Companies Act 2014 section 1060

Enforcement of notification obligation

Section 1060 sets out the civil and criminal consequences for failing to comply with the share interest disclosure requirements that apply to public limited companies (PLCs).

• Anyone who appoints an agent to buy or sell PLC shares on their behalf must ensure the agent immediately informs them of any transactions that could trigger a disclosure obligation
• A disclosure notification is not valid unless it identifies the person, gives their address, and — where the person is a director or secretary — expressly states it is made in fulfilment of the notification duty
• A person who fails to make a required disclosure within the specified time loses the ability to enforce any rights or interests in the PLC shares they hold, including voting rights, dividend entitlements, and attendance at AGMs
• Failure to comply with the notification requirements is a category 3 criminal offence, although a defence is available where the person can show it was not possible to give the required notice within the time allowed

---