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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
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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 -

(a) that profits have accrued to the person concerned as a result of the contravention of Article 14 or 15 of the m

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