The Financial Services Act 1986 (Restriction of Right of Action) Regulations 1991

Definition of private investor

2.—(1) For the purposes of section 62A(1) of the Act, the expression “private investor” means an investor whose cause of action arises as a result of anything he has done or suffered—

(a) in the case of an individual, otherwise than in the course of carrying on investment business; and

(b) in the case of any other person, otherwise than in the course of carrying on business of any kind,

but does not include a government, local authority or public authority.

(2) In paragraph (1) above, the expression “government, local authority or public authority” has the meaning given in Note (1) to paragraph 3 of Schedule 1 to the Act.