| |
PART 3
Designation of Credit Institutions
|
|
|
Offence to carry on asset covered securities business without designation by Authority.
|
12.—(1) A person shall not—
|
|
| |
(a) purport to issue mortgage covered securities in accordance with this Act,
|
|
| |
(b) represent or advertise that the person is a designated mortgage credit institution, or is authorised by this Act to carry on a business involving the issue of mortgage covered securities, or
|
|
| |
(c) claim to have the benefits conferred on designated mortgage credit institutions by or under this Act,
|
|
| |
unless the person is registered as a designated mortgage credit institution in accordance with this Part.
|
|
| |
(2) A person shall not—
|
|
| |
(a) purport to issue public credit covered securities in accordance with this Act,
|
|
| |
(b) represent or advertise that the person is a designated public credit institution, or is authorised by this Act to carry on a business involving the issue of public credit covered securities, or
|
|
| |
(c) claim to have the benefits conferred on designated public credit institutions by or under this Act,
|
|
| |
unless the person is registered as a designated public credit institution in accordance with this Part.
|
|
| |
(3) A person who contravenes subsection (1) or (2) commits an offence and is liable—
|
|
| |
(a) on conviction on indictment, to a fine not exceeding €250,000 (£196,891), or
|
|
| |
(b) on summary conviction, to a fine not exceeding €1,900 (£1,496.37).
|
