Regulation 17 Application to a court for an injunctionI1

United Kingdom

(1)

If, on the application of the FCA, a court is satisfied—

(a)

that there is a reasonable likelihood that a F1person will contravene a requirement imposed by or under these Regulations, or by or under the CRA Regulation, or

(b)

that a F2person has contravened such a requirement and that there is a reasonable likelihood that the contravention will continue or be repeated,

the court may make an order restraining (or in Scotland an interdict prohibiting) the contravention.

(2)

If, on the application of the FCA, a court is satisfied—

(a)

that a F3person has contravened a requirement imposed by or under these Regulations or by or under the CRA Regulation, and

(b)

that there are steps which could be taken for remedying the contravention,

the court may make an order requiring the person, and any other person who appears to have been knowingly concerned in the contravention, to take such steps as the court may direct to remedy it.

(3)

If, on the application of the FCA, a court is satisfied that a F4person may have—

(a)

contravened a requirement imposed by or under these Regulations or by or under the CRA Regulation, or

(b)

been knowingly concerned in the contravention of such a requirement,

the court may make an order restraining (or in Scotland an interdict prohibiting) the person from disposing of, or otherwise dealing with, any assets which it is satisfied the person is reasonably likely to dispose of or otherwise deal with.

(4)

The jurisdiction conferred by this regulation is exercisable by the High Court and the Court of Session.

(5)

In paragraph (2), references to remedying a contravention include references to mitigating its effect.

Annotations

Textual amendments

F1: Word in reg. 17(1)(a) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 50(2)(h)(i)
F2: Word in reg. 17(1)(b) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 50(2)(h)(i)
F3: Word in reg. 17(2) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 50(2)(h)(ii)
F4: Word in reg. 17(3) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 50(2)(h)(iii)

Commencement

I1: Reg. 17 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Notes on the whole SI

Textual amendments

F1: Regulations revoked (1.1.2024 for the revocation of reg. 3(3)) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/779, reg. 5(c)(iii)