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Textual Amendments
F1Word in Pt. 5 heading omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 2
F2Words in Pt. 5 heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 2
(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 the operator of a recognised F4... payment system [F5, a recognised DSA service provider,] [F6or a service provider in relation to such a system] [F7or such a DSA service provider], and
(b)that there are steps which could be taken for remedying the failure,
the court may make an order requiring the operator [F8, DSA service provider] [F9or service provider], and anyone else 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 the operator of a recognised F10... payment system [F11, a recognised DSA service provider,] [F12or a service provider in relation to such a system] [F13or such a DSA service provider], or
(b)that a person may have been knowingly concerned in a compliance failure,
the court may make an order restraining the operator [F14, DSA service provider,] [F15, service provider] or person from dealing with any assets which it is satisfied the operator [F15, service provider] or 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, and
(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 remedying a failure include mitigating its effect, and
(c)references to dealing with assets include disposing of them.]
Textual Amendments
F3S. 202A inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(7), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4Word in s. 202A(2)(a) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 24
F5Words in s. 202A(2)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 31(2)(a)(i)
F6Words in s. 202A(2)(a) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(23)(a)
F7Words in s. 202A(2)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 31(2)(a)(ii)
F8Words in s. 202A(2) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 31(2)(b)
F9Words in s. 202A(2) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(23)(b)
F10Word in s. 202A(3)(a) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 24
F11Words in s. 202A(3)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 31(3)(a)(i)
F12Words in s. 202A(3)(a) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(23)(a)
F13Words in s. 202A(3)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 31(3)(a)(ii)
F14Words in s. 202A(3) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 31(3)(b)
F15Words in s. 202A(3) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(23)(c)
Modifications etc. (not altering text)
C1S. 202A applied by 2013 c. 33, s. 124A(8) (as inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 9 para. 49(3) (with ss. 2(2), 5(2)))