C2Part VI Official Listing
Penalties
91F1Penalties for breach of Part 6 rules
F2F31
If the F11FCA considers that—
a
an issuer of listed securities, or
b
an applicant for listing,
has contravened any provision of listing rules, it may impose on him a penalty of such amount as it considers appropriate.
F151ZA
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F41A
If the F11FCA considers that—
a
an issuer of transferable securities,
b
a person offering transferable securities to the public or requesting their admission to trading on a regulated market,
c
an applicant for the approval of a prospectus in relation to transferable securities,
d
a person on whom a requirement has been imposed under section 87K or 87L, or
e
any other person to whom a provision of the prospectus directive applies,
has contravened a provision of this Part or of prospectus rules, or a provision otherwise made in accordance with the prospectus directive or a requirement imposed on him under such a provision, it may impose on him a penalty of such amount as it considers appropriate.
F51B
If the F11FCA considers—
a
that a person has contravened—
i
a provision of transparency rules or a provision otherwise made in accordance with the transparency obligations directive, or
ii
a provision of corporate governance rules, or
b
that a person on whom a requirement has been imposed under section 89L (power to suspend or prohibit trading of securities in case of infringement of applicable transparency obligation), has contravened that requirement,
it may impose on the person a penalty of such amount as it considers appropriate.
2
If, in the case of a contravention F6by a person referred to in subsection F7(1), F16... (1A) or F14(1B)(a)(ii) or (b)F8(“P”), the F11FCA considers that F9another person who was at the material time a director of F10P was knowingly concerned in the contravention, it may impose upon him a penalty of such amount as it considers appropriate.
F132A
If—
a
a person has contravened a provision mentioned in subsection (1B)(a)(i), and
b
the FCA considers that another person (“A”), who was at the material time a relevant officer of the person, was knowingly concerned in the contravention,
the FCA may impose upon A a penalty of such amount as it considers appropriate.
2B
In subsection (2A) “relevant officer” of a person means—
a
a director or other similar officer of the person, or
b
if the affairs of the person are managed by its members, a member of the person.
3
If the F11FCA is entitled to impose a penalty on a person under this section in respect of a particular matter it may, instead of imposing a penalty on him in respect of that matter, publish a statement censuring him.
4
Nothing in this section prevents the F11FCA from taking any other steps which it has power to take under this Part.
5
A penalty under this section is payable to the F11FCA.
C16
C17
For the purposes of subsection (6)—
a
the F11FCA is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred; and
b
proceedings against a person in respect of a contravention are to be treated as begun when a warning notice is given to him under section 92.
Pt. 6 (ss. 72-103) applied (with modifications) (1.12.2001) by S.I. 1995/1537, Sch. 4 (as amended (1.12.2001) by S.I. 2001/3649, arts. 1, 511)