Regulation 53

contravenes regulation 5, 6 or 19(1)(a), (3), (4) or (5) or any regulation under Part V;

gives an endorsement of an international market agent, knowing it to be false or misleading, or reckless as to whether it is so; or

allows any sharing of commission or other payment in contravention of regulation 33,shall be liable to disciplinary action under section 54 of the Act.