(1) Rules may contain provision conferring power on the Panel to impose sanctions on a person who has -
(a) acted in breach of rules, or
(b) failed to comply with a direction given by virtue of section 946.
(2) Subsection (3) applies where rules made by virtue of subsection (1) confer power on the Panel to impose a sanction of a kind not provided for by the City Code on Takeovers and Mergers as it had effect immediately before the passing of this Act.
(3) The Panel must prepare a statement (a "policy statement") of its policy with respect to -
(a) the imposition of the sanction in question, and
(b) where the sanction is in the nature of a financial penalty, the amount of the penalty that may be imposed.
An element of the policy must be that, in making a decision about any such matter, the Panel has regard to the factors mentioned in subsection (4).
(4) The factors are -
(a) the seriousness of the breach or failure in question in relation to the nature of the rule or direction contraven
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