MIR 2.12.3

Past version: effective from 21/10/2015 - 20/10/2015
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Where arrangements include provision for requiring the payment of financial penalties, they must include arrangements for ensuring that any amount so paid is applied only in one or more of the following ways:

(a) towards meeting expenses incurred by the Recognised Body in the course of the investigation of the breach in respect of which the penalty is paid, or in the course of any appeal against the decision of the Recognised Body in relation to that breach;
(b) for the benefit of users of the Recognised Body's facilities; or
(c) for charitable purposes.