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Financial Services and Markets Act 2000

Status:

This is the original version (as it was originally enacted).

Gaming contracts

412Gaming contracts

(1)No contract to which this section applies is void or unenforceable because of—

(a)section 18 of the [1845 c. 109.] Gaming Act 1845, section 1 of the [1892 c. 9.] Gaming Act 1892 or Article 170 of the [S.I. 1985/1204 (N.I. 11).] Betting, Gaming, Lotteries and Amusements (Northern Ireland) Order 1985; or

(b)any rule of the law of Scotland under which a contract by way of gaming or wagering is not legally enforceable.

(2)This section applies to a contract if—

(a)it is entered into by either or each party by way of business;

(b)the entering into or performance of it by either party constitutes an activity of a specified kind or one which falls within a specified class of activity; and

(c)it relates to an investment of a specified kind or one which falls within a specified class of investment.

(3)Part II of Schedule 2 applies for the purposes of subsection (2)(c), with the references to section 22 being read as references to that subsection.

(4)Nothing in Part II of Schedule 2, as applied by subsection (3), limits the power conferred by subsection (2)(c).

(5)“Investment” includes any asset, right or interest.

(6)“Specified” means specified in an order made by the Treasury.

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