54.— (1) This section applies to a person—

(a) on whom any sanction has been imposed under section 33AQ, 33AR or 33AV of the Act of 1942,

(b) on whom any sanction has been imposed under:

(i) Regulation 99 of the Prospectus (Directive 2003/71/EC) Regulations 2005 (S.I. No. 324 of 2005),

(ii) Regulation 41 of the Market Abuse (Directive 2003/6/EC) Regulations 2005 (S.I. No. 342 of 2005), or

(iii) Regulation 67 of the Transparency (Directive 2004/109/EC) Regulations 2007 (S.I. No. 277 of 2007),

or,

(c) who has been convicted of an offence under financial services legislation.

(2) The High Court may, on the application of the Bank, make an order under subsection (3) in respect of a person to whom this section applies where the High Court is satisfied that as a result of the prescribed contravention or offence concerned—

(a) the person has been unjustly enriched, or

(b) one or more than one other person has suffered loss or other adverse effect.

(3) The High Court may order the person in respect of whom an application is made under subsection (2) to pay to the Bank such sum as appears to the High Court to be just having regard—

(a) in a case within subsection (2)(a), to the extent to which it appears to the High Court that the person concerned was unjustly enriched,

(b) in a case within subsection (2)(b), to the extent of the loss or other adverse effect,

(c) in a case within subsection (2)(a) and (b), to the extent to which it appears to the High Court that the person was unjustly enriched and to the extent of the loss or other adverse effect.

(4) Any amount paid to the Bank pursuant to an order under subsection (3) shall be paid by it to such persons or distributed by it among such persons as the High Court may direct.

(5) On an application under subsection (2) the High Court may require the person concerned to provide it with such accounts or other information as it may require for any one or more of the following purposes:

(a) establishing whether and, if so, to what extent the person has been unjustly enriched as mentioned in paragraph (a) of that subsection;

(b) establishing whether any person or persons have suffered any loss or other adverse effect as mentioned in paragraph (b) of that subsection and, if so, the extent of that loss or other adverse effect;

(c) determining how any amounts are to be paid or distributed under subsection (4).

(6) The High Court may require any accounts or other information provided under subsection (5) to be verified in such manner as it may direct.

(7) Nothing in this section affects the right of any person other than the Bank to bring proceedings in respect of the matters to which this section applies.