Injunctions and restitution under FSMA 2000
Injunctions and restitution under FSMA 2000

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Injunctions and restitution under FSMA 2000
  • Injunctions under FSMA 2000, ss 380, 381—overview
  • Injunctions under FSMA 2000, s 380
  • ‘Relevant requirement’
  • ‘Appropriate regulator’
  • ‘Knowingly concerned’
  • Injunctive relief
  • Injunctions under FSMA 2000, s 381—market abuse
  • Power of court to impose administrative sanctions in cases of market abuse—FSMA 2000, s 129
  • Freezing injunctions—FSMA 2000, ss 380(3) and 381(4)
  • More...

In addition to their formal investigatory and enforcement powers, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are also able to apply to Court for injunctions against persons contravening relevant requirements under section 380 of the Financial Services and Markets Act 2000 (FSMA 2000); the FCA may apply for an injunction to restrain the defendant from engaging in market abuse (under FSMA 2000, s 381); both FSMA 2000, s 380 and s 381 include the power to seek an order that the court freeze the assets of the defendant. FSMA 2000, ss 382 and 383 enables the regulators to apply for restitution orders against the same such persons or award restitution under FSMA 2000, s 384, extra-judicially, of profits which have accrued to authorised persons contravening relevant requirements or persons engaged in market abuse, or of losses which have been suffered by others as a result of those breaches. Finally, the FCA may also apply to the court to impose administrative sanctions in cases of market abuse under FSMA 2000, s 129, at the same time that it applies for an injunction under FSMA 2000, s 381. The FCA can also apply for injunctions under the Consumer Rights Act 2015, Schedule 3. Chapters 10 and 11 of the Enforcement Guide (EG) provides detail on the factors the FCA will consider when

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