Section 91

If the FCA considers that— has contravened any provision of listing rules, it may impose on him a penalty of such amount as it considers appropriate. an issuer of listed securities, or an applicant for listing, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . If the FCA considers— it may impose on the person a penalty of such amount as it considers appropriate. that a person has contravened— a provision of qualifying transparency legislation, or a provision of corporate governance rules, or 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, If, in the case of a contravention by a person referred to in subsection (1), ... ... or (1B)(a)(ii) or (b) (“P”), the FCA considers that another person who was at the material time a director of P was knowingly concerned in the contravention, it may impose upon him a penalty of such amount as it considers appropriate. If— the FCA may impose upon A a penalty of such amount as it considers appropriate. a person has contravened a provision mentioned in subsection (1B)(a)(i), and the FCA considers that another person (“A”), who was at the material time a relevant officer of the person, was knowingly concerned in the contravention, In subsection (2A) “relevant officer” of a person means— a director or other similar officer of the person, or if the affairs of the person are managed by its members, a member of the person. If the FCA is entitled to impose a penalty on a person under this section in respect of a particular matter it may, instead of imposing a penalty on him in respect of that matter, publish a statement censuring him. Nothing in this section prevents the FCA from taking any other steps which it has power to take under this Part. A penalty under this section is payable to the FCA. The FCA may not take action against a person under this section after the end of the period of 3 years beginning with the first day on which it knew of the contravention unless proceedings against that person, in respect of the contravention, were begun before the end of that period. For the purposes of subsection (6)— the FCA is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred; and proceedings against a person in respect of a contravention are to be treated as begun when a warning notice is given to him under section 92.

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