F1F2Part 8AShort selling

Breach of short selling regulation etc

131GPower to impose penalty or issue censure

(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.