Investment Services Act (Cap. 370), article 21

21. (1) If, on an application by th e competent authority made to the Civil Court, Fir st Hall, the said co urt is satisfied - (a) that there is reasonable likelihood that a person will contravene any of the provisions of articles 3, 4 or 11 or of any regulations, Investment Services Rules and Conduct of Business Rules issued under it, or will contravene or fail to comply with any condition, obligation, requirement, Investment Services Rules, directive, or order made or given under any of the provisions of this Act; or (b) that a person has contravened any such provision or has contravened or failed to comply with any such condition, obligation, requirement, Investment Services Rules, Conduct of Business Rules, directive, or order and that steps could be taken to remedy the contravention or failure, the court may give such orders as it may deem appropriate to restrain the contravention or, as the case may be, to require t he person referred to in paragraph ( a) or (b), or 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. (2) If, on an application made u nder sub-article (1), the court is satisfied that a person has entered into any transaction in contravention of any of the provisions of articles 3, 4 or 11, the court may order 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 for restoring the parti es to the position in which they were before the transaction was ente red into. (3) If, on an application made u nder sub-article (1), the court is further satisfied that - (a) profits have accrued to any p e r s o n a s a r e s u l t o f t h e contravention; or (b) an investor has suffered loss or been otherwise adversely affected as a resu lt of that contravention, the court may order the person responsible for the contraventio n to pay into court such sum as appears to it to be just having rega rd to the extent of the profit, loss or adverse effect as aforesaid, and 66 CAP. 370.] INVESTMENT SERVICES order such sum to be paid out as the court may direct to the pe rsons who have entered into transacti ons as a result of which profits have accrued or losses or adverse effects have been suffered as aforesaid. ( 4 ) F o r t h e p u r p o s e s o f t h i s a r t i c l e t h e c o u r t m a y o r d e r t h e production by any person of such accounts and the provision of such information, and verified in such manner, as the court may deem appropriate. (5) The provisions of this article shall be without prejudice to any right of any aggrieved perso n to bring proceedings directly in respect of any right such person may otherwise have independent ly of the competent authority. Offences. Amended by: XX. 2007.75.