[F128(1)The power conferred by section 384(5) (power of FCA to require restitution order) is exercisable by the Bank.U.K.
(2)That power is exercisable if the Bank is satisfied that a recognised clearing house 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 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.
(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; and
(b)any reference to subsection (1) were a reference to sub-paragraph (2) of this paragraph.]
Textual Amendments
F1Sch. 17A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 29(2), 122(3), Sch. 7 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.