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Sender:
Lionel Smith
Date:
Mon, 10 Jul 2000 17:56:14 +0100
Re:
Terminology

 

From the Financial Services and Markets Act 2000 (this section not yet in force):

Restitution orders

382. - (1) The court may, on the application of the Authority or the Secretary of State, make an order under subsection (2) if it is satisfied that a person 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 court may order the person concerned to pay to the Authority such sum as appears to the court to be just having regard-

          (a) in a case within paragraph (a) of subsection (1), to the profits appearing to the court to have accrued;

          (b) in a case within paragraph (b) of that subsection, to the extent of the loss or other adverse effect;

          (c) in a case within both of those paragraphs, to the profits appearing to the court to have accrued and to the extent of the loss or other adverse effect. (etc)


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