SCHEDULE 1AMENDMENTS TO THE ACT

7

1

Section 91 (penalties for breach of listing rules) is amended as follows.

2

After subsection (1) insert—

1A

If the competent authority 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.

3

In subsection (2)—

a

for “by an applicant or an issuer” substitute “by a person”;

b

for “or (1)(b)(i)” substitute “, (1)(b)(i) or (1A) (“P”)”;

c

for “a person” substitute “another person”; and

d

for “that applicant or issuer” substitute “P”.

4

For the title substitute “Penalties for breach of Part 6 rules”.