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The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017

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This is the original version (as it was originally made).

Application of Part 25 of the Act (injunctions and restitution)

This section has no associated Explanatory Memorandum

21.—(1) Part 25 of the Act(1) (injunctions and restitution) applies for the purposes of these Regulations, Article 28 of the markets in financial instruments regulation, 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 and to Article 28 of the markets in financial instruments regulation;

(b)each reference to a section of the Act were a reference to that section as applied by these Regulations;

(c)references to the Secretary of State were omitted;

(d)each reference to a relevant requirement were a reference to a requirement which is imposed by or under these Regulations, Article 28 of the markets in financial instruments regulation or the Act as applied by these Regulations.

(3) Section 380 of the Act (injunctions) applies as if—

(a)subsections (6) and (7) were omitted;

(b)in subsection (8) paragraphs (b) and (c) were omitted;

(c)subsection (9) 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—

(a)subsections (9) and (10) were omitted;

(b)in subsection (11) paragraphs (b) and (c) were omitted;

(c)subsection (12) 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)subsections (2) and (3) and references to those subsections were omitted;

(b)subsection (7) were omitted;

(c)in subsection (9) paragraphs (b) and (c) were omitted;

(d)subsection (10) were omitted.

(1)

Part 25 was amended by paragraphs 19, 21, 23, 24 and 25 of Schedule 9 to the Financial Services Act 2012, paragraph 3 of Schedule 10 to the Financial Services (Banking Reform) Act 2013 and S.I. 2007/126, 2013/1773, 2015/1755, 2016/225 and 680. There are other amendments but none is relevant.

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