Financial Services and Markets Bill - continued        House of Lords
PART XXVII, OFFENCES - continued

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Bodies corporate and partnerships
Offences by bodies corporate etc.     382. - (1) If an offence under this Act committed by a body corporate is shown-
 
 
    (a) to have been committed with the consent or connivance of an officer, or
 
    (b) to be attributable to any neglect on his part,
  the officer as well as the body corporate is guilty of the offence and liable to be proceeded against and punished accordingly.
 
      (2) If the affairs of a body corporate are managed by its members, subsection (1) applies in relation to the acts and defaults of a member in connection with his functions of management as if he were a director of the body.
 
      (3) If an offence under this Act is committed by a partnership in England and Wales or Northern Ireland, every partner is guilty of the offence unless he shows that-
 
 
    (a) he did not know that the offence was being committed; or
 
    (b) he took reasonable steps to prevent it.
      (4) If an offence under this Act committed by a partnership in Scotland is shown-
 
 
    (a) to have been committed with the consent or connivance of a partner, or
 
    (b) to be attributable to any neglect on his part,
  the partner as well as the partnership is guilty of the offence and liable to be proceeded against and punished accordingly.
 
      (5) In subsection (4) "partner" includes a person purporting to act as a partner.
 
      (6) "Officer", in relation to a body corporate, means-
 
 
    (a) a director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body, or a person purporting to act in any such capacity; and
 
    (b) an individual who is a controller of the body.
      (7) Regulations may provide for the application of any provision of this section, with such modifications as the Treasury consider appropriate, to a body corporate or unincorporated formed or recognised under the law of a territory outside the United Kingdom.
 
 
Institution of proceedings
Proceedings for offences.     383. - (1) In this section "offence" means an offence under this Act or subordinate legislation made under this Act.
 
      (2) Proceedings for an offence may be instituted in England and Wales only-
 
 
    (a) by the Authority or the Secretary of State; or
 
    (b) by or with the consent of the Director of Public Prosecutions.
      (3) Proceedings for an offence may be instituted in Northern Ireland only-
 
 
    (a) by the Authority or the Secretary of State; or
 
    (b) by or with the consent of the Director of Public Prosecutions for Northern Ireland.
      (4) Except in Scotland, proceedings for an offence under section 196 may also be instituted by the Director General of Fair Trading.
 
      (5) In exercising its power to institute proceedings for an offence, the Authority must comply with any conditions or restrictions imposed in writing by the Treasury.
 
      (6) Conditions or restrictions may be imposed under subsection (5) in relation to-
 
 
    (a) proceedings generally; or
 
    (b) such proceedings, or categories of proceedings, as the Treasury may direct.
Power of the Authority to institute proceedings for certain other offences.     384. - (1) Except in Scotland, the Authority may institute proceedings for an offence under-
 
 
    (a) Part V of the Criminal Justice Act 1993 (insider dealing); or
 
    (b) prescribed regulations relating to money laundering.
      (2) In exercising its power to institute proceedings for any such offence, the Authority must comply with any conditions or restrictions imposed in writing by the Treasury.
 
      (3) Conditions or restrictions may be imposed under subsection (2) in relation to-
 
 
    (a) proceedings generally; or
 
    (b) such proceedings, or categories of proceedings, as the Treasury may direct.
 
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