F1SCHEDULE 17A Further provision in relation to exercise of Part 18 functions by Bank of England
Part 2Application of provisions of this Act in relation to Bank of England
Injunctions and restitution
26
(1)
The power to make an application under section 380(1), (2) or (3) (injunctions) is exercisable by the Bank.
(2)
For the purposes of the application, any reference in that section to a relevant requirement is to—
(a)
a requirement that is imposed by or under any provision of this Part of this Act that relates to a recognised clearing house F2F3or a recognised CSD (and for this purpose a prohibition imposed under section 312FA(2)(c) (prohibition on person holding office etc. with a central securities depository) is treated as a requirement);
(b)
a requirement that is imposed under any other provision of this Act by the Bank;
(c)
a requirement that is imposed by any F4qualifying provision that is specified, or of a description specified, for the purposes of this sub-paragraph by the Treasury by order; or
(d)
a requirement that is imposed by this Act and whose contravention constitutes an offence that the Bank has power to prosecute under this Act (see section 401, as applied by paragraph 31).
27
(1)
The power to make an application under section 382(1) (restitution order) is exercisable by the Bank.
(2)
For the purposes of the application, any reference in that section to a relevant requirement is to be read in accordance with paragraph 26(2) of this Schedule F5(subject to sub-paragraph (3)).
F6(3)
The power to make an application under section 382(1) 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.
28
(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 F7or a recognised CSD 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 F8or the recognised CSD 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 F9(subject to sub-paragraph (3A)).
F10(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 F11or the recognised CSD; and
(b)
any reference to subsection (1) were a reference to sub-paragraph (2) of this paragraph.