Section 126 Warning notices.
United Kingdom
If the FCA proposes—
to impose a penalty on a person under section 123(2);
to publish a statement censuring a person under section 123(3);
to impose a temporary prohibition on an individual under section 123A(2)(a);
to impose a temporary prohibition on an individual under section 123A(2)(b);
to impose a permanent prohibition on an individual under section 123A(3); or
to impose a suspension or restriction in relation to a person under section 123B;
it must give the person a warning notice.
A warning notice about a proposal to impose a penalty F2under section 123 must state the amount of the proposed penalty.
A warning notice about a proposal to publish a statement F3under section 123 must set out the terms of the proposed statement.
A warning notice about a proposal to impose a prohibition under section 123A must set out the terms of the proposed prohibition.
A warning notice about a proposal to impose a suspension or restriction under section 123B must state the period for which the suspension or restriction is to have effect.
Annotations
Textual amendments
- F1
S. 126(1) substituted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 9(7)(a)
- F2
Words in s. 126(2) inserted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 9(7)(b)
- F3
Words in s. 126(3) inserted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 9(7)(c)
- F4
S. 126(4)(5) inserted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 9(7)(d)
Notes on Part VIII
Textual amendments
- F1
Pt. 8 heading substituted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 9(2)
Modifications
- C1
Pt. 8 applied (with modifications) (18.6.2012) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), regs. 1(2)(b), 6, Sch. 1 (as amended (3.1.2018) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017 (S.I. 2017/1255), regs. 2(b), 9)