(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—
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