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The Financial Services Act 1986 (Restriction of Right of Action) (Friendly Societies) Regulations 1991
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- UK Statutory Instruments
- 1991 No. 538
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
Paragraph 22A of Schedule 11 to the Financial Services Act 1986 wasinserted into the Act by section 193 of the Companies Act 1989 in orderto restrict in general to a private investor the right of a person whocould bring an action in relation to an investment in a friendly societyunder paragraph 22 of Schedule 11 to the Financial Services Act 1986.
Paragraph 22A of Schedule 11 to the Financial Services Act 1986 givesthe Chief Registrar power to define the expression“private investor” for this purpose. Regulation 2 defines a private investor as aninvestor who is neither an“authorised person” under Chapter III, nor an“exempted person” under Chapter IV of Part I of the Act.
Paragraph 22A also gives the Chief Registrar power to specifycircumstances in which a person other than a private investor can bringan action under paragraph 22 in relation to an investment in a friendlysociety. Regulation 3 specifies four such circumstances.
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