Part 8A

Short selling
Breach of short selling
regulation
etc

Power to impose penalty or issue censure
131G
1
This section applies if the
FCA
is satisfied that a person has contravened—
a
any provision of
the
short selling regulation
; or
b
any requirement imposed on the person under section 131E or 131F.
2
The
FCA
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
FCA
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
FCA
knew of the contravention.
6
For this purpose the
FCA
is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred.
Pt. 8A inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 8, 26(2)(b)
Words in s. 131G(1)(a) substituted (1.11.2012) by The Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 (S.I. 2012/2554), regs. 1(1), 2(7)
Word in Pt. 8A substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 25(1), 122(3) (with s. 25(2), Sch. 20); S.I. 2013/423, art. 3, Sch.
Pt. 8A omitted (14.1.2025 for specified purposes) by virtue of The Short Selling Regulations 2025 (S.I. 2025/29), reg. 2(2)(3), Sch. 2 para. 1(2) (with reg. 27)
Word in cross-heading preceding s. 131G substituted (1.11.2012) by The Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 (S.I. 2012/2554), regs. 1(1), 2(6)