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)

131LF2Offences

1

If a relevant person (“A”) fails to comply with a requirement imposed on A under section 131E or 131F the F4FCA 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 F4FCA may not exercise both—

a

its powers under section 131G(2), and

b

its powers under subsection (1).

7

In this section—

  • “court” means—

    1. a

      the High Court;

    2. b

      in Scotland, the Court of Session;

  • “relevant person” means—

    1. a

      an authorised person,

    2. b

      a person who has been an authorised person,

    3. c

      a person who is for the purposes of section 165 connected with an authorised person or with a person within paragraph (b).