F1Part 8AShort selling
Breach of short selling F4regulationetc
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)
131LF3Offences
1
If a relevant person (“A”) fails to comply with a requirement imposed on A under section 131E or 131F the F2FCA may certify that fact in writing to the court.
2
If the court is satisfied that A failed without reasonable excuse to comply with the requirement, it may deal with A (and where A is a body corporate, any director or officer) as if A (or as the case may be the director or officer) were in contempt; and “officer”, in relation to a limited liability partnership, means a member of the limited liability partnership.
3
A relevant person (“B”) who, in purported compliance with a requirement imposed on B under section 131E or 131F—
a
provides information which B knows to be false or misleading in a material particular, or
b
recklessly provides information which is false or misleading in a material particular,
is guilty of an offence.
4
A person guilty of an offence under subsection (3) is liable—
a
on summary conviction, to imprisonment for a term not exceeding three months or a fine not exceeding the statutory maximum, or both;
b
on conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both.
5
Any person who intentionally obstructs the exercise of any rights conferred by a warrant under section 131FB is guilty of an offence and liable on summary conviction to imprisonment for a term not exceeding three months or a fine not exceeding level 5 on the standard scale, or both.
6
In relation to any contravention by a person, the F2FCA may not exercise both—
a
its powers under section 131G(2), and
b
its powers under subsection (1).
7
In this section—
“court” means—
- a
the High Court;
- b
in Scotland, the Court of Session;
- a
“relevant person” means—
- a
an authorised person,
- b
a person who has been an authorised person,
- c
a person who is for the purposes of section 165 connected with an authorised person or with a person within paragraph (b).
- a
Pt. 8A inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 8, 26(2)(b)