PART 2FCA powers over Miscellaneous BM persons
Application of Part 25 of the Act (injunctions and restitution)22
1
Part 2537 of the Act (injunctions and restitution) applies for the purposes of these Regulations and the Act as applied by these Regulations, with the following modifications.
2
Part 25 of the Act applies as if—
a
each reference to the Act included a reference to these Regulations;
b
each reference to a section of the Act were a reference to that section as applied by these Regulations;
c
each reference to a regulator, the regulator concerned or the appropriate regulator were a reference to the FCA;
d
references to the Secretary of State were omitted;
e
each reference to a relevant requirement in Part 25 were a reference to a requirement which is imposed by or under—
i
these Regulations;
ii
the Act as applied by these Regulations; or
iii
the EU Benchmarks Regulation 2016.
3
Section 380 of the Act (injunctions) applies as if subsections (6) to (12) were omitted.
4
Section 381 of the Act (injunctions in cases of market abuse) does not apply.
5
Section 382 of the Act (restitution orders) applies as if subsections (9) to (15) were omitted.
6
Section 383 of the Act (restitution orders in cases of market abuse) does not apply.
7
Section 384 of the Act (power of FCA or PRA to require restitution) applies as if—
a
the reference to “authorised person” in subsection (1) were a reference to a “Miscellaneous BM person”;
b
in subsection (1) references to “the appropriate regulator” and “the regulator concerned” were references to “the FCA”;
c
subsections (2) and (3) and references to those subsections were omitted;
d
in subsection (6) the reference to “the regulator concerned” is a reference to the “the FCA”; and
e
subsections (7) to (13) were omitted.