of the Financial Services and Markets Act 2000”.

Text as made, from legislation.gov.uk. © Crown copyright, reused under the Open Government Licence v3.0. This is the text as originally made; later amendments are not shown here.

Who it binds, and what has to be proved

Binds
a person
Conduct
dealing with funds or making them available in breach of sanctions
Fault element
Strict liability
Burden of proof
No statutory defence — prosecution proves everything

The prosecution must prove that the conduct happened. This is a strict liability offence as drafted: the provision uses no word of intention, knowledge, recklessness or negligence, so there is no need to show that a person meant to do it, knew about it, or was careless.

Intention, knowledge and carelessness are irrelevant to guilt. They may still matter a great deal to sentence.

The provision states no defence, so the prosecution bears the burden on every element of the offence.

Classifier’s reasoning: no word of intention, knowledge, recklessness or negligence in the offence or its provision.

What would breach article 340?

These are illustrations, not law. They are generated from the provision’s own words to show the shape of the offence. Whether any particular conduct is caught depends on the full text, on any amendment since, and on the facts.

  1. Moving, converting or paying away funds that belong to a designated person under the Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001, without a licence from the Treasury.
  2. Making funds or economic resources available to a designated person - which includes paying a third party who will pass on the benefit.
  3. Dealing with an asset in ignorance of the designation is still caught where the provision imposes no knowledge requirement; check the fault element stated below before assuming otherwise.

Penalty

Mode of trial
Summary only — tried in a magistrates’ court
Maximum fine
Not determined
Maximum prison (summary)
Not determined

No penalty was determined from this instrument. It may be in the enabling Act, or in a general penalties provision this pass did not connect to the offence. Absence of a figure here is not evidence that the offence carries no penalty.

Sentencing

Offences of this kind are usually sentenced under the guidelines below. This is a mapping by subject, not a finding about this provision, and the links go to a search of the Sentencing Council’s own site.

Prosecution figures

No published per-offence figure was found for this provision, and it could not be matched to a Ministry of Justice offence code. Offences created by statutory instrument very largely do not have one. Absence of a figure is not evidence that the offence is unused.

Status and lifecycle

Current status
Status not determined
Made
9 November 2001
In force from
Not determined
Extent
Not stated

How this was established: read from the text as made; no revised version available, so later revocation could not be ruled out.

What the instrument is for

(This note is not part of the Regulations) — the explanatory note published with the instrument, © Crown copyright.

(This Note does not form part of the Order) This Order sets out the amendments to primary and secondary legislation consequential on the coming into force of the Financial Services and Markets Act 2000 (c. 8) (“FSMA”). The large majority of the amendments are needed as a result of the principal repeals and revocations made by article 3. All references in other legislation to the enactments repealed here, or to expressions used in those enactments, have been amended in the subsequent provisions of the Order so that they refer to the appropriate provision or expression under FSMA. Part 1 of the Order provides for the Order to come into force on 1st December 2001, the date on which the main provisions of FSMA come into force in accordance with the Financial Services and Markets Act 2000 (Commencement No. 7) Order 2001 (S.I. 2001/3528 (C. 115)). Article 3 repeals the legislation which established the regulatory regimes which are replaced by FSMA. Part 2 of the Order makes amendments to the Companies Acts and the corresponding Northern Ireland Orders. Part 3 amends enactments relating to pensions and the corresponding Northern Ireland provisions. Parts 4 and 5 amend the Bank of England Act 1998 (c. 11) and the Consumer Credit Act 1974 (c. 39) respectively. Part 6 amends primary and secondary legislation relating to mutuals societies. Some of these provisions are consequent upon the dissolution of the bodies referred to in Part III of the Financial Services and Markets Act 2000 (Mutual Societies) Order 2001 (S.I. 2001/2617) and the transfer of their functions to the Financial Services Authority. Schedule 3 to that Order made most of the amendments needed as a result of the dissolution of those bodies but further amendments are included here. A small number of the articles in this Part replaces provisions in Schedule 3 to the Mutual Societies Order by amending provisions which are amended by Schedule 3 and revoking the relevant provisions in that Schedule. Part 7 of the Order amends primary and secondary legislation in Scotland. Part 8 amends other primary legislation not covered elsewhere in the Order and Part 9 amends secondary legislation. Amendments to enactments dealing with taxation are made by the Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629) which also comes into effect on 1 December 2001.

Read the full note and every offence in this instrument

What Parliament said

Mentions of this instrument in Hansard. Parliamentary material is reused under the Open Parliament Licence v3.0.

How this was identified as an offence

Everything above rests on the judgement that this provision creates a criminal offence, rather than mentioning one. That judgement is made by rule, from the words of the provision, and this is the rule that made it — with a confidence of 0.60.

Basis
the provision says the conduct is “punishable”
Confidence
0.60 of 1.00

A provision that states a penalty for an offence created elsewhere can read very like one that creates an offence, and the rules can mistake the one for the other. If the text quoted above sets a penalty for something made an offence by another provision, treat the classification on this page with that in mind, and read the instrument.

Check the source