23.—(1) If, on the application of the relevant regulator, the court is satisfied—
(a)that there is a reasonable likelihood that a person will contravene a requirement imposed by or under this Part; or
(b)that a person 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 relevant regulator, the court is satisfied that—
(a)a person has contravened a requirement imposed by or under this Part; and
(b)there are steps which could be taken for remedying the contravention,
the court may make an order requiring the person, 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 relevant regulator, the court is satisfied that a person may have—
(a)contravened a requirement imposed by or under this Part; or
(b)been knowingly concerned in the contravention of such a requirement,
it may make an order restraining (or in Scotland an interdict prohibiting) the person from disposing of, or otherwise dealing with, any of the person's assets which the court is satisfied the person 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.
(6) The Bank is the “relevant regulator” in the case of a contravention of—
(a)a requirement that is imposed by the Bank under regulation 11; or
(b)a requirement imposed by regulation 11(4) where the financial counterparty is a recognised central counterparty [F1or a recognised CSD].
(7) The FCA is the “relevant regulator” in the case of a contravention of any other requirement.
Textual Amendments
F1Words in reg. 23(6)(b) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 43(8) (with regs. 7(4), 9(1))