Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001
| Jurisdiction | UK Non-devolved |
| Citation | SI 2001/2256 |
| Year | 2001 |
2001 No. 2256
FINANCIAL SERVICES AND MARKETS
The Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001
Made 20th June 2001
Laid before Parliament 20th June 2001
Coming into force
The Treasury, in exercise of the powers conferred on them by sections 20(3), 71(2) and (3), 150(3) and (5), 202(2), 417(1)1and 428(3) of the Financial Services and Markets Act 20002, hereby make the following Regulations:
Citation and commencement
1. These Regulations may be cited as the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001 and come into force on the day on which section 19 of the Act comes into force.
Interpretation
2. In these Regulations—
“the Act” means the Financial Services and Markets Act 2000;
“government” means—
(a) the government of the United Kingdom;
(b) the Scottish Administration;
(c) the Executive Committee of the Northern Ireland Assembly;
(d) the National Assembly for Wales; or
(e) the government of any country or territory outside the United Kingdom;
“international organisation” means any international organisation the members of which include the United Kingdom or any other state;
“local authority”, in relation to the United Kingdom, means—
(a) in England and Wales, a local authority within the meaning of the Local Government Act 19723, the Greater London Authority, the Common Council of the City of London or the Council of the Isles of Scilly;
(b) in Scotland, a local authority within the meaning of the Local Government (Scotland) Act 19734; and
(c) in Northern Ireland, a district council within the meaning of the Local Government Act (Northern Ireland) 19725;
“Part IV financial resources requirement” means a requirement imposed on an authorised person by the Authority under Part IV of the Act to have or maintain financial resources;
“Part XIII financial resources requirement” means a requirement imposed on an incoming firm (within the meaning of section 193(1) of the Act) by the Authority under Part XIII of the Act to have or maintain financial resources;
“the Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 20016.
Private person
3.—(1) In these Regulations, “private person” means—
(a)
(a) any individual, unless he suffers the loss in question in the course of carrying on—
(i) any regulated activity; or
(ii) any activity which would be a regulated activity apart from any exclusion made by article 72 of the Regulated Activities Order (overseas persons); and
(b)
(b) any person who is not an individual, unless he suffers the loss in question in the course of carrying on business of any kind;
but does not include a government, a local authority (in the United Kingdom or elsewhere) or an international organisation.
(2) For the purposes of paragraph (1)(a), an individual who suffers loss in the course of effecting or carrying out contracts of insurance (within the meaning of article 10 of the Regulated Activities Order) written at Lloyd’s is not to be taken to suffer loss in the course of carrying on a regulated activity.
Authorised person acting otherwise than in accordance with permission
4.—(1) A case where the conditions specified by paragraph (2) are satisfied is prescribed for the purposes of section 20(3) of the Act (and so in such a case the contravention of a requirement imposed by the Authority under the Act is actionable at the suit of a person who suffers loss as a result of that contravention).
(2) The conditions specified by this paragraph are that—
(a)
(a) the action would be brought at the suit of—
(i) a private person; or
(ii) a person acting in a fiduciary or representative capacity on behalf of a private person and any remedy would be exclusively for the benefit of that private person and could not be effected through an action brought otherwise than at the suit of the fiduciary or representative; and
(b)
(b)...
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