23.—(1) Part 27 of the Act (offences) M1 applies with respect to offences under these Regulations and the Act as applied by these Regulations as it applies with respect to offences under the Act, with the following modifications.
(2) Part 27 of the Act applies as if—
(a)each reference to the Act included a reference to these Regulations;
(b)each reference to a section of the Act were a reference to that section as applied by these Regulations;
(c)references to the Secretary of State were omitted.
(3) Sections 398 (misleading the FCA or PRA: residual cases) and 399 (misleading the CMA) of the Act do not apply.
(4) Section 400 of the Act (offences by bodies corporate) applies as if subsection (6A) were omitted.
(5) Section 401 of the Act (proceedings for offences) applies as if—
(a)subsection (1)(c) were omitted;
(b)in subsection (3A)—
(i)paragraphs (a), (f), (g) and (h) were omitted;
(ii)in paragraph (i) for “section 398(1)” there were substituted “ paragraph 16(1) of Schedule 1 to the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 ”;
(c)subsection (3AB) were omitted.
(6) Section 402 of the Act (power of FCA to institute proceedings for certain other offences) does not apply.
(7) Section 403(7) of the Act (jurisdiction and procedure in respect of offences) applies as if the words from “or an offence” to the end were omitted.
Marginal Citations
M1Part 27 was amended by section 95 of and paragraphs 37, 38 and 40 of Schedule 9 to the Financial Services Act 2012 and S.I. 2013/1881 and 2016/1239. There are other amendments but none is relevant.