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4. For subsections (1) and (2) of section 91 (penalties for breach of listing rules), substitute—
“(1) If the competent authority considers that–
(a)in relation to a listed security, an issuer or applicant for listing; or
(b)in relation to a financial instrument–
(i)an issuer who has requested or approved the admission of the instrument to trading on a regulated market,
(ii)a person discharging managerial responsibilities within such an issuer, or
(iii)a person connected to such a person discharging managerial responsibilities, has contravened any provision of the Part 6 rules, it may impose on him a penalty of such amount as it considers appropriate.
(2) If, in the case of a contravention by an applicant or an issuer referred to in subsection (1)(a) or (1)(b)(i), the competent authority considers that a person who was at the material time a director of that applicant or issuer was knowingly concerned in the contravention, it may impose upon him a penalty of such amount as it considers appropriate.”.
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