SCHEDULES
SCHEDULE 13Ownership of licensed bodies
Part 3Approval of restricted interests after licence is issued
Powers of licensing authority in relation to change of interests
Offences in connection with paragraph 21
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1
It is an offence for a non-authorised person, who under paragraph 21(2) is required to notify the licensed body and the relevant licensing authority of a proposal to take a step, to take the step, unless the relevant licensing authority has approved the investor's holding of the notifiable interest under paragraph 27 or 28.
2
If paragraph 22(3) applies, the reference in sub-paragraph (1) to paragraph 21(2) is to be read as a reference to paragraph 23(2).
3
A person who is guilty of an offence under sub-paragraph (1) is liable—
a
on summary conviction, to a fine not exceeding the statutory maximum, and
b
on conviction on indictment, to a term of imprisonment not exceeding 2 years or a fine (or both).