Financial Services and Markets Bill - continued        House of Lords
PART X, RULES AND GUIDANCE - continued

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Contravention of rules
Evidential provisions.     140. - (1) If a particular rule so provides, contravention of the rule does not give rise to any of the consequences provided for by other provisions of this Act.
 
      (2) A rule which so provides must also provide-
 
 
    (a) that contravention may be relied on as tending to establish contravention of such other rule as may be specified; or
 
    (b) that compliance may be relied on as tending to establish compliance with such other rule as may be specified.
      (3) A rule may include the provision mentioned in subsection (1) only if the Authority considers that it is appropriate for it also to include the provision required by subsection (2).
 
Actions for damages.     141. - (1) A contravention by an authorised person of a rule is actionable at the suit of a private 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) If rules so provide, subsection (1) does not apply to contravention of a specified provision of those rules.
 
      (3) If rules so provide, a contravention of a specified provision of those rules is to be actionable at the suit of a person other than a private person if he suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.
 
      (4) In subsections (1) and (3) "rule" does not include a rule requiring an authorised person to have or maintain financial resources.
 
      (5) "Private person" has such meaning as may be prescribed.
 
Limits on effect of contravening rules.     142. - (1) A person is not guilty of an offence by reason of a contravention of a rule made by the Authority.
 
      (2) No such contravention makes any transaction void or unenforceable.
 
 
Procedural provisions
Notification of rules to Treasury.     143. - (1) If the Authority makes any rules, it must give a copy to the Treasury without delay.
 
      (2) If the Authority alters or revokes any rules, it must give written notice to the Treasury without delay.
 
      (3) Notice of an alteration must include details of the alteration.
 
Rule-making instruments.     144. - (1) Any power conferred on the Authority to make rules is exercisable in writing.
 
      (2) An instrument by which rules are made by the Authority ("a rule-making instrument") must specify the provision under which the rules are made.
 
      (3) To the extent to which a rule-making instrument does not comply with subsection (2), it is void.
 
      (4) A rule-making instrument must be published by the Authority in the way appearing to the Authority to be best calculated to bring it to the attention of the public.
 
      (5) The Authority may charge a reasonable fee for providing a person with a copy of a rule-making instrument.
 
      (6) A person is not to be taken to have contravened any rule made by the Authority if he shows that at the time of the alleged contravention the rule-making instrument concerned had not been made available in accordance with this section.
 
 
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