Yn ddilys o 11/09/2006
[F15(1)This paragraph applies if a regulated participant is a party to a controlled transaction in which another participant is not an authorised participant.U.K.
(2)The transaction is void.
(3)Despite sub-paragraph (2)—
(a)any money received by the regulated participant by virtue of the transaction must be repaid by the regulated participant to the person from whom it was received, along with interest at such rate as is determined in accordance with an order made by the Secretary of State;
(b)that person is entitled to recover the money, along with such interest.
(4)If—
(a)the money is not (for whatever reason) repaid as mentioned in sub-paragraph (3)(a), or
(b)the person entitled to recover the money refuses or fails to do so,
the Commission may apply to the court to make such order as it thinks fit to restore (so far as is possible) the parties to the transaction to the position they would have been in if the transaction had not been entered into.
(5)In the case of a controlled transaction where a party other than a regulated participant—
(a)at the time the regulated participant enters into the transaction, is an authorised participant, but
(b)subsequently, for whatever reason, ceases to be an authorised participant,
the transaction is void and sub-paragraphs (3) and (4) apply with effect from the time when the other party ceased to be an authorised participant.
(6)This paragraph does not apply to a controlled transaction if it was entered into before the commencement of section 61 of the Electoral Administration Act 2006.]
Textual Amendments
F1Sch. 7A inserted (11.9.2006 for E.W.S. for specified purposes except for the insertion of Sch. 7A para. 16, 1.7.2008 for N.I. for specified purposes, 1.7.2009 for the insertion of Sch. 7A para. 16 for specified purposes, 4.5.2016 for the insertion of Sch. 7A para. 16 for specified purposes) by Electoral Administration Act 2006 (c. 22), ss. 61(7), 77(2), Sch. 1 para 99; S.I. 2006/1972, art. 3, Sch. 1 paras. 20(a), 25(m)(i) (subject to art. 4, Sch. 2) (as amended by S.I. 2006/2268, art. 4); S.I. 2008/1656, arts. 2 (subject to art. 3, Sch. 1); S.I. 2009/1509, art. 2(b) (with art. 3); S.I. 2016/551, art. 2(b) (with art. 3)