Compliance orders and directionsU.K.
8.—(1) This regulation applies if it appears to the [Bank of England] that—
(a)any requirement of Schedule 1 is not satisfied, or is likely not to be satisfied, in relation to an Operator; or
(b)an Operator has failed to comply with any obligation imposed on him by or under these Regulations.
(2) The [Bank of England] may—
(a)make an application to the court; or
(b)subject to paragraph (4), direct the Operator to take specified steps for the purpose of securing—
(i)that the relevant requirement of Schedule 1 is satisfied in relation to the Operator; or
(ii)the Operator’s compliance with any obligation of the kind in question.
(3) If on any application by the [Bank of England] under paragraph (2)(a) the court is satisfied that the relevant requirement of Schedule 1 is not satisfied or is likely not to be satisfied, or, as the case may be, that the Operator has failed to comply with the obligation in question, it may order the Operator to take such steps as the court directs for securing that the requirement is satisfied or that the obligation is complied with.
(4) Schedule 3 shall have effect as regards the procedure to be followed before giving a direction under paragraph (2)(b).
(5) A direction under paragraph (2)(b) is enforceable, on the application of the [Bank of England], by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988().
(6) The jurisdiction conferred by paragraph (3) shall be exercisable by the High Court and the Court of Session.
(7) The fact that a rule made or condition imposed by an Operator has been altered in response to a direction given by the [Bank of England] under paragraph (2)(b) or an order of the court under paragraph (3) does not prevent it from being subsequently altered or revoked by the Operator.
Textual Amendments
Commencement Information