124. Injunction – contraventions

(1) Where a Person has engaged, is engaging or is proposing to engage in conduct that constituted, constitutes or would constitute a contravention within the meaning of section 119 the AIFC Court may, on application of the AFSA or any aggrieved Person, make one or more of the following orders:

• (a) an order restraining the Person from engaging in the conduct including but not limited to, engaging in conduct that may constitute a contravention;
• (b) an order requiring that Person to do any act or thing including, but not limited to, acts or things to remedy the contravention or to minimise loss or damage;
• (c) any other order as the AIFC Court sees fit.

125. Injunction – investigations and proceedings

(1) Where:

• (a) the AFSA is conducting or has conducted an investigation into the acts or omissions of a Person (the ‘relevant Person’) which may constitute a contravention within the meaning of section 119; or
• (b) a civil or regulatory proceeding has been instituted, by the AFSA or otherwise, against a relevant Person in relation to an alleged contravention, the AIFC Court may, on application of the AFSA or any aggrieved Person, make one or more of the following orders:
• (c) an order restraining the relevant Person from paying, transferring, disposing of, or otherwise dealing with, any assets of his which he is reasonably likely to dispose of or otherwise deal with;
• (d) an order restraining any other Person holding assets on behalf of the relevant Person from paying, transferring, disposing of, or otherwise dealing with, any assets of the relevant Person which are reasonably likely to be disposed of or otherwise dealt with;
• (e) an order prohibiting the relevant Person or any other Person from taking or sending out of the jurisdiction of the AIFC Court any assets of the relevant Person or held on his behalf;
• (f) if the relevant Person is a natural person

(i) an order appointing a receiver or trustee, having such powers as the AIFC Court may see fit, of the property or any of the property of the relevant Person;

(ii) an order requiring him to deliver up to the AIFC Court his passport and such other documents as the AIFC Court sees fit; or

(iii) an order prohibiting him from leaving the Republic of Kazakhstan without the consent of the AIFC Court;

• (g) if the relevant Person is a Body Corporate, an order appointing a receiver or receiver and manager, having such powers as the AIFC Court may see fit, of the property or any of the property of the relevant Person.

(2) Nothing in section 125 affects the powers that any Person or the AIFC Court may have apart from this section.

126. Injunction – market abuse

(1) If, on the application of the AFSA, the AIFC Court is satisfied:

• (a) that there is a reasonable likelihood that any Person will engage in Market Abuse; or
• (b) that any Person is or has engaged in Market Abuse and that there is a reasonable likelihood that the Market Abuse will continue or be repeated; the AIFC Court may make an order restraining the Market Abuse.

(2) If on the application of the AFSA the AIFC Court is satisfied:

• (a) that any Person is or has engaged in Market Abuse; and
• (b) that there are steps which could be taken for remedying the Market Abuse; the AIFC Court may make an order requiring him to take such steps as the AIFC Court may direct to remedy it.

(3) If, on the application of the AFSA, the AIFC Court is satisfied that any Person:

• (a) may be engaged in Market Abuse; or
• (b) may have been engaged in Market Abuse. the AIFC Court may make an order restraining the Person concerned from disposing of, or otherwise dealing with, any assets of his which it is satisfied that he is reasonably likely to dispose of, or otherwise deal with.

(4) In subsection (2), references to remedying any Market Abuse include references to mitigating its effect.

127. Restitution Order – contraventions

(1) The AIFC Court may, on the application of the AFSA, make an order under subsection (2) if it is satisfied that a Person has committed a contravention within the meaning of section 119, 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 AIFC Court may order the Person concerned to pay to the AFSA 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 AIFC Court to have accrued; and
• (b) in a case within paragraph (b) of subsection (1), to the extent of the loss or other adverse effect; and
• (c) in a case within both of those paragraphs, to the profits appearing to the AIFC Court to have accrued and to the extent of the loss or other adverse effect.

(3) Any amount paid to the AFSA in pursuance of an order under subsection (2) must be paid by it to such Person or distributed by it among such Persons as the AIFC Court may direct.

(4) On an application under subsection (1) the AIFC 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 AIFC 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 AFSA to bring proceedings in respect of the matters to which this section applies.

128. Restitution Order – market abuse

(1) The AIFC Court may, on the application of the AFSA, make an order under subsection (4) if it is satisfied that a Person:

• (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 AIFC 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 AIFC Court may order the Person concerned to pay to the AFSA such sum as appears to the AIFC Court to be just having regard:

• (a) in a case within paragraph (a) of subsection (2), to the profits appearing to the AIFC 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 AIFC Court to have accrued and to the extent of the loss or other adverse effect.

(5) Any amount paid to the AFSA in pursuance of an order under subsection (4) must be paid by it to such Person or distributed by it among such Persons as the AIFC Court may direct.

(6) On an application under subsection (1) the AIFC 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 AIFC 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 AFSA to bring proceedings in respect of the matters to which this section applies.

129. Action for damages

(1) Unless otherwise provided under Rules made by the AFSA, where a 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 AIFC Court may, on application of the AFSA or a Person who has suffered loss or damage 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 AIFC Court sees fit, except where such liability is excluded under these Regulations or any Rules made by the AFSA.

(3) Nothing in this section affects the powers that any Person or the Court may have apart from this section.

130. Power of the AFSA to intervene in proceedings

(1) The AFSA may intervene as a party in any proceedings in the AIFC Court where it considers such intervention appropriate to meet one or more of its Regulatory Objectives.

(2) Where the AFSA so intervenes, it will, subject to any other law, have all the rights, duties and liabilities of such a party.

130-1. Procedural irregularities

(1) A procedure under these Regulations or any other Rules or Regulations is not invalidated because of any procedural irregularity unless the AIFC Court declares the procedure to be invalid.

(2) For the purposes of this section:

(a) procedure includes the making of a decision, the conduct of a hearing, the giving of the relevant notice, and any proceedings (legal or otherwise); and

(b) procedural irregularity includes a defect, irregularity or deficiency of notice or time.