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Section 62 Actions for damages.C1C2

United Kingdom

(1)

Without prejudice to section 61 above, a contravention of—

(a)

any rules or regulations made under this Chapter;

(b)

any conditions imposed under section 50 above;

(c)

any requirements imposed by an order under section 58(3) above;

(d)

the duty imposed by section 59(6) above,

shall be actionable at the suit of a 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)

Subsection (1) applies also to a contravention by a member of a recognised self-regulating organisation or a person certified by a recognised professional body of any rules of the organisation or body relating to a matter in respect of which rules or regulations have been or could be made under this Chapter in relation to an authorised person who is not such a member or so certified.

(3)

Subsection (1) above does not apply—

(a)

to a contravention of rules made under section 49 or conditions imposed under section 50 in connection with an alteration of the requirements of those rules; or

(b)

by virtue of subsection (2) above to a contravention of rules relating to a matter in respect of which rules have been or could be made under section 49.

(4)

A person shall not be guilty of an offence by reason of any contravention to which subsection (1) above applies or of a contravention of rules made under section 49 above or such conditions as are mentioned in subsection (3)(a) above and no such contravention shall invalidate any transaction.

Annotations

Modifications

C1

S. 62 saved by S.I. 1991/488, art.4

C2

S. 62 extended (6.1.1997) by S.I. 1996/2827, reg.18(6)

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Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(c) (with savings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