(1) Paragraph (2) applies to a person who -
(a) is an issuer of listed securities (or, as the case may be, a director of such an issuer);
(b) was before commencement an issuer of securities which were admitted to the official list as it then had effect (or, as the case may be, a director of such an issuer);
(c) before commencement had contravened a requirement imposed on it by virtue of old listing rules, in relation to which the Authority had power under those rules to censure it (or, in the case of a director of the issuer, had been knowingly concerned in such a contravention by the issuer);
(d) had not, before commencement, been censured in accordance with those rules (or been the subject of a final decision that it or he should not be so censured) in respect of that contravention; and
(e) would, if the actions or omissions constituting such contravention had taken place after commencement, have been in contravention of a requirement imposed on it by rules made (or treated as made)
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