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(1)A contravention by an authorised person of a rule is actionable at the suit of a private person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.
(2)If rules so provide, subsection (1) does not apply to contravention of a specified provision of those rules.
(3)In prescribed cases, a contravention of a rule which would be actionable at the suit of a private person is actionable at the suit of a person who is not a private person, subject to the defences and other incidents applying to actions for breach of statutory duty.
(4)In subsections (1) and (3) “rule” does not include—
(a)listing rules; or
(b)a rule requiring an authorised person to have or maintain financial resources.
(5)“Private person” has such meaning as may be prescribed.
Modifications etc. (not altering text)
C1S. 150 applied (1.12.2001) by S.I. 2001/1228, regs. 1(2)(c), 25(6) (with reg. 1(2)(3)); S.I. 2001/3538, art. 2(1)
C2S. 150: power to make rules amended (18.7.2002 for certain purposes and 21.8.2002 otherwise) by The Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (S.I. 2002/1775), reg. 1, 3(2)(a)
C3S. 150 applied (with modifications) (11.4.2002 for certain purposes and 27.4.2002 otherwise) by The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544), art. 9G (as inserted by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2), 4)
S. 150 applied (2.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments and Transitional Provisions) (Credit Unions) Order 2002 (S.I. 2002/1501) {art. 11(3)} (with art. 13)
C4S. 150 applied (N.I.) (1.11.2004) by Open-Ended Investment Companies Regulations (Northern Ireland) 2004 (S.R. 2004/335), regs. 1(1)(b), 25(6) (with reg. 1(2))
Commencement Information
I1S. 150 wholly in force at 1.12.2001; s. 150 not in force at Royal Assent see s. 431(2); s. 150(3)-(5) in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; s. 150 in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 150 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)