Financial Intermediaries Act 1996

This section applies if a person has engaged, is engaging or is proposing to engage in conduct that constituted, constitutes or would constitute—

a contravention of this Act; or

attempting to contravene this Act; or

aiding, counselling or procuring a person to contravene this Act; or

inducing or attempting to induce (whether by threats, promises or otherwise) a person to contravene this Act; or

being in any way, directly or indirectly, knowingly concerned in, or party to, the contravention by a person of this Act; or

conspiring with others to contravene this Act.

The Supreme Court may, on the application of the registrar or a person whose interests have been, are or would be affected by the conduct mentioned in subsection (1), grant an injunction restraining the person from engaging in the conduct and, if in the court’s opinion it is desirable to do so, requiring that person to do anything.

If a person has failed, is failing, or is proposing to fail, to do anything that the person is required to do under this Act, the Supreme Court may, on the application of the registrar or a person whose interests have been, are or would be affected by the failure to do the thing, grant an injunction requiring the person to do the thing.

If an application is made for an injunction under subsection (2) or (3), the Supreme Court may grant an injunction by consent of all the parties to the proceeding, whether or not the court is satisfied that the subsection applies.

The Supreme Court may grant an interim injunction pending determination of an application under subsection (1).

The Supreme Court may discharge or vary an injunction granted under this section, and may grant an injunction on terms.

The power of the Supreme Court to grant an injunction restraining a person from engaging in conduct may be exercised—

whether or not it appears to the court that the person intends to engage again, or to continue to engage, in the conduct; and

whether or not the person has previously engaged in conduct of that kind; and

whether or not there is an imminent danger of substantial damage to another person if the person engages, or continues to engage, in the conduct.

The power of the Supreme Court to grant an injunction requiring a person to do a thing may be exercised—

whether or not it appears to the court that the person intends to fail again, or to continue to fail, to do the thing; and

whether or not the person has previously failed to do the thing; and

whether or not there is an imminent danger of substantial damage to another person if the person fails, or continues to fail, to do the thing.

If the registrar applies to the Supreme Court for the grant of an injunction under this section, the court must not require the applicant or another person, as a condition of granting an interim injunction, to give an undertaking as to damages.

If the Supreme Court has power under this section to grant an injunction restraining a person from engaging in particular conduct or requiring a person to do a particular thing, the court may, either in addition to or in substitution for the grant of the injunction, order the person to pay damages to another person.

The Supreme Court’s powers under this section are in addition to its other powers.