PART 2The Takeover Panel
CHAPTER 2Information
Offence of disclosure in contravention of regulation 78
1
A person who discloses information in contravention of regulation 7 is guilty of an offence, unless—
a
he did not know, and had no reason to suspect, that the information had been provided as mentioned in regulation 7(1); or
b
he took all reasonable steps and exercised all due diligence to avoid the commission of the offence.
2
A person guilty of an offence under this regulation is liable—
a
on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both);
b
on summary conviction, to imprisonment for a term not exceeding three months, or to a fine not exceeding the statutory maximum (or both).
3
Where a company or other body corporate commits an offence under this regulation, an offence is also committed by every officer of the company or other body corporate who is in default.
4
Proceedings for an offence under this regulation are not to be brought—
a
in England and Wales except by or with the consent of the Secretary of State or the Director of Public Prosecutions;
b
in Northern Ireland except by or with the consent of the Department of Enterprise, Trade and Investment or the Director of Public Prosecutions for Northern Ireland.