Financial Services and Markets Act 2000

381 Injunctions in cases of market abuse.U.K.

This section has no associated Explanatory Notes

(1)If, on the application of the [F1FCA], the court is satisfied—

(a)that there is a reasonable likelihood that any person will [F2contravene Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) of the market abuse regulation], or

(b)that any person is or has [F3contravened Article 14 or 15 of the market abuse regulation] and that there is a reasonable likelihood that the [F4contravention] will continue or be repeated,

the court may make an order restraining (or in Scotland an interdict prohibiting) the [F5contravention].

(2)If on the application of the [F1FCA] the court is satisfied—

(a)that any person is or has [F6contravened Article 14 or 15 of the market abuse regulation], and

(b)that there are steps which could be taken for remedying the [F7contravention],

the court may make an order requiring him to take such steps as the court may direct to remedy it.

(3)Subsection (4) applies if, on the application of the [F1FCA], the court is satisfied that any person—

(a)may be [F8contravening Article 14 or 15 of the market abuse regulation]; or

(b)may have [F9contravened Article 14 or 15 of the market abuse regulation].

(4)The court [F10may] make an order restraining (or in Scotland an interdict prohibiting) the person concerned from disposing of, or otherwise dealing with, any assets of his which it is satisfied that he is reasonably likely to dispose of, or otherwise deal with.

(5)The jurisdiction conferred by this section is exercisable by the High Court and the Court of Session.

(6)In subsection (2), references to remedying any [F11contravention] include references to mitigating its effect.

Textual Amendments

F1Word in s. 381(1)-(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 20(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.