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The Electronic Money Regulations 2011
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The Electronic Money Regulations 2011, Section 54 is up to date with all changes known to be in force on or before 25 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Regulation 54:
- Regulations power to amend conferred by 2021 c. 22 s. 23
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
InjunctionsU.K.
This section has no associated Explanatory Memorandum
54.—(1) If, on the application of the Authority, the court is satisfied—
(a)that there is a reasonable likelihood that any person will contravene a requirement imposed by or under these Regulations; F1...
(b)that any person has contravened such a requirement and that there is a reasonable likelihood that the contravention will continue or be repeated,
[F2(c)that there is a reasonable likelihood that an electronic money institution will contravene a requirement imposed on it by or under section 312R of the 2000 Act; or
(d)that an electronic money institution 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 Authority, the court is satisfied—
(a)that any person has contravened a requirement imposed by or under these Regulations [F3or an electronic money institution has contravened a requirement imposed on it by or under section 312R of the 2000 Act]; and
(b)that there are steps which could be taken for remedying the contravention,
the court may make an order requiring that person [F4or institution], 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 Authority, the court is satisfied that any person may have—
(a)contravened a requirement imposed by or under these Regulations; F5...
[F6(aa)in the case of an electronic money institution, contravened a requirement imposed on it by or under section 312R of the 2000 Act; or]
(b)been knowingly concerned in the contravention of [F7a requirement described in sub-paragraph (a) or (aa)],
it may make an order restraining (or, in Scotland, an interdict prohibiting) them from disposing of, or otherwise dealing with, any assets of theirs which it is satisfied that they are 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.
Textual Amendments
F1Word in reg. 54(1)(a) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 58(a) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
F2Reg. 54(1)(c)(d) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 58(b) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
F3Words in reg. 54(2)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 58(c) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
F4Words in reg. 54(2) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 58(d) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
F5Word in reg. 54(3)(a) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 58(e) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
F6Reg. 54(3)(aa) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 58(f) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
F7Words in reg. 54(3)(b) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 58(g) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
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