Financial Services and Markets Act 2000

Miscellaneous offences U.K.

F1 397 Misleading statements and practices. U.K.

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Textual Amendments

F1 S. 397 repealed (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 95, 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

398 Misleading [F2 FCA or PRA]: residual cases. U.K.

(1) A person who, in purported compliance with any requirement [F3 falling within subsection (1A)] knowingly or recklessly gives [F4 a regulator] information which is false or misleading in a material particular is guilty of an offence.

[F5 (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;

(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 ; or]

[F8 (f) Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29th April 2015 on European Long-term Investment Funds.]

(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

F2 Words 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.

F3 Words 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)

F4 Words 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.

F5 S. 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)

F6 Word 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)

F7 Word 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)

F8 S. 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)

Modifications etc. (not altering text)

C1 S. 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)

C2 S. 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)

C3 S. 398 applied (with modifications) (7.6.2010) by The Credit Rating Agencies Regulations 2010 (S.I. 2010/906), reg. 25

C4 S. 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)

C5 S. 398 applied (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), regs. 1(2), 45

C6 S. 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)

C7 S. 398(1)(3) applied (1.12.2001) by S.I. 1995/1537, reg. 23(5) (as amended (1.12.2001) by S.I. 2001/3649, arts. 1, 509(f))

C8 S. 398(1)(3) applied (6.3.2008) by The Regulated Covered Bonds Regulations 2008 (S.I. 2008/346), reg. 38(1)

399 Misleading [F9 the CMA]. U.K.

Section 44 of the M1 Competition Act 1998 (offences connected with the provision of false or misleading information) applies in relation to any function of [F10 the Competition and Markets Authority] under this Act as if it were a function under Part I of that Act.

Textual Amendments

F9 Words in s. 399 heading substituted (1.4.2014) by The Enterprise and Regulatory Reform Act 2013 (Competition) (Consequential, Transitional and Saving Provisions) Order 2014 (S.I. 2014/892), art. 1(1), Sch. 1 para. 130(b) (with art. 3)

F10 Words in s. 399 substituted (1.4.2014) by The Enterprise and Regulatory Reform Act 2013 (Competition) (Consequential, Transitional and Saving Provisions) Order 2014 (S.I. 2014/892), art. 1(1), Sch. 1 para. 130(a) (with art. 3)

Marginal Citations

M1 1998 c. 41.