952SanctionsU.K.
(1)Rules may contain provision conferring power on the Panel to impose sanctions on a person who has—
(a)acted in breach of rules, or
(b)failed to comply with a direction given by virtue of section 946.
(2)Subsection (3) applies where rules made by virtue of subsection (1) confer power on the Panel to impose a sanction of a kind not provided for by the City Code on Takeovers and Mergers as it had effect immediately before the passing of this Act.
(3)The Panel must prepare a statement (a “policy statement”) of its policy with respect to—
(a)the imposition of the sanction in question, and
(b)where the sanction is in the nature of a financial penalty, the amount of the penalty that may be imposed.
An element of the policy must be that, in making a decision about any such matter, the Panel has regard to the factors mentioned in subsection (4).
(4)The factors are—
(a)the seriousness of the breach or failure in question in relation to the nature of the rule or direction contravened;
(b)the extent to which the breach or failure was deliberate or reckless;
(c)whether the person on whom the sanction is to be imposed is an individual.
(5)The Panel may at any time revise a policy statement.
(6)The Panel must prepare a draft of any proposed policy statement (or revised policy statement) and consult such persons about the draft as the Panel considers appropriate.
(7)The Panel must publish, in whatever way it considers appropriate, any policy statement (or revised policy statement) that it prepares.
(8)In exercising, or deciding whether to exercise, its power to impose a sanction within subsection (2) in the case of any particular breach or failure, the Panel must have regard to any relevant policy statement published and in force at the time when the breach or failure occurred.