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Part IU.K. Regulation of Investment Business

Modifications etc. (not altering text)

C1Pt. I (ss. 1-128) amended (S.) (22.5.2000) by S.I. 2000/121, regs. 1, 37, Sch. 2

C2Pt. I (ss. 1–128): power to modify conferred (prosp.) by Courts and Legal Services Act 1990 (c. 41, SIF 76:1), ss. 89, 124(3), Sch. 14 para. 9(c)

Chapter VU.K. Conduct of Investment Business

Modifications etc. (not altering text)

C3Chapters III–XI (ss. 7–111): certain functions transferred by S.I. 1990/354, art. 5

[F162A Restriction of right of action.U.K.

(1)No action in respect of a contravention to which section 62 above applies shall lie at the suit of a person other than a private investor, except in such circumstances as may be specified by regulations made by the Secretary of State.

(2)The meaning of the expression “private investor” for the purposes of subsection (1) shall be defined by regulations made by the Secretary of State.

(3)Regulations under subsection (1) may make different provision with respect to different cases.

(4)The Secretary of State shall, before making any regulations affecting the right to bring an action in respect of a contravention of any rules or regulations made by a person other than himself, consult that person.]

Textual Amendments

F1S. 62A inserted (the insertion being partly in force by S.I. 1990/354, art. 3 but otherwise 1.4.1991 subject to transitional provisions and savings) by Companies Act 1989 (c. 40, SIF 27), s. 193(1); S.I. 1991/488, arts. 3, 4