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Contravention of rules |
| Evidential provisions. |
121. - (1) If a particular rule so provides, contravention of the rule does not give rise to any of the consequences provided for by other provisions of this Act.
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(2) A rule which so provides must also provide-
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(a) that contravention may be relied on as tending to establish contravention of such other rule as may be specified; or |
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(b) that compliance may be relied on as tending to establish compliance with such other rule as may be specified. |
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(3) A rule may include the provision mentioned in subsection (1) only if the Authority considers that it is appropriate for it also to include the provision required by subsection (2).
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| Actions for damages. |
122. - (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.
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(2) If rules so provide, subsection (1) does not apply to contravention of a specified provision of those rules.
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(3) If rules so provide, a contravention of a specified provision of those rules is to be actionable at the suit of a person other than a private person if he suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.
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(4) In subsections (1) and (3) "rule" does not include a rule requiring an authorised person to have or maintain financial resources.
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(5) "Private person" has such meaning as may be prescribed.
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| Limits on effect of contravening rules. |
123. - (1) A person is not guilty of an offence by reason of a contravention of a rule made by the Authority.
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(2) No such contravention makes any transaction void or unenforceable.
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Procedural provisions |
| Notification of rules to Treasury. |
124. - (1) If the Authority makes any rules, it must give a copy to the Treasury without delay.
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(2) If the Authority alters or revokes any rules, it must give written notice to the Treasury without delay.
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(3) Notice of an alteration must include details of the alteration.
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