384 Power of [FCA or PRA] to require restitution

Restitution required by [FCA or PRA]

384  Power of [FCA or PRA] to require restitution

(1)     [The appropriate regulator] may exercise the power in subsection (5) if it is satisfied that an authorised person [or recognised investment exchange] (“the person concerned”) has contravened a relevant requirement, or been knowingly concerned in the contravention of such a requirement, and—

(a)     that profits have accrued to him as a result of the contravention; or

(b)     that one or more persons have suffered loss or been otherwise adversely affected as a result of the contravention.

[(2)     The FCA may exercise the power in subsection (5) if it is satisfied that—

(a)     a person (“the person concerned”) has contravened Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) of the market abuse regulation; and

(b)     the condition mentioned in subsection (3) is fulfilled.]

(3)     The condition is—

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