Part X Rules and Guidance

Chapter I Rule-making Powers

Contravention of rules

C1I1C2C3C4150 Actions for damages.

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

F1Part 6 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.