PART 9Injunctions and restitution

Restitution orders

16.—(1) Paragraph (2) applies if—

(a)a contravention of a relevant requirement occurred or began to occur before the commencement date;

(b)the Authority had not, before the commencement date, made an application to the court under section 382(1) (restitution orders) in respect of the contravention; and

(c)the act or omission which constituted the contravention would have constituted a contravention for which the PRA is the appropriate regulator within the meaning of section 382(11) to (13) had the act or omission occurred or begun to occur on the commencement date.

(2) Section 382 applies as if it defined both the FCA and PRA as the appropriate regulator in respect of the relevant requirement which was contravened.

(3) In this article “relevant requirement” means a relevant requirement within the meaning of section 382 as it applied at the time of the contravention.