Part VI Official Listing

Penalties

91F1Penalties for breach of Part 6 rules

F2F3(1)

If the F4FCA 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.

F5(1ZA)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6(1A)

If the F4FCA 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.

F7(1B)

If the F4FCA 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 F8by a person referred to in subsection F9(1), F10... (1A) or F11(1B)(a)(ii) or (b) F12(“P”), the F4FCA considers that F13another person who was at the material time a director of F14P was knowingly concerned in the contravention, it may impose upon him a penalty of such amount as it considers appropriate.

F15(2A)

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 F4FCA 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 F4FCA from taking any other steps which it has power to take under this Part.

(5)

A penalty under this section is payable to the F4FCA.

(6)

The F4FCA may not take action against a person under this section after the end of the period of F163 years beginning with the first day on which it knew of the contravention unless proceedings against that person, in respect of the contravention, were begun before the end of that period.

(7)

For the purposes of subsection (6)—

(a)

the F4FCA 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.