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Financial Services and Markets Act 2000
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Financial Services and Markets Act 2000, Section 123 is up to date with all changes known to be in force on or before 03 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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[F1123 Power to impose penalties or issue censureU.K.
This section has no associated Explanatory Notes
(1)The FCA may exercise its power under subsection (2) if it is satisfied that—
(a)a person has contravened Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) of the market abuse regulation;
(b)a person has contravened, or been knowingly concerned in the contravention of—
(i)a provision of the market abuse regulation other than Article 14 or 15 of that regulation; or
(ii)a provision of [F2any supplementary market abuse legislation]; or
(c)a person other than an authorised person has contravened any requirement—
(i)imposed on that person under section 122A, 122B, 122C, 122G, 122H, [F3122HA,] 122I, [F4122IA,] 123A or 123B; or
(ii)relating to the market abuse regulation or [F5any supplementary market abuse legislation] imposed on that person under Part 11.
(2)The FCA’s power under this subsection is a power to impose a penalty of such amount as it considers appropriate on the person.
(3)The FCA may, instead of imposing a penalty on a person, publish a statement censuring the person.]
Textual Amendments
F1Ss. 123-123C and cross-heading substituted for s. 123 and cross-heading (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 9(5)
F2Words in s. 123(1)(b)(ii) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 5(8)(a); 2020 c. 1, Sch. 5 para. 1(1)
F3Word in s. 123(1)(c)(i) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 42(1)
F4Word in s. 123(1)(c)(i) 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. 12 (with reg. 7)
F5Words in s. 123(1)(c)(ii) substituted (31.12.2020) by virtue of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 5(8)(a); 2020 c. 1, Sch. 5 para. 1(1)
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