Financial Services and Markets Act 2000

Changes over time for: Section 398

Version Superseded: 31/12/2020

Status:

Point in time view as at 28/12/2020. This version of this provision has been superseded.

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Changes to legislation:

Financial Services and Markets Act 2000, Section 398 is up to date with all changes known to be in force on or before 16 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

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398 Misleading [F1FCA or PRA]: residual cases.U.K.

This adran has no associated Nodiadau Esboniadol

(1)A person who, in purported compliance with any requirement [F2falling within subsection (1A)] knowingly or recklessly gives [F3a regulator] information which is false or misleading in a material particular is guilty of an offence.

[F4(1A)A requirement falls within this subsection if it is imposed by or under—

(a)this Act;

(b)the Alternative Investment Fund Managers Regulations 2013;

[F5(ba)the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701);]

(c)the short selling regulation;

(d)Regulation (EU) No 345/2013 of the European Parliament and the Council of 17 April 2013 on European venture capital funds; F6...

(e)Regulation (EU) No 346/2013 of the European Parliament and the Council of 17 April 2013 on European social entrepreneurship funds. [F7; F8...]

[F9(ea)any directly applicable EU regulation made under the markets in financial instruments directive;

(eb)the markets in financial instruments regulation and any directly applicable EU regulation made under it; or]

[F10(f)Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29th April 2015 on European Long-term Investment Funds F11...] [F12; F13...

(g)the market abuse regulation.] F14...

[F15(h)the EU Benchmarks Regulation 2016.] [F16; F17...]

[F18(i)the MMF Regulation.] [F19; or]

[F20(j)the prospectus regulation (as defined by section 103).]]

(2)Subsection (1) applies only to a requirement in relation to which no other provision of this Act creates an offence in connection with the giving of information.

(3)A person guilty of an offence under this section is liable—

(a)on summary conviction, to a fine not exceeding the statutory maximum;

(b)on conviction on indictment, to a fine.

Textual Amendments

F1Words in s. 398 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 36(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F2Words in s. 398(1) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 30(a)

F3Words in s. 398(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 36(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F4S. 398(1A) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 30(b)

F5S. 398(1A)(ba) inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 48(a) (with reg. 7) (as amended (2.1.2018) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017 (S.I. 2017/1255), regs. 2(a), 36)

F6Word in s. 398(1A)(d) omitted (3.12.2015) by virtue of The European Long-term Investment Funds Regulations 2015 (S.I. 2015/1882), regs. 1, 3(4)(a)

F7Word in s. 398(1A)(e) inserted (3.12.2015) by The European Long-term Investment Funds Regulations 2015 (S.I. 2015/1882), regs. 1, 3(4)(b)

F8Word in s. 398(1A) omitted (3.7.2016) by virtue of The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 10(19)(a)

F9S. 398(1A)(ea)(eb) inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 48(c) (with reg. 7)

F10S. 398(1A)(f) inserted (3.12.2015) by The European Long-term Investment Funds Regulations 2015 (S.I. 2015/1882), regs. 1, 3(4)(c)

F11Full-stop in s. 398(1A)(f) omitted (3.7.2016) by virtue of The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 10(19)(b)

F12S. 398(1A)(g) and word inserted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 10(19)(b)

F13Word in s. 398(1A)(f) omitted (27.2.2018) by virtue of The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 48(2)

F14Word in s. 398(1A)(g) omitted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by virtue of The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(16)(a)

F15S. 398(1A)(h) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 48(4)

F16Word in s. 398(1A)(h) inserted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(16)(b)

F17Word in s. 398(1A)(h) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 34(2)(a) (with reg. 40)

F18S. 398(1A)(i) inserted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(16)(c)

F19Word in s. 398(1A)(i) inserted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 34(2)(b) (with reg. 40)

F20S. 398(1A)(j) inserted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 34(2)(c) (with reg. 40)

Modifications etc. (not altering text)

C1Pt. 27 modified (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 1 para. 23 (with reg. 7)

C2Pt. 27 applied (with modifications) (3.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Data Reporting Services Regulations 2017 (S.I. 2017/699), regs. 1(2)(a)(b), 38

C3S. 398 extended (1.12.2001) by S.I. 2001/3646, arts. 1(2), 3(3)(b)(4)

S. 398 excluded (1.12.2001) by S.I. 2001/3646, arts. 1(2), 2(6)

C4S. 398 modified (18.7.2002 for certain purposes and 21.8.2002 otherwise) by The Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (S.I. 2002/1775), regs. 1, 12(2)

C5S. 398 applied (with modifications) (7.6.2010) by The Credit Rating Agencies Regulations 2010 (S.I. 2010/906), reg. 25

C6S. 398 applied (1.11.2012) by The Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 (S.I. 2012/2554), regs. 1(1), 5(5)

C7S. 398 applied (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), regs. 1(2), 45

C8S. 398 modified (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), arts. 1(5), 23(1)(e) (with Pt. 4)

C9S. 398 applied (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 6(5)

C10S. 398 applied (18.9.2016) by The Payment Accounts Regulations 2015 (S.I. 2015/2038), reg. 1(2)(b), Sch. 7 para. 5

C11S. 398 applied (with modifications) (1.1.2018) by The Packaged Retail and Insurance-based Investment Products Regulations 2017 (S.I. 2017/1127), reg. 1, Sch. 1 para. 7(1)

C12S. 398 applied (14.11.2018) by The Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (S.I. 2018/1184), regs. 1(3), 23

C13S. 398 modified (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 55(8)

C14S. 398 applied (7.12.2018) by The Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 (S.I. 2018/1318), regs. 1(2), 20 (as amended (27.11.2020) by S.I. 2020/1385, regs. 1(2), 47(3))

C15S. 398 applied (1.1.2019) by The Securitisation Regulations 2018 (S.I. 2018/1288), reg. 1, Sch. 1 para. 8(1) (with reg. 11, Sch. 1 paras. 13, 14)

C16S. 398 applied (22.2.2019) by The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/341), regs. 1(2), 20 (with reg. 21)

C17S. 398 applied (with modifications) (30.9.2020) by The Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020 (S.I. 2020/1055), regs. 1(2), 6(1)(2)(4)

C18S. 398 applied (27.11.2020) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(2), 25

C19S. 398 applied by S.I. 2020/1055, reg. 6A (as inserted (27.11.2020) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(2), 70(3))

C20S. 398 applied (27.11.2020) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(2), 34