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The Payment Services Regulations 2017
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The Payment Services Regulations 2017, Section 113 is up to date with all changes known to be in force on or before 28 December 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 113:
- Regulations power to amend conferred by 2021 c. 22 s. 23
InjunctionsU.K.
This section has no associated Explanatory Memorandum
113.—(1) If, on the application of the FCA, 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 authorised payment institution, small payment institution, or registered account information services provider will contravene a requirement imposed on it by or under section 312R of the 2000 Act; or
(d)that an authorised payment institution, small payment institution, or registered account information services provider 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, the court is satisfied—
(a)that any person has contravened a requirement imposed by or under these Regulations [F3or an authorised payment institution, small payment institution, or registered account information services provider 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 [F4 or institution or provider], 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, 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 authorised payment institution, small payment institution, or registered account information services provider 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 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. 113(1)(a) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 68(a) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
F2Reg. 113(1)(c)(d) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 68(b) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
F3Words in reg. 113(2)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 68(c) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
F4Words in reg. 113(2) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 68(d) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
F5Word in reg. 113(3)(a) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 68(e) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
F6Reg. 113(3)(aa) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 68(f) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
F7Words in reg. 113(3)(b) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 68(g) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
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