Cap. 345 Art. 39Powers of the Court to make certain orders.

(1) If, on an application by the competent authority made to the Civil Court, First Hall, the said court is satisfied:

(a) that there is reasonable likelihood that a person will contravene any of the provisions of this Act, the regulations made thereunder or the bye-laws of a regulated market or will contravene or fail to comply with any obligation, requirement, Financial Market Rule, Capital Markets Rule, Covered Bonds Rule, directive or order made or given under any of the provisions of this Act, the regulations made thereunder or the bye-laws of a regulated market; or

(b) that a person has contravened any such provision or has contravened or failed to comply with any such obligation, requirement, directive, Financial Market Rule, Capital Markets Rule, Covered Bonds Rule or order and that there is a reasonable likelihood that the contravention will continue or be repeated, the court may give such orders as it may deem appropriate to restrain the contravention.

(2) If, on an application by the competent authority made to the Civil Court, First Hall, the said court is satisfied -

(a) that a person has contravened any of the provisions of this Act, the regulations made thereunder, the bye-laws of a regulated market or any obligation, requirement, Financial Market Rule, Capital Markets Rule, Covered Bonds Rule, directive or order made or given under any of the provisions of this Act or under the bye-laws of a regulated market; and

(b) that there are steps which could be taken for remedying the contravention, the court may give such orders as it may deem appropriate to require 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 or to mitigate its effect, as appropriate.

(3) If, on an application by the Competent Authority made to the First Hall Civil Court, the court is satisfied -

(a) that a person has contravened any of the provisions of this Act, the regulations made thereunder, the bye-laws of a regulated market or any obligation, requirement, Financial Market Rule, Capital Markets Rule, Covered Bonds Rule, directive or order made or given under any of the provisions of this Act, the regulations made thereunder or the bye-laws of a regulated market; or

(b) that any person has been knowingly concerned in the contravention, it may make an order restraining him from disposing of, or otherwise dealing with, any assets of his which it is satisfied he is reasonably likely to dispose of or otherwise deal with.

(4) If, on an application made under sub-article (1), the court is further satisfied that -

(a) profits have accrued to any person as a result of the contravention; or

(b) an investor has suffered loss or has been otherwise adversely affected as a result of that contravention, the court may order the person responsible for the contravention to pay into court such sum as appears to it to be just having regard to the extent of the profit, loss or adverse effect as aforesaid, and order such sum to be paid out as the court may direct to the persons who have entered into transactions as a result of which profits have accrued or losses or adverse effects have been suffered as aforesaid.

(5) For the purposes of this article the court may order the production by any person of such accounts and the provision of such information, and verified in such manner, as the court may deem appropriate.

(6) The First Hall Civil Court shall after hearing the person or persons mentioned in this article and the competent authority determine an application made under this section with urgency.

(7) The provisions of this article shall be without prejudice to any right of any aggrieved person to bring proceedings directly in respect of any right such person may otherwise have independently of the competent authority.

(8) The provisions of this article shall be without prejudice to the right of any person to demand the issue of any precautionary act under Title VI of Book Third of the Code of Organization and Civil Procedure.