{
  "url": "https://openlegislation.uk/uncertificated-securities-regulations-1992/regulation-116",
  "json_url": "https://openlegislation.uk/uncertificated-securities-regulations-1992/regulation-116.json",
  "legislation": "uksi/1992/225",
  "legislation_title": "The Uncertificated Securities Regulations 1992",
  "legislation_url": "https://openlegislation.uk/uncertificated-securities-regulations-1992",
  "path": "regulation/116",
  "kind": "regulation",
  "number": "116",
  "heading": "Duties to be actionable",
  "text": "(1) Unless otherwise provided in these Regulations (and in particular subject to paragraph (2)) any duty imposed on a person (other than the Secretary of State or the Director General of Fair Trading) by virtue of these Regulations is a duty owed by him:\n(a) to any person to whom the duty is stated as being owed, or\n(b) failing any such statement, to any person who may be affected by a failure to perform the duty,\nand a breach of the duty is actionable (subject to the defences and other incidents applying to actions for breach of statutory duty and to paragraph (3)).\n(2) A duty imposed on the Operator by, or relating to the matters dealt with in, the following provisions of these Regulations shall not be actionable under paragraph (1): Parts II (other than regulation 4(a)), IX, X, XII and XIV.\n(3) No person shall be regarded as being in breach of any duty imposed on that person by virtue of these Regulations if and to the extent that compliance by that person with the duty is, in all the circumstances, impossible.\n(4) Where any duty imposed by virtue of these Regulations on a person, being a body corporate, has been breached, and it is established that any officer of the body or any person who was purporting to act in that capacity knowingly and wilfully participated in the breach, that person shall be jointly and severally liable with the body corporate for the breach.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1992/225/regulation/116",
    "retrieved_at": "2026-10-29T14:29:49.332796+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}