18. Failure to comply with rules about bid documentation

(1) Where an offer document published in respect of a takeover bid does not comply with offer document rules, a contravention of these Regulations is committed by —
(a) the person making the bid, and
(b) where the person making the bid is a body of persons, any director, officer or member of that body who caused the document to be published.
(2) A person commits a contravention of these Regulations under subsection (1) only if —
(a) he knew that the offer document did not comply, or was reckless as to whether it complied, and
(b) he failed to take all reasonable steps to secure that it did comply.
(3) Where a response document published in respect of the bid does not comply with response document rules, contravention of these Regulations is committed by any director or other officer of the company who —
(a) knew that the response document did not comply, or was reckless as to whether it complied, and
(b) failed to take all reasonable steps to secure that it did comply.
(4) A person who contravenes these Regulations is liable to a fine of such amount the Panel considers appropriate. A penalty may not be imposed on any person under these Regulations in excess of the maximum amount that may be imposed under the ADGM Founding Law.
(5) Nothing in this section affects any power of the Panel in relation to the enforcement of its rules.
(6) In this section —

"offer document" means a document required to be published by the offer document rules,

"offer document rules" means rules designated as such in rules made under these Regulations,

"response document" means a document required to be published by the response document rules, and

"response document rules" means rules designated as such in rules made under these Regulations.