# Financial Services and Markets Act 2000, Paragraph 28

Extent: E+W+S+N.I.

(1) The power conferred by section 384(5) (power of FCA to require restitution order) is exercisable by the Bank.
(2) That power is exercisable if the Bank is satisfied that a recognised clearing house , a recognised CSD or a critical third party has contravened a relevant requirement, or been knowingly concerned in the contravention of a relevant requirement, and—
(a) that profits have accrued to the recognised clearing house , the recognised CSD or the critical third party as a result of the contravention; or
(b) that one or more persons have suffered loss or been otherwise adversely affected as a result of the contravention.
(3) For the purposes of that power, “relevant requirement” is to be read in accordance with paragraph 26(2) of this Schedule (subject to sub-paragraph (3A)).
(3A) The power conferred by section 384(5) is not exercisable by the Bank in respect of the contravention of a requirement imposed by or under Article 4 or 15 of the SFT regulation.
(4) Where this paragraph applies, section 384(5) and (6) are to have effect as if—
(a) any reference to the person concerned were a reference to the recognised clearing house , the recognised CSD or the critical third party; and
(b) any reference to subsection (1) were a reference to sub-paragraph (2) of this paragraph.

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Source: https://www.legislation.gov.uk/ukpga/2000/8/schedule/17A/paragraph/28 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000/schedule-17A/paragraph-28
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.