The Agenda for the January sitting of Tynwald in the Isle of Man includes these Regulations which will enable the FSA to impose civil penalties where a person has contravened certain provisions of the Beneficial Ownership Act 2017. A £5,000 penalty will be available where there is a failure to disclose beneficial ownership information on receipt of a notice to do so; or in knowingly or recklessly providing information that is false or misleading in a material particular. A 30% reduction is possible where the person remedies the contravention and pays the civil penalty in full within 14 days of notice of the penalty. The Act already provides for criminal penalties for certain offences under the Act. The Regulations have effect from 1st February.