Part 7

Cross-border activities within European Union

Assistance for other European regulators

Stopping disposal of assets of institutions administered in other member States
294
1
This section applies if the Regulator receives a request from the competent authority of a member State for assistance in prohibiting the free disposal of UK-held assets of a European pensions institution that has its main administration in that member State.
2
The court may on an application made by the Regulator with respect to UK-held assets of the institution grant—
a
an injunction restraining a defendant, or
b
in Scotland, an interdict prohibiting a defender (or, in proceedings by petition, a respondent),
from disposing of, or otherwise dealing with, assets to which the application relates.
3
If the court grants an injunction or interdict under subsection (2), it may by subsequent orders make provision for such incidental, consequential and supplementary matters as it considers necessary to enable the competent authority that sent the request to perform any of its functions in relation to assets subject to the injunction or interdict.
4
If the institution is not a party to proceedings under subsection (2) or (3), the institution—
a
has the same rights to notice of the proceedings as a defendant (or, in Scotland, as a defender or, as the case may be, as a respondent), and
b
may take part as a party in the proceedings.
5
In deciding any question as to costs or expenses, a court before which any proceedings take place—
a
may take account of any additional expense which it considers that any party to the proceedings has incurred as a result of the participation of the institution in pursuance of subsection (4)(b), and
b
may award the whole or part of the additional expense as costs or (as the case may be) expenses to the party who incurred it (whatever the outcome of the Regulator’s application).
6
For the purposes of this section—
- “European pensions institution” has the meaning given by section 293;
- “UK-held assets” of a European pensions institution are assets of the institution held by a depositary or custodian located in the United Kingdom, and here “assets”, “depositary”, “custodian” and “located” have the same meaning as in Article 19(3) of the Directive.
7
The jurisdiction conferred by subsections (2) and (3) is exercisable by the High Court or the Court of Session.