• Restitution orders

    • 239. Restitution orders

      (1) The Court may, on the application of the Regulator, make an order under subsection (2) if it is satisfied that a person has contravened these Regulations or any Rules made under these Regulations, or been Knowingly Concerned in such contravention, 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 Court may order the person concerned to pay to the Regulator such sum as appears to the Court to be just and equitable having regard —
      (a) in a case within paragraph (a) of subsection (1), to the profits appearing to the Court to have accrued;
      (b) in a case within paragraph (b) of subsection (1), to the extent of the loss or other adverse effect;
      (c) in a case within both of those paragraphs, to the profits appearing to the Court to have accrued and to the extent of the loss or other adverse effect.
      (3) Any amount paid to the Regulator in pursuance of an order under subsection (2) must be paid by it to such Qualifying Person or distributed by it among such Qualifying Persons as the Court may direct.
      (4) On an application under subsection (1) the Court may require the person concerned to supply it with such accounts or other information as it may require for any one or more of the following purposes —
      (a) establishing whether any and, if so, what profits have accrued to him as mentioned in paragraph (a) of subsection (1);
      (b) establishing whether any person or persons have suffered any loss or adverse effect as mentioned in paragraph (b) of subsection (1) and, if so, the extent of that loss or adverse effect; and
      (c) determining how any amounts are to be paid or distributed under subsection (3).
      (5) The Court may require any accounts or other information supplied under subsection (4) to be verified in such manner as it may direct.
      (6) Nothing in this section affects the right of any person other than the Regulator to bring proceedings in respect of the matters to which this section applies.

    • 240. Restitution orders in cases of Market Abuse

      (1) The Court may, on the application of the Regulator, make an order under subsection (4) if it is satisfied that a person (the "Person Concerned") —
      (a) has engaged in Market Abuse; or
      (b) by taking or refraining from taking any action has required or encouraged another person or persons to engage in Behaviour which, if engaged in by the Person Concerned, would amount to Market Abuse;
      and the condition mentioned in subsection (2) is fulfilled.
      (2) The condition is that —
      (a) profits have accrued to the Person Concerned as a result; or
      (b) one or more persons have suffered loss or been otherwise adversely affected as a result.
      (3) But the Court may not make an order under subsection (4) if it is satisfied that —
      (a) the Person Concerned believed, on reasonable grounds, that his Behaviour did not fall within paragraph (a) or (b) of subsection (1); or
      (b) he took all reasonable precautions and exercised all due diligence to avoid behaving in a way which fell within paragraph (a) or (b) of subsection (1).
      (4) The Court may order the Person Concerned to pay to the Regulator such sum as appears to the Court to be just having regard —
      (a) in a case within paragraph (a) of subsection (2), to the profits appearing to the Court to have accrued;
      (b) in a case within paragraph (b) of subsection (2), to the extent of the loss or other adverse effect;
      (c) in a case within both of those paragraphs, to the profits appearing to the Court to have accrued and to the extent of the loss or other adverse effect.
      (5) Any amount paid to the Regulator in pursuance of an order under subsection (4) must be paid by it to such Qualifying Person or distributed by it among such Qualifying Persons as the Court may direct.
      (6) On an application under subsection (1) the Court may require the Person Concerned to supply it with such accounts or other information as it may require for any one or more of the following purposes —
      (a) establishing whether any and, if so, what profits have accrued to him as mentioned in paragraph (a) of subsection (2);
      (b) establishing whether any person or persons have suffered any loss or adverse effect as mentioned in paragraph (b) of subsection (2) and, if so, the extent of that loss or adverse effect; and
      (c) determining how any amounts are to be paid or distributed under subsection (5).
      (7) The Court may require any accounts or other information supplied under subsection (6) to be verified in such manner as it may direct.
      (8) Nothing in this section affects the right of any person other than the Regulator to bring proceedings in respect of the matters to which this section applies.

    • 241. Power of the Regulator to require restitution

      (1) The Regulator may exercise the power in subsection (5) if it is satisfied that an Authorised Person or Recognised Body (the "Person Concerned") has contravened these Regulations or any Rules made under these Regulations, or been Knowingly Concerned in such contravention, 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 Regulator may exercise the power in subsection (5) if it is satisfied that a person (the "Person Concerned") —
      (a) has engaged in Market Abuse; or
      (b) by taking or refraining from taking any action has required or encouraged another person or persons to engage in Behaviour which, if engaged in by the Person Concerned, would amount to Market Abuse;
      and the condition mentioned in subsection (3) is fulfilled;
      (3) The condition is that —
      (a) profits have accrued to the Person Concerned as a result of the Market Abuse; or
      (b) one or more persons have suffered loss or been otherwise adversely affected as a result of the Market Abuse.
      (4) But the Regulator may not exercise that power as a result of subsection (2) if, having considered any representations made to it in response to a warning notice, there are reasonable grounds for it to be satisfied that —
      (a) the Person Concerned believed, on reasonable grounds, that his Behaviour did not fall within paragraph (a) or (b) of that subsection; or
      (b) he took all reasonable precautions and exercised all due diligence to avoid behaving in a way which fell within paragraph (a) or (b) of that subsection.
      (5) The power referred to in subsections (1) and (2) is a power to require the Person Concerned, in accordance with such arrangements as the Regulator considers appropriate, to pay to the Appropriate Person or distribute among the Appropriate Persons such amount as appears to the Regulator to be just having regard —
      (a) in a case within paragraph (a) of subsection (1) or (3), to the profits appearing to the Regulator to have accrued;
      (b) in a case within paragraph (b) of subsection (1) or (3), to the extent of the loss or other adverse effect;
      (c) in a case within paragraphs (a) and (b) of subsection (1) or (3), to the profits appearing to the Regulator to have accrued and to the extent of the loss or other adverse effect.

    • 242. Actions for damages

      (1) Unless otherwise provided under Rules made by the Regulator, where a person (whether or not a Private Person) —
      (a) intentionally, recklessly or negligently commits a breach of duty, requirement, prohibition, obligation or responsibility imposed by or under these Regulations; or
      (b) commits fraud or other dishonest conduct in connection with a matter arising under such Regulations;
      that person is liable to compensate any other person for any loss or damage caused to that other person as a result of such conduct, and otherwise is liable to restore such other person to the position they were in prior to such conduct.
      (2) The Court may, on application of the Regulator or a person who has suffered loss or damages caused as a result of conduct described in subsection (1), make orders for the recovery of damages or for compensation or for the recovery of property or for any other order as the Court sees fit, except where such liability is excluded under these Regulations or any Rules made by the Regulator.
      (3) Nothing in this section affects the powers that any person or the Court may have apart from this section.

    • 243. Power of the Regulator to intervene in proceedings

      (1) The Regulator may intervene as a party in any proceedings in the Court where it considers such intervention appropriate to meet one or more of its objectives.
      (2) Where the Regulator so intervenes, it shall, subject to any other law, have all the rights, duties and liabilities of such a party.

    • 244. Compulsory Winding up

      (1) Where it appears to the Regulator that it is just and equitable in the interests of the Abu Dhabi Global Market that a Company which is or has been —
      (a) an Authorised Person or Recognised Body; or
      (b) carrying on Regulated Activities in breach of the General Prohibition;
      should be wound up, it may apply to the Court for, and the Court may make orders considered necessary and desirable for, the winding up of such Company.

    • 245. Undertakings as to damages

      (1) If the Regulator makes an application to the Court for the grant of an injunction under these Regulations, the Court must not require the Applicant or any other person, as a condition of granting an interim injunction, to give any undertakings as to damages.