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[F1Part 8AU.K.Short selling

Textual Amendments

F1Pt. 8A inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 8, 26(2)(b)

Breach of short selling [F2regulation] etc U.K.

Textual Amendments

131GPower to impose penalty or issue censureU.K.

(1)This section applies if the [F3FCA] is satisfied that a person has contravened—

(a) any provision of [F4 the short selling regulation] ; or

(b)any requirement imposed on the person under section 131E or 131F.

(2)The [F3FCA] 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 [F3FCA] 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 [F3FCA] knew of the contravention.

(6)For this purpose the [F3FCA] is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred.]

Textual Amendments

F3Word in Pt. 8A substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 25(1), 122(3) (with s. 25(2), Sch. 20); S.I. 2013/423, art. 3, Sch.