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.