Part XVIII Recognised Investment Exchanges and Clearing Houses

F1CHAPTER 1ACONTROL OVER RECOGNISED INVESTMENT EXCHANGE

Offences

301LOffences under this Chapter

(1)

 A person who fails to comply with an obligation to notify F2the FCA under section 301A(1) or (2) is guilty of an offence.

(2)

A person who gives notice to F3the FCA under section 301A(1) and makes the acquisition to which the notice relates before the expiry date of the assessment period is guilty of an offence unless F3the FCA has approved the acquisition.

(3)

A person who makes an acquisition in contravention of a warning notice or a decision notice given under section 301G or a final notice which confirms a decision notice under that section is guilty of an offence.

(4)

A person who makes an acquisition after F4the FCA's approval for the acquisition has ceased to be effective by virtue of section 301H is guilty of an offence.

(5)

A person who provides information to F5the FCA which is false in a material particular is guilty of an offence.

(6)

A person who breaches a direction contained in a restriction notice given under section 301J is guilty of an offence.

(7)

A person guilty of an offence under subsection (1), (2) or (4) to (6) is liable—

(a)

on summary conviction to a fine not exceeding the statutory maximum; or

(b)

on conviction on indictment, to a fine.

(8)

A person guilty of an offence under subsection (3) is liable—

(a)

on summary conviction, to a fine not exceeding the statutory maximum; or

(b)

on conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both.

(9)

It is a defence for a person charged with an offence under subsection (1) in relation to section 301A(2) to show that the person had, at the time of the alleged offence, no knowledge of the act or circumstances by virtue of which the duty to notify F6the FCA arose.