{
  "url": "https://openlegislation.uk/draft-public-offers-and-admissions-to-trading-regulations-2023/regulation-40",
  "json_url": "https://openlegislation.uk/draft-public-offers-and-admissions-to-trading-regulations-2023/regulation-40.json",
  "legislation": "ukdsi/2023/9780348254235",
  "legislation_title": "The Public Offers and Admissions to Trading Regulations 2023",
  "legislation_url": "https://openlegislation.uk/draft-public-offers-and-admissions-to-trading-regulations-2023",
  "path": "regulation/40",
  "kind": "regulation",
  "number": "40",
  "heading": "Penalties for contraventions",
  "text": "(1) If the FCA finds that a person is failing or has failed to comply with the person’s obligations under an applicable provision, it may impose on that person a penalty of such amount as it considers appropriate.\n(2) If, in the case of a contravention by a person (P) of an applicable provision, the FCA considers that a person who was at the material time a relevant officer of P was knowingly concerned in the contravention, it may impose on that person a penalty of such amount as it considers appropriate.\n(3) In this regulation—\n“an applicable provision” means—\n(a) a provision of these Regulations, or\n(b) a provision of regulated market admission rules or of designated activity rules made by virtue of regulation 15 or 17;\n“relevant officer” of a person means—\n(a) a director or other similar officer of the person, or\n(b) if the affairs of the person are managed by its members, a member of the person.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2023/9780348254235/regulation/40",
    "retrieved_at": "2026-10-30T14:42:14.980226+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}