Paragraph 24 I1
It is an offence for a non-authorised person, who under paragraph 21(2) is required to notify the licensed body and the relevant licensing authority of a proposal to take a step, to take the step, unless the relevant licensing authority has approved the investor's holding of the notifiable interest under paragraph 27 or 28.
If paragraph 22(3) applies, the reference in sub-paragraph (1) to paragraph 21(2) is to be read as a reference to paragraph 23(2).
A person who is guilty of an offence under sub-paragraph (1) is liable—
on summary conviction, to a fine not exceeding the statutory maximum, and
on conviction on indictment, to a term of imprisonment not exceeding 2 years or a fine (or both).
Annotations
Commencement
- I1
Sch. 13 para. 24 in force at 1.10.2011 by S.I. 2011/2196, art. 2(1)(d)