Sch 15 para 6
(1) Section 91 (penalties for breach of Part 6 rules) is amended as follows. (2) For subsection (1) substitute— (1) If the competent authority considers that— (a) an issuer of listed securities, or (b) an applicant for listing, has contravened any provision of listing rules, it may impose on him a penalty of such amount as it considers appropriate. (1ZA) If the competent authority considers that— (a) an issuer who has requested or approved the admission of a financial instrument to trading on a regulated market, (b) a person discharging managerial responsibilities within such an issuer, or (c) a person connected with such a person discharging managerial responsibilities, has contravened any provision of disclosure rules, it may impose on him a penalty of such amount as it considers appropriate. (3) After subsection (1A) insert— (1B) If the competent authority considers— (a) that a person has contravened— (i) a provision of transparency rules or a provision otherwise made in accordance with the transparency obligations directive, or (ii) a provision of corporate governance rules, or (b) that a person on whom a requirement has been imposed under section 89L (power to suspend or prohibit trading of securities in case of infringement of applicable transparency obligation), has contravened that requirement, it may impose on the person a penalty of such amount as it considers appropriate. (4) In subsection (2) for “(1)(a), (1)(b)(i) or (1A)” substitute “ (1), (1ZA)(a), (1A) or (1B) ” .