Section 51 Cancellation rules.

United Kingdom

C1(1)

The Secretary of State may make rules for enabling a person who has entered or offered to enter into an investment agreement with an authorised person to rescind the agreement or withdraw the offer within such period and in such manner as may be prescribed.

(2)

Without prejudice to the generality of subsection (1) above, rules under this section may make provision—

(a)

for requiring the service of notices with respect to the rights exercisable under the rules;

(b)

for the restitution of property and the making or recovery of payments where those rights are exercised; and

(c)

for such other incidental matters as the Secretary of State thinks necessary or expedient.

Annotations

Modifications

C1

S. 51(1) amended (1.1.1993) by S.I. 1992/3218, reg. 55, Sch. 9 para. 12(1).

s. 51 extended (1.1.1996) by S.I. 1995/3275, reg. 32, Sch. 7 para. 12

Notes on the whole Act

Textual amendments

F1: Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(c) (with savings in art. 292)

Notes on Part I

Modifications

C1: Pt. I (ss. 1-128) amended (S.) (22.5.2000) by S.I. 2000/121, regs. 1, 37, Sch. 2
C2: Pt. 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)

Notes on Chapter V

Modifications

C1: Chapters III–XI (ss. 7–111): certain functions transferred by S.I. 1990/354, art. 5