Part 5F4... Payment Systems F9and service providers

Annotations:
Amendments (Textual)
F4

Word in Pt. 5 heading omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 2

Enforcement

C1202AF1Injunctions

1

If, on the application of the Bank of England, the court is satisfied—

a

that there is a reasonable likelihood that there will be a compliance failure, or

b

that there has been a compliance failure and there is a reasonable likelihood that it will continue or be repeated,

the court may make an order restraining the conduct constituting the failure.

2

If, on the application of the Bank of England, the court is satisfied—

a

that there has been a compliance failure by the operator of a recognised F2... payment system F10, a recognised DSA service provider,F5or a service provider in relation to such a systemF11or such a DSA service provider, and

b

that there are steps which could be taken for remedying the failure,

the court may make an order requiring the operator F12, DSA service providerF7or service provider, and anyone else who appears to have been knowingly concerned in the failure, to take such steps as the court may direct to remedy it.

3

If, on the application of the Bank of England, the court is satisfied—

a

that there may have been a compliance failure by the operator of a recognised F3... payment system F13, a recognised DSA service provider,F6or a service provider in relation to such a systemF14or such a DSA service provider, or

b

that a person may have been knowingly concerned in a compliance failure,

the court may make an order restraining the operator F15, DSA service provider,F8, service provider or person from dealing with any assets which it is satisfied the operator F8, service provider or person is reasonably likely to deal with.

4

The jurisdiction conferred by this section is exercisable—

a

in England and Wales and Northern Ireland, by the High Court, and

b

in Scotland, by the Court of Session.

5

In this section—

a

references to an order restraining anything are, in Scotland, to be read as references to an interdict prohibiting that thing,

b

references to remedying a failure include mitigating its effect, and

c

references to dealing with assets include disposing of them.