Section 39
of Securities Markets Order, 2013
Section 39
(1)
The Authority may take action against a person under this section if 1271
(a} it appears to the Authority that he is guilty of misconduct; and
(b)
the Authority is satisfied that it is appropriate in all the circumstances to take action against him.
(2)
A person is guilty of misconduct if -
(a} he has failed to comply with a statement of principle issued under this Order; or
(b)
he has been knowingly concerned in a contravention by the relevant regulated person of a requirement imposed on that regulated person by or under this Order.
(3)
If the Authority is entitled to take action under this section against a person, it may -
(a}
impose a penalty on him of such amount as it thinks fit; or
(b)
publish a statement of his misconduct.
(4)
For the purposes of subsection (1) -
(a} the Authority is deemed to know of the misconduct if it has information from which the misconduct can reasonably be inferred; and
(b)
proceedings against a person in respect of misconduct are to be treated as begun when a warning notice is given.
(5)
When the Authority proposes to take action against a person under this section, it must give him -
(a}
a warning notice about a proposal to impose a penalty which must state the amount of the penalty; or
(b)
a warning notice about a proposal to publish a statement which must set out the terms of the statement.
(6)
When the Authority decides to take action against a person under this section, it must give him -
(a} a decision notice about the imposition of a penalty which must state the amount of the penalty; or
(b)
a decision notice about the publication of a statement which must set out the terms of the statement.
(7)
If the Authority decides to take action against a person under this section, that person may refer the matter to the Panel.
Publication.