Part VI

Official Listing

Sponsors

Action under s.88A: statement of policy
88C
1
The FCA must prepare and issue a statement of its policy with respect to—
a
the imposition of penalties, suspensions or restrictions under section 88A,
b
the amount of penalties under that section, and
c
the period for which suspensions or restrictions under that section are to have effect.
2
The FCA's policy in determining what the amount of a penalty should be, or what the period for which a suspension or restriction is to have effect should be, must include having regard to—
a
the seriousness of the contravention in question in relation to the nature of the requirement concerned,
b
the extent to which that contravention was deliberate or reckless, and
c
whether the sponsor concerned is an individual.
3
The FCA may at any time alter or replace a statement issued under this section.
4
If a statement issued under this section is altered or replaced, the FCA must issue the altered or replacement statement.
5
In exercising, or deciding whether to exercise, its power under section 88A in the case of any particular contravention, the FCA must have regard to any statement of policy published under this section and in force at a time when the contravention in question occurred.
6
A statement issued under this section must be published by the FCA in the way appearing to the FCA to be best calculated to bring it to the attention of the public.
7
The FCA may charge a reasonable fee for providing a person with a copy of the statement.
8
The FCA must, without delay, give the Treasury a copy of any statement which it publishes under this section.
Pt. 6 (ss. 72-103) applied (with modifications) (1.12.2001) by S.I. 1995/1537, Sch. 4 (as amended (1.12.2001) by S.I. 2001/3649, arts. 1, 511)
Pt. 6 modified (31.12.2020) by The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/707), regs. 1(2), 73 (as amended by S.I. 2019/1234, regs. 1(2), 23 and with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, regs. 1(3), 29(2)))); 2020 c. 1, Sch. 5 para. 1(1)
Ss. 88A-88F substituted for s. 89 (24.1.2013 for specified purposes, 19.3.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 18(4), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.; S.I. 2013/651, art. 2(a)