Explanatory Notes

Financial Services Act 2010

2010 CHAPTER 28

8 April 2010

Commentary on Sections and Schedules

Short selling

Section 8: Power of FSA to prohibit, or require disclosure of, short selling
New section 131H: Procedure and right to refer to Tribunal

142.Subsections (1) to (3) provide that a person must be given a warning notice detailing the amount of the fine or the terms of the public censure (as applicable) if the FSA proposes to take action against them.

143.Subsections (4) to (6) provide that a person must be given a decision notice detailing the amount of the fine or the terms of the public censure (as applicable) if the FSA decides to take action against them.

144.Subsection (7) provides that a person may refer the matter to the Tribunal if the FSA decides to take action against them.