This section applies if the FCA is satisfied that a person has contravened—
any provision of the short selling regulation ; or
any requirement imposed on the person under section 131E or 131F.
The FCA may impose a penalty of such amount as it considers appropriate on—
the person who contravened the provision or requirement; or
any person who was knowingly concerned in the contravention.
It may, instead of imposing a penalty on a person, publish a statement censuring the person.
The FCA may not take action against a person under this section after the end of the limitation period unless, before the end of that period, it has given a warning notice to the person under section 131H.
" The limitation period " means the period of three years beginning with the first day on which the FCA knew of the contravention.
For this purpose the FCA is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred.