Section 85(3)

A person who contravenes regulation 12 of the Public Offers and Admissions to Trading Regulations 2024 (prohibition of public offers of relevant securities) is guilty of an offence and liable— on summary conviction, to imprisonment for a term not exceeding 3 months or a fine not exceeding the statutory maximum or both; on conviction on indictment, to imprisonment for a term not exceeding 2 years or a fine or both.

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Source: legislation.gov.uk · retrieved 2026-09-04