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7. (1) Section 91 (penalties for breach of listing rules) is amended as follows.
(2) After subsection (1) insert—
“(1A) If the competent authority considers that—
(a)an issuer of transferable securities,
(b)a person offering transferable securities to the public or requesting their admission to trading on a regulated market,
(c)an applicant for the approval of a prospectus in relation to transferable securities,
(d)a person on whom a requirement has been imposed under section 87K or 87L, or
(e)any other person to whom a provision of the prospectus directive applies,
has contravened a provision of this Part or of prospectus rules, or a provision otherwise made in accordance with the prospectus directive or a requirement imposed on him under such a provision, it may impose on him a penalty of such amount as it considers appropriate.”
(3) In subsection (2)—
(a)for “by an applicant or an issuer” substitute “by a person”;
(b)for “or (1)(b)(i)” substitute “, (1)(b)(i) or (1A) (“P”)”;
(c)for “a person” substitute “another person”; and
(d)for “that applicant or issuer” substitute “P”.
(4) For the title substitute “Penalties for breach of Part 6 rules”.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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