Page 428 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 131

Companies Act 2006 by reason only that the licenceholder is required [c.13]
by the Rule Book to institute and operate systems and controls which
are intended to ensure that employees, associates and agents who act
as directors in the course of the business of the licenceholder carry
out their duties in a diligent and proper manner.

PART 5

SPECIAL REMEDIES

20. (1) If on the application of the Commission the High Court Injunctions,
is satisfied — etc.

(a) that there is a reasonable likelihood that any person will
contravene any provision of —

(i) this Act;

(ii) any condition imposed under section 7, 8 or 44(2)
and (3);

(iii) the Rule Book or any other public document under
this Act;

(iv) any direction under section 10 or paragraph 2 of
Schedule 2; or

(b) that any person has contravened any such provision and
that there is a reasonable likelihood that the
contravention will continue or be repeated; or

(c) that any person has contravened any such provision and
that there are steps that could be taken for remedying
the contravention,

the court may grant an injunction restraining the contravention
or, as the case may be, 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.

(2) The court may, on the application of the Commission,
make an order under subsection (1) if satisfied —

(a) that profits have accrued to any person as a result of
that person’s contravention of any provision mentioned
in subsection (1)(a); or

(b) that one or more investors have suffered loss or been
otherwise adversely affected as a result of that
contravention.