Final Notice - Financial Conduct Authority

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(a) a director of an issuer:(i) registered in the United Kingdom that has requested or approved admission of itsshares to trading on a regulated market; or(ii) not registered in the United Kingdom or any other EEA State but has requested orapproved admission of its shares to trading on a regulated market and who is requiredto file annual information in relation to shares in the United Kingdom in accordancewith Article 10 of the Prospectus Directive; or(b) a senior executive of such an issuer who:(i) has regular access to inside information relating, directly or indirectly, to the issuer;and(ii) has power to make managerial decisions affecting the future development andbusiness prospects of the issuer.DEPP 6.1.1DEPP 6.116
DEPP 6 includes the FSA's statement of policy with respect to the imposition and amount ofpenalties under the Act, as required by sections 69(1), 93(1), 124(1), and 210(1) of the Act.DEPP 6.1.2The principal purpose of imposing a financial penalty or issuing a public censure is topromote high standards of regulatory and/or market conduct by deterring persons who havecommitted breaches from committing further breaches, helping to deter other persons fromcommitting similar breaches, and demonstrating generally the benefits of compliantbehaviour. <strong>Financial</strong> penalties and public censures are therefore tools that the FSA mayemploy to help it to achieve its regulatory objectives.DEPP 6.5DEPP 6.5 Determining the appropriate level of financial penaltyDEPP 6.5.1(1) The FSA will consider all the relevant circumstances of a case when it determines thelevel of financial penalty (if any) that is appropriate and in proportion to the breachconcerned. The list of factors in DEPP 6.5.2 G is not exhaustive: not all of these factors maybe relevant in a particular case, and there may be other factors, not included below, that arerelevant.(2) The FSA does not apply a tariff of penalties for different kinds of breach. This is becausethere will be very few cases in which all the circumstances of the case are essentially the sameand because of the wide range of different breaches in respect of which the FSA may takeaction. The FSA considers that, in general, the use of a tariff for particular kinds of breachwould inhibit the flexible and proportionate policy which it adopts in this area.DEPP 6.5.2The following factors may be relevant to determining the appropriate level of financialpenalty to be imposed on a person under the Act:(1) DeterrenceWhen determining the appropriate level of penalty, the FSA will have regard to the principalpurpose for which it imposes sanctions, namely to promote high standards of regulatoryand/or market conduct by deterring persons who have committed breaches from committingfurther breaches and helping to deter other persons from committing similar breaches, as wellas demonstrating generally the benefits of compliant business.(2) The nature, seriousness and impact of the breach in question17
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Final Notice - Financial Conduct Authority

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