Central Bank (Supervision and Enforcement) Act 2013

52.

High Court enforcement orders on application by Bank.

52.— (1) If, in the opinion of the Bank, a person has engaged, is engaging or is about to engage in conduct that involved, involves or would involve contravening a provision of financial services legislation the Bank may apply to the Court for an order restraining the person from engaging in the conduct.

(2) If a person has refused or failed, is refusing or failing, or is about to refuse or fail, to do an act that the person is required to do by or under a provision of financial services legislation, the Court may make an order requiring the person to do that act.

(3) The Bank may apply ex parte to the Court for an order under this section and the Court may grant an order in such a case where the Court considers it necessary to do so in order to achieve the purposes of this section, including (in particular) in order to preserve the availability of any property, information, record or other thing.

(4) An order under this section may be made on such terms as the Court thinks appropriate.

(5) The Court may grant an interim order pending the determination of an application under this section.

(6) The Court may discharge or vary an order made under this section.

(7) The power of the Court to make an order restraining a person from engaging in conduct referred to in subsection (1) may be exercised—

( a) whether or not it appears to the Court that the person intends to repeat, or to continue, the conduct,

( b) whether or not the person has previously engaged in that kind of conduct, and

( c) whether or not there is danger of damage to any other person if the person engages in that kind of conduct.

(8) The power of the Court to grant an order requiring a person to do an act may be exercised—

( a) whether or not it appears to the Court that the person intends to refuse or fail again, or to continue to refuse or fail, to do that act,

( b) whether or not the person has previously refused or failed to do that act, and

( c) whether or not there is a danger of damage to any other person if the person refuses or fails to do that act.

(9) Where the Court is satisfied, because of the nature or the circumstances of the case or otherwise in the interests of justice, that it is desirable, the whole or any part of proceedings before it under this section may be heard otherwise than in public.

(10) If the Bank applies to the Court to make an order under this section, the Court may not require the applicant or any other person to give an undertaking as to damages as a condition of granting an interim order.

(11) Whenever the Court has power under this section to make an order restraining a person from engaging in particular conduct, or requiring a person to do a particular act, it may, either in addition to or instead of making such an order, order the person to pay damages to another person.

(12) In this section “the Court” means the High Court.