# The Public Offers and Admissions to Trading Regulations 2023, Regulation 40: Penalties for contraventions


(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.
(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.
(3) In this regulation—
“an applicable provision” means—
(a) a provision of these Regulations, or
(b) a provision of regulated market admission rules or of designated activity rules made by virtue of regulation 15 or 17;
“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.

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Source: https://www.legislation.gov.uk/ukdsi/2023/9780348254235/regulation/40 (the official version)
Page: https://openlegislation.uk/draft-public-offers-and-admissions-to-trading-regulations-2023/regulation-40
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.