Securities Markets Order, 2013 · As enacted · Part I · Preliminary
Section 16
Official textFrom Attorney General's Chambers, unchanged
A person who fails to comply with the duty to notify the Authority imposed on him by section 3(1) or 15(1) is guilty of an offence.
A person who fails to comply with the duty to notify the Authority imposed on him by section 3(2) or 15(2) is guilty of an offence.
If a person who has given a notice of control to the Authority carries out the proposal to which the notice relates, he is guilty of an offence if -
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the period of 3 months beginning with the date on which the
Authority received the notice is still running; and
the Authority has not responded to the notice by either giving its approval or giving him a warning notice under section 8(2) or section 13(1).
A person to whom the Authority has given a warning notice under section 8(2) is guilty of an offence if he carries out the proposal to which the notice relates before the Authority has decided whether to give him a notice of objection.
A person to whom a notice of objection has been given is guilty of an offence if he acquires the control to which the notice applies at a time when the notice is still in force.
A person guilty of an offence under subsection (1), (2), (3) or (4) is liable on conviction to a fine not exceeding $100,000, and, in the case of a continuing offence, with a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.
A person guilty of an offence under subsection (5) is liable on conviction to a fine not exceeding $150,000, and, in the case of a continuing offence 1 with a further fine not exceeding $15,000 for every day or part thereof during which the offence continues after conviction.
It is a defence for a person charged with an offence under subsection (1)
to show that he had, at the time of the alleged offence, no knowledge of the act or circumstances by virtue of which the duty to notify the Authority arose.
If a person -
was under the duty to notify the Authority imposed by section 3(1)
or 15(1) but had no knowledge of the act or circumstances by virtue of which that duty arose; but
subsequently becomes aware of that act or those circumstances, he must notify the Authority before the end of the period of 14 days beginning with the day on which he first became so aware.
A person who fails to comply with the duty to notify the Authority imposed by subsection (9) is guilty of an offence and liable on conviction to a fine not exceeding $100,000.
Parent and subsidiary undertaking.
Part II
Part III
Market Operators and Market Infrastructure
Part IV
Self-Regulating Organisations
Part X
Part X.
Part VI
Public Company Statements and Reporting Requirements
Part VII
Capital Markets Services Licence and Representative'S Licence
Part VIII
Books, Audit and Client'S Assets
Part IX
Part X
Intervention Powers of Authority
Part XI
Complaints Committee and Investor Compensation Scheme
Part XII
Financial Markets Services Panel
Part XIII