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Financial Services and Markets Act 2000

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Changes and effects yet to be applied to Section 91:

  • s. 91(1A) words substituted by S.I. 2019/707 reg. 30(2)(b) (This amendment not applied to legislation.gov.uk. Reg. 30(2) omitted (6.9.2019) by virtue of S.I. 2019/1234, regs. 1(2), 17)
  • s. 91(1A)(e) words substituted by S.I. 2019/707 reg. 30(2)(a) (This amendment not applied to legislation.gov.uk. Reg. 30(2) omitted (6.9.2019) by virtue of S.I. 2019/1234, regs. 1(2), 17)
  • s. 91(1B)(a)(i) words substituted by S.I. 2019/707 reg. 30(3)

Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

91[F1Penalties for breach of Part 6 rules]U.K.

This section has no associated Explanatory Notes

[F2[F3(1)If the [F4FCA] considers that—

(a)an issuer of listed securities, or

(b)an applicant for listing,

has contravened any provision of listing rules, it may impose on him a penalty of such amount as it considers appropriate.

F5(1ZA). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F6(1A)If the [F4FCA] 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 [F7any provision of, or made in accordance with, the prospectus regulation applies],

has contravened a provision of this Part or of prospectus rules, or a provision [F8of or] made in accordance with the [F9prospectus regulation,] or a requirement imposed on him under such a provision, it may impose on him a penalty of such amount as it considers appropriate.]

[F10(1B)If the [F4FCA] considers—

(a)that a person has contravened—

(i)a provision of transparency rules or a provision otherwise made in accordance with the transparency obligations directive, or

(ii)a provision of corporate governance rules, or

(b)that a person on whom a requirement has been imposed under section 89L (power to suspend or prohibit trading of securities in case of infringement of applicable transparency obligation), has contravened that requirement,

it may impose on the person a penalty of such amount as it considers appropriate.]

(2)If, in the case of a contravention [F11by a person] referred to in subsection [F12(1), F13... (1A) or [F14(1B)(a)(ii) or (b)]] [F15(“P”)], the [F4FCA] considers that [F16another person] who was at the material time a director of [F17P] was knowingly concerned in the contravention, it may impose upon him a penalty of such amount as it considers appropriate.]

[F18(2A)If—

(a)a person has contravened a provision mentioned in subsection (1B)(a)(i), and

(b)the FCA considers that another person (“A”), who was at the material time a relevant officer of the person, was knowingly concerned in the contravention,

the FCA may impose upon A a penalty of such amount as it considers appropriate.

(2B)In subsection (2A) “relevant officer” of a person means—

(a)a director or other similar officer of the person, or

(b)if the affairs of the person are managed by its members, a member of the person.]

(3)If the [F4FCA] is entitled to impose a penalty on a person under this section in respect of a particular matter it may, instead of imposing a penalty on him in respect of that matter, publish a statement censuring him.

(4)Nothing in this section prevents the [F4FCA] from taking any other steps which it has power to take under this Part.

(5)A penalty under this section is payable to the [F4FCA].

(6)The [F4FCA] may not take action against a person under this section after the end of the period of [F193 years] beginning with the first day on which it knew of the contravention unless proceedings against that person, in respect of the contravention, were begun before the end of that period.

(7)For the purposes of subsection (6)—

(a)the [F4FCA] is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred; and

(b)proceedings against a person in respect of a contravention are to be treated as begun when a warning notice is given to him under section 92.

Textual Amendments

F3S. 91(1)(1ZA) substituted for s. 91(1) (8.11.2006) by Companies Act 2006 (c. 46), ss. 1272, 1300(1)(a), Sch. 15 para. 6(2)

F4Words in ss. 89A-97 substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(2)(3)(g), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F12Words in s. 91(2) substituted (8.11.2006) by Companies Act 2006 (c. 46), ss. 1272, 1300(1)(a), Sch. 15 para. 6(4)

F14Words in s. 91(2) substituted (26.11.2015) by The Transparency Regulations 2015 (S.I. 2015/1755), regs. 1(3), 4(2)(a)

F19Words in s. 91(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 20, 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Modifications etc. (not altering text)

C1S. 91(6)(7) applied (with modifications) (1.12.2001) by S.I. 2001/2957, arts. 1, 11(4)-(6); S.I. 2001/3538, art. 2(1)

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