F1Part 8AShort selling

Annotations:
Amendments (Textual)
F1

Pt. 8A inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 8, 26(2)(b)

Breach of short selling F3regulationetc

Annotations:
Amendments (Textual)
F3

Word in cross-heading preceding s. 131G substituted (1.11.2012) by The Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 (S.I. 2012/2554), regs. 1(1), 2(6)

131GPower to impose penalty or issue censure

1

This section applies if the F4FCA is satisfied that a person has contravened—

a

any provision of F2 the short selling regulation ; or

b

any requirement imposed on the person under section 131E or 131F.

2

The F4FCA may impose a penalty of such amount as it considers appropriate on—

a

the person who contravened the provision or requirement; or

b

any person who was knowingly concerned in the contravention.

3

It may, instead of imposing a penalty on a person, publish a statement censuring the person.

4

The F4FCA may not take action against a person under this section after the end of the limitation period unless, before the end of that period, it has given a warning notice to the person under section 131H.

5

“ The limitation period ” means the period of three years beginning with the first day on which the F4FCA knew of the contravention.

6

For this purpose the F4FCA is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred.