17.—(1) If, on the application of the FCA, a court is satisfied—
(a)that there is a reasonable likelihood that a [F1person] will contravene a requirement imposed by or under these Regulations, or by or under the CRA Regulation, or
(b)that a [F2person] has contravened such a requirement 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 FCA, a court is satisfied—
(a)that a [F3person] has contravened a requirement imposed by or under these Regulations or by or under the CRA Regulation, and
(b)that there are steps which could be taken for remedying the contravention,
the court may make an order requiring the [F3person], and any other person who appears to have been knowingly concerned in the contravention, to take such steps as the court may direct to remedy it.
(3) If, on the application of the FCA, a court is satisfied that a [F4person] may have—
(a)contravened a requirement imposed by or under these Regulations or by or under the CRA Regulation, or
(b)been knowingly concerned in the contravention of such a requirement,
the court may make an order restraining (or in Scotland an interdict prohibiting) the [F4person] from disposing of, or otherwise dealing with, any assets which it is satisfied the [F4person] is reasonably likely to dispose of or otherwise deal with.
(4) The jurisdiction conferred by this regulation is exercisable by the High Court and the Court of Session.
(5) In paragraph (2), references to remedying a contravention include references to mitigating its effect.
Textual Amendments
F1Word in reg. 17(1)(a) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 50(2)(h)(i)
F2Word in reg. 17(1)(b) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 50(2)(h)(i)
F3Word in reg. 17(2) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 50(2)(h)(ii)
F4Word in reg. 17(3) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 50(2)(h)(iii)
Commencement Information
I1Reg. 17 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)