The Central Securities Depositories Regulations 2014
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Change 1
5K Offences
(1) A person who fails to comply with an obligation to notify the Bank under the Article 27(7) of the CSD regulation is guilty of an offence. (2) A person who gives an Article 27 notice to the Bank and makes the acquisition to which the notice relates before the expiry date of the assessment period is guilty of an offence unless the Bank has approved the acquisition. (3) A person who makes an acquisition in contravention of the Bank’s decision under Article 27(8) of the CSD regulation is guilty of an offence. (4) A person who provides information to the Bank which is false in a material particular is guilty of an offence. (5) A person guilty of an offence under paragraph (1), (2) or (4) is liable— (a) in England and Wales, on summary conviction or on conviction on indictment to a fine; and (b) in Scotland and Northern Ireland, on summary conviction to a fine not exceeding the statutory maximum or on conviction on indictment to a fine. (6) A person guilty of an offence under paragraph (3) is liable— (a) in England and Wales— (i) on summary conviction to a fine, or (ii) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both; and (b) in Scotland and Northern Ireland— (i) on summary conviction to a fine not exceeding the statutory maximum, or (ii) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both. (7) It is a defence for a person charged with an offence under paragraph (1) to show the person had, at the time of the alleged offence, no knowledge of the act or circumstances by virtue of which the duty to notify the Bank arose.
5K Offences
(1) A person who fails to comply with an obligation to notify the Bank under the Article 27(7) of the CSD regulation is guilty of an offence. (2) A person who gives an Article 27 notice to the Bank and makes the acquisition to which the notice relates before the expiry date of the assessment period is guilty of an offence unless the Bank has approved the acquisition. (3) A person who makes an acquisition in contravention of the Bank’s decision under Article 27(8) of the CSD regulation is guilty of an offence. (4) A person who provides information to the Bank which is false in a material particular is guilty of an offence. (5) A person guilty of an offence under paragraph (1), (2) or (4) is liable— (a) in England and Wales, on summary conviction or on conviction on indictment to a fine; and (b) in Scotland and Northern Ireland, on summary conviction to a fine not exceeding the statutory maximum or on conviction on indictment to a fine. (6) A person guilty of an offence under paragraph (3) is liable— (a) in England and Wales— (i) on summary conviction to a fine, or (ii) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both; and (b) in Scotland and Northern Ireland— (i) on summary conviction to a fine not exceeding the statutory maximum, or (ii) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both. (7) It is a defence for a person charged with an offence under paragraph (1) to show the person had, at the time of the alleged offence, no knowledge of the act or circumstances by virtue of which the duty to notify the Bank arose.
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