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Companies Act 2006

Section 956: No action for breach of statutory duty etc

1214.Compliance with the rules made by the Panel is a matter solely for the Panel. This section does two things:


it excludes new rights of action for breach of statutory duty for contraventions of requirements imposed by or under rules or a requirement imposed under section 947; and


in order to ensure certainty, it provides that a contravention of a rule based requirement does not make a transaction void or unenforceable and (subject to any provision of the rules) does not affect the validity of any other thing. As currently, transactions will be capable of being set aside or unravelled in cases of, for example, misrepresentation or fraud.

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