Part 8AShort selling
Breach of short selling regulation etc
F1131L.Offences
(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;
“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).