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bruneilawsby aturio
In forceAs enacted
Contents

Part II

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.

Report

Read on from s 40

Part III

Market Operators and Market Infrastructure

Part IV

Self-Regulating Organisations

Read on from Part IV

Part X

Part X.

Read on from Part X

Part VI

Public Company Statements and Reporting Requirements

Read on from Part VI

Part VII

Capital Markets Services Licence and Representative'S Licence

Read on from Part VII

Part VIII

Books, Audit and Client'S Assets

Part IX

Read on from Part IX

Part X

Intervention Powers of Authority

Read on from Part X

Part XI

Complaints Committee and Investor Compensation Scheme

Read on from Part XI

Part XII

Financial Markets Services Panel

Read on from Part XII

Part XIII

General

Read on from Part XIII