Securities Markets Order, 2013 · s 39

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39.
Misconduct
(1)
The Authority may take action against a person under this section if 1271
(a} it appears to the Authority that he is guilty of misconduct; and
(b) the Authority is satisfied that it is appropriate in all the circumstances to take action against him.
(2)
A person is guilty of misconduct if -
(a} he has failed to comply with a statement of principle issued under this Order; or
(b)
he has been knowingly concerned in a contravention by the relevant regulated person of a requirement imposed on that regulated person by or under this Order.
(3)
If the Authority is entitled to take action under this section against a person, it may -
(a}
impose a penalty on him of such amount as it thinks fit; or
(b) publish a statement of his misconduct.
(4)
For the purposes of subsection (1) -
(a} the Authority is deemed to know of the misconduct if it has information from which the misconduct can reasonably be inferred; and
(b) proceedings against a person in respect of misconduct are to be treated as begun when a warning notice is given.
(5)
When the Authority proposes to take action against a person under this section, it must give him -
(a}
a warning notice about a proposal to impose a penalty which must state the amount of the penalty; or
(b) a warning notice about a proposal to publish a statement which must set out the terms of the statement.
(6)
When the Authority decides to take action against a person under this section, it must give him -
(a} a decision notice about the imposition of a penalty which must state the amount of the penalty; or
(b) a decision notice about the publication of a statement which must set out the terms of the statement.
(7)
If the Authority decides to take action against a person under this section, that person may refer the matter to the Panel.

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s 39Misconduct

(1)

The Authority may take action against a person under this section if 1271

(a} it appears to the Authority that he is guilty of misconduct; and

(b)

the Authority is satisfied that it is appropriate in all the circumstances to take action against him.

(2)

A person is guilty of misconduct if -

(a} he has failed to comply with a statement of principle issued under this Order; or

(b)

he has been knowingly concerned in a contravention by the relevant regulated person of a requirement imposed on that regulated person by or under this Order.

(3)

If the Authority is entitled to take action under this section against a person, it may -

(a}

impose a penalty on him of such amount as it thinks fit; or

(b)

publish a statement of his misconduct.

(4)

For the purposes of subsection (1) -

(a} the Authority is deemed to know of the misconduct if it has information from which the misconduct can reasonably be inferred; and

(b)

proceedings against a person in respect of misconduct are to be treated as begun when a warning notice is given.

(5)

When the Authority proposes to take action against a person under this section, it must give him -

(a}

a warning notice about a proposal to impose a penalty which must state the amount of the penalty; or

(b)

a warning notice about a proposal to publish a statement which must set out the terms of the statement.

(6)

When the Authority decides to take action against a person under this section, it must give him -

(a} a decision notice about the imposition of a penalty which must state the amount of the penalty; or

(b)

a decision notice about the publication of a statement which must set out the terms of the statement.

(7)

If the Authority decides to take action against a person under this section, that person may refer the matter to the Panel.