SCHEDULES
C1C2F1 SCHEDULE 1B Enforcement of disclosure requirements
Sch. 1B applied (with modifications) by S.I. 2009/1804, reg. 31N (as inserted (6.4.2016) by The Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016 (S.I. 2016/340), regs. 1(3), 3, Sch. 1)
Sch. 1B applied (with modifications) by S.I. 2009/2436, Sch. 1 para. 20B (as inserted (26.6.2017) by The Information about People with Significant Control (Amendment) Regulations 2017 (S.I. 2017/693), regs. 2, 36 (with Sch. Pt. 3))
Breach of restrictions
C15
1
A person commits an offence if the person does anything listed in sub-paragraph (2) knowing that the interest is subject to restrictions.
2
The things are—
a
exercising or purporting to exercise any right to dispose of a relevant interest,
b
exercising or purporting to exercise any right to dispose of any right to be issued with a relevant interest, or
c
voting in respect of a relevant interest (whether as holder of the interest or as proxy) or appointing a proxy to vote in respect of a relevant interest.
3
A person who has a relevant interest that the person knows to be subject to restrictions commits an offence if the person—
a
knows a person to be entitled (apart from the restrictions) to vote in respect of the interest, whether as holder or as proxy,
b
does not know the person to be aware of the fact that the interest is subject to restrictions, and
c
fails to notify the person of that fact.
4
A person commits an offence if the person—
a
either has a relevant interest that the person knows to be subject to restrictions or is entitled to an associated right, and
b
enters in that capacity into an agreement that is void by virtue of paragraph 3(2) or (4).
5
References in this Schedule to an interest being “subject to restrictions” are to an interest being subject to restrictions by virtue of a restrictions notice under paragraph 1.
C16
If shares in a company are issued in contravention of a restriction imposed by virtue of a restrictions notice under paragraph 1, an offence is committed by—
a
the company, and
b
every officer of the company who is in default.
C17
1
A person guilty of an offence under paragraph 5 or 6 is liable—
a
on conviction on indictment, to a fine;
b
on summary conviction—
i
in England and Wales, to a fine,
ii
in Scotland or Northern Ireland, to a fine not exceeding the statutory maximum.
2
The provisions of those paragraphs are subject to any direction given under paragraph 4 or 8.
Schs. 1A, 1B inserted (26.5.2015 for specified purposes, 6.4.2016 in so far as not already in force) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 3 para. 2; S.I. 2015/1329, reg. 3(a); S.I. 2015/2029, reg. 4(a)