The Uncertificated Securities Regulations 2001

Injunctions and restitution orders U.K.

9.—(1) If on the application of the [F1 Bank of England] the court is satisfied—

(a) that there is a reasonable likelihood that any person will contravene a relevant rule; or

(b) that any person has contravened a relevant rule, and that there is a reasonable likelihood that the contravention will continue or be repeated,

the court may make an order restraining (or in Scotland an interdict prohibiting) the contravention.

(2) If on the application of the [F1 Bank of England] the court is satisfied—

(a) that any person has contravened a relevant rule; and

(b) that there are steps which could be taken for remedying the contravention,

the court may make an order requiring that person and any other person who appears to the court to have been knowingly concerned in the contravention to take such steps as the court may direct to remedy it.

(3) No application shall be made by the [F1 Bank of England] under paragraph (1) or (2) in respect of a relevant rule unless it appears to [F2 it] that the Operator of the relevant system is unable or unwilling to take appropriate steps to restrain the contravention or to require the person concerned to take such steps as are mentioned in paragraph (2)(b).

(4) If on the application of the [F1 Bank of England] the court is satisfied that any person may have—

(a) contravened a relevant rule; or

(b) been knowingly concerned in the contravention of a relevant rule,

the court may make an order restraining (or in Scotland an interdict prohibiting) him from disposing of, or otherwise dealing with, any assets of his which it is satisfied he is reasonably likely to dispose of or otherwise deal with.

(5) The court may, on the application of the [F1 Bank of England], make an order under paragraph (6) if it is satisfied that a person has contravened a relevant rule, or been knowingly concerned in the contravention of such a rule, and—

(a) that profits have accrued to him 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.

(6) The court may order the person concerned to pay to the [F1 Bank of England] such sum as appears to the court to be just having regard—

(a) in a case within subparagraph (a) of paragraph (5), to the profits appearing to the court to have accrued;

(b) in a case within subparagraph (b) of that paragraph, to the extent of the loss or other adverse effect; or

(c) in a case within both of those subparagraphs, to the profits appearing to the court to have accrued and to the extent of the loss or other adverse effect.

(7) Subsections (3) to (5) and (8) of section 382 of the 2000 Act shall apply in relation to an application of the [F1 Bank of England] under paragraph (5) as they have effect in relation to an application of [F3 the appropriate regulator] under subsection (1) of that section; and in those subsections as they so apply—

(a) the references to subsections (1) and (2) shall be taken to be references to paragraphs (5) and (6) respectively;

(b) the references to paragraphs (a) and (b) of subsection (1) shall be taken to be references to subparagraphs (a) and (b) respectively of paragraph (5).

(8) The jurisdiction conferred by this regulation shall be exercisable by the High Court and the Court of Session.

(9) Nothing in this regulation affects the right of any person other than the [F1 Bank of England] to bring proceedings in respect of matters to which this regulation applies.

(10) In this regulation, “relevant rule” means any provision of the rules of an Operator to which the person in question is subject and which regulate the carrying on by that person of business of any of the following kinds—

(a) dealing in investments as principal;

(b) dealing in investments as agent;

(c) arranging deals in investments;

(d) managing investments;

(e) safeguarding and administering investments;

(f) sending dematerialised instructions;

[F4 (fa) managing a UCITS;

(fb) acting as trustee or depositary of a UCITS;

(fc) managing an AIF;

(fd) acting as trustee or depositary of an AIF;]

(g) establishing etc. a collective investment scheme;

(h) advising on investments; or

(i) agreeing to carry on any of the activities mentioned in paragraphs (a) to (h).

(11) In paragraph (2), references to remedying a contravention include references to mitigating its effect.

(12) Paragraph (10) shall be read with—

(a) section 22 of the 2000 Act;

(b) any relevant order under that section; and

(c) Schedule 2 to that Act.

[F5 (13) In this regulation, the “appropriate regulator” means whichever of the Prudential Regulation Authority or the Financial Conduct Authority is the appropriate regulator under

section 382 of the 2000 Act.]

Textual Amendments

F1 Words in reg. 9 substituted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(8)(a) (with reg. 3)

F2 Word in reg. 9(3) substituted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(8)(b) (with reg. 3)

F3 Words in reg. 9(7) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 73(b)(i)

F4 Reg. 9(10)(fa)-(fd) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 15

F5 Reg. 9(13) inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 73(b)(ii)

Commencement Information

I1 Reg. 9 in force at 26.11.2001, see reg. 1