F1Part 8AShort selling
Breach of short selling F3regulationetc
Word in cross-heading preceding s. 131G substituted (1.11.2012) by The Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 (S.I. 2012/2554), regs. 1(1), 2(6)
131GPower to impose penalty or issue censure
1
This section applies if the Authority is satisfied that a person has contravened—
a
any provision of F2 the short selling regulation ; or
b
any requirement imposed on the person under section 131E or 131F.
2
The Authority may impose a penalty of such amount as it considers appropriate on—
a
the person who contravened the provision or requirement; or
b
any person who was knowingly concerned in the contravention.
3
It may, instead of imposing a penalty on a person, publish a statement censuring the person.
4
The Authority may not take action against a person under this section after the end of the limitation period unless, before the end of that period, it has given a warning notice to the person under section 131H.
5
“ The limitation period ” means the period of three years beginning with the first day on which the Authority knew of the contravention.
6
For this purpose the Authority is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred.
Pt. 8A inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 8, 26(2)(b)