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Status: You are viewing the version of the handbook as on 2005-06-30.

ENF 12.1 Application

ENF 12.1.1G

This chapter applies to any firm or person who may be the subject of public censure or a public statement. The Act empowers the FSA to issue a public censure or public statement in the following circumstances:

  1. (1)

    the FSA may issue a public censure on a firm under section 205 of the Act (Public censure) where it considers that the firm has contravened a requirement imposed on it by or under the Act;

  2. (2)

    the FSA may issue a public statement of misconduct on an approved person under section 66 of the Act (Disciplinary powers) where it considers that he is guilty of misconduct; misconduct is defined in the Act as failure to comply with a Statement of Principle issued by the FSA under section 64 of the Act (Conduct: statements and codes), or being knowingly concerned in a contravention by a firm of a requirement imposed on that firm by or under section 66 of the Act;

  3. (3)

    the FSA may issue a public statement under section 123 of the Act (Power to impose penalties in cases of market abuse) where a person has engaged in market abuse; this is considered separately in ENF 14 (Sanctions for market abuse);

  4. (4)

    the FSA may issue a public statement under section 91 of the Act (Penalties for breach of Part 6 rulesof listing rules) where there has been a contravention of the listing rules (the powers relating to the UKLA are dealt with in the listing rules and related guidance).

ENF 12.1.2G

Where the FSA proposes to issue a public censure or public statement under the sections of the Act described in ENF 12.1.1 G, the firm or approved person in question will be given a warning notice setting out the terms of the statement or censure the FSA proposes to issue, as required by sections 207 (Proposal to take disciplinary measures), 67 (Disciplinary measures: procedure and right to refer to Tribunal), 126 (Warning notices) and 92 (Procedure). Further details of the procedure that the FSA will follow in these circumstances are set out in DEC.