2.7.8 Regulator:• criminal penalties

The law on accounts has become stricter. Each director must confirm that, insofar as he is aware, there was no "relevant information" of which auditors were not informed. Late filing of accounts is a finable offence with 2,600 convictions in 2004/5 alone. Providing misleading information can also lead to a fine. The former CEO of Sportsworld had to pay £45,000 in fines for failing to notify the market promptly of a change in its business performance. And the former CEO and CFO of the AIT Group were imprisoned and forced to pay substantial sums to investors, because they had recklessly misled the market.1 There are fines imposed on directors for many offences onder many other laws, for example environmental legislation.