(1) If on the application of the Bank of England the court is satisfied -

(a) that there is a reasonable likelihood that any person will contravene a relevant rule; or

(b) that any person has contravened a relevant rule, and that there is a reasonable likelihood that the contravention will continue or be repeated,

the court may make an order restraining (or in Scotland an interdict prohibiting) the contravention.

(2) If on the application of the Bank of England the court is satisfied -

(a) that any person has contravened a relevant rule; and

(b) that there are steps which could be taken for remedying the contravention,

the court may make an order requiring that person and any other person who appears to the court to have been knowingly concerned in the contravention to take such steps as the court may direct to remedy it.

(3) No application shall be made by the Bank of England under paragraph (1) or (2) in respect of a relevant rule unless it appears to it that the Operator of the relevant system is unable or unwilling to take appropriate steps to restrain the contravention or to require the person concerned to take such steps as are mentioned in paragraph (2)(b).