F1PART 5AWholesale cash distribution

Enforcement

206YInjunctions

(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 a recognised person, and

(b)

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

the court may make an order requiring the recognised person, and any other person 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 a recognised person, or

(b)

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

the court may make an order restraining the person from dealing with any assets which it is satisfied the 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;

(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 an order requiring steps to be taken are, in Scotland, to be read as references to an order for specific performance under section 45 of the Court of Session Act 1988;

(c)

references to remedying a failure include mitigating its effect;

(d)

references to dealing with assets include disposing of them.