# The Public Offers and Admissions to Trading Regulations 2023, Regulation 41: Regulations 39 and 40: procedure and right to refer to Tribunal


(1) If the FCA proposes to take action against a person under regulation 39 or 40, it must give the person a warning notice.
(2) A warning notice about a proposal to publish a statement must set out the terms of the proposed statement.
(3) A warning notice about a proposal to impose a penalty must state the amount of the proposed penalty.
(4) If the FCA decides to take action against a person under regulation 39 or 40, it must give the person a decision notice.
(5) A decision notice about the publication of a statement must set out the terms of the statement.
(6) A decision notice about the imposition of a penalty must state the amount of the penalty.
(7) If the FCA decides to take action against a person under regulation 39 or 40, the person may refer the matter to the Tribunal.

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Source: https://www.legislation.gov.uk/ukdsi/2023/9780348254235/regulation/41 (the official version)
Page: https://openlegislation.uk/draft-public-offers-and-admissions-to-trading-regulations-2023/regulation-41
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.