The Packaged Retail and Insurance-based Investment Products Regulations 2017

Injunctions and restitution U.K.

5.—(1) Part 25 of the Act M1 (injunctions and restitution) applies in respect of a requirement imposed under these Regulations as it applies in respect of a relevant requirement, with the modifications set out in this paragraph.

(2) Part 25 applies as if—

(a) each reference to the Act included a reference to these Regulations;

(b) each reference to a section of the Act were a reference to that section as applied by these Regulations;

(c) each reference to a regulator, the regulator concerned or the appropriate regulator were a reference to the FCA;

(d) references to the Secretary of State were omitted;

(e) each reference to a relevant requirement were a reference to a requirement which is imposed by or under these Regulations, or the Act as applied by these Regulations;

(f) each reference to an authorised person included a reference to an unauthorised person.

(3) Section 380 (injunctions) applies as if subsections (6) to (12) were omitted.

(4) Section 381 (injunctions in cases of market abuse) does not apply.

(5) Section 382 (restitution orders) applies as if subsections (9) to (15) were omitted.

(6) Section 383 (restitution orders in cases of market abuse) does not apply.

(7) Section 384 (power of FCA or PRA to require restitution) applies as if—

(a) subsections (2) and (3) and references to those subsections were omitted;

(b) subsections (7) to (13) were omitted.

Marginal Citations

M1 Part 25 was amended by paragraphs 19 to 25 of Schedule 9 to the Financial Services Act 2012, paragraph 3 of Schedule 10 to the Financial Services (Banking Reform) Act 2013 and S.I. 2007/126, 2013/1773, 2015/1755, 2016/225 and 680. There are other amendments but none is relevant.