Article 3 Modification of provisions in their application to recognition functions

In relation to the exercise of recognition functions at any time before 3rd October 1988, the requirements in paragraph 3(1) of Schedules 2 and 3 respectively to the Financial Services Act 1986 that rules afford to investors protection at least equivalent to that afforded by rules and regulations under Chapter V of Part I of that Act shall be modified as follows, that is to say that the requirements shall not be treated as unsatisfied by reason only of the fact that a contravention of the rules is not actionable at the suit of a person who suffers loss as a result of the contravention.