31.— (1) During the period of validity of a suspension notice that has been confirmed by the Head of Financial Regulation, the Head of Financial Regulation may apply to the Court, on notice to the suspended person and any regulated financial service provider F38[or holding company] on which the notice was served, for an order extending the period of validity of the notice.

(2) If the Court is satisfied, having regard to the reasons for the issue and confirmation of the notice stated by the Head of Financial Regulation, that there are sufficient grounds to extend the period of validity of the notice, the Court may extend the notice for such further period (but not longer than a further F39[6 months]) as the Court orders.

F38[(2A) The making of an order under subsection (2) does not prevent the making of a further order.

(2B) Subject to subsection (2C), orders under subsection (2) shall not in total extend a suspension notice for more than 24 months from the end of the period of 6 months referred to in section 29(4).

(2C) Where a prohibition is imposed on the suspended person under section 43, or where the suspension notice was issued following the imposition of a prohibition under section 43, subsection (2B) does not apply, but orders under subsection (2) shall not extend the suspension notice beyond the time when an application under section 45 for confirmation of the prohibition notice has been disposed of.]

(3) When considering whether to make an order under subsection (2), the Court shall give particular regard to—

(a) the need to prevent potential serious damage to the financial system in the State and ensure the continued stability of that system, and

(b) the need to protect users of financial services.