The Panel seeks to avoid problems arising during takeovers and other relevant transactions by encouraging, and in some cases requiring, early consultation. In the event of a breach of a provision of the Code, the Panel focuses on providing an alternative remedy in addition to taking appropriate disciplinary action. Such action may include private censure; public censure; the suspension, withdrawal or imposition of conditions on the terms of any exemption, approval or other special status granted by the Panel; or reporting the offender’s conduct to another regulatory authority or professional body. The Panel can also implement “cold-shouldering” procedures such that persons authorised by the Financial Conduct Authority or certain other professional bodies will not be permitted to act for an individual in a transaction subject to the Code for a specified period.
Under the Companies Act 2006, the Panel also has powers to require documents and information, to make compensation rulings in certain circumstances and to seek enforcement of its rulings through the courts.
Full details of the Panel’s power to require documents and information, enforcement powers and disciplinary powers can be found in sections 9, 10 and 11 of the Introduction to the Code.
The Executive has published statements providing further information as follows:
- Requiring information and documents: how the Executive will exercise the Panel’s power to require the production of information and documents under the statutory provisions.
- Disciplinary proceedings: including the criteria that will be taken into account by the Executive when considering whether to initiate disciplinary action and in proposing the appropriate sanction to the Hearings Committee of the Panel.
The Panel works closely with the FCA in relation to insider dealing and market abuse and has agreed with it operating guidelines for the handling of cases of market misconduct which are, or could be, of mutual interest to the FCA and the Panel.
- Requiring Information and Documents
- Disciplinary Proceedings
- Operating Guidelines between the FCA and the Panel
Details of persons “cold-shouldered” pursuant to section 11(b)(v) of the Introduction to the Code:
|26/03/1992||Mr Andrew P Drummond and Mr Robert D Prentice||Panel Statement 1992/9|