Page 434 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 137

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) does not apply to —

(a) a contravention of conditions imposed in connection
with the financial resources of a licenceholder; or

(b) a contravention of the Rule Book except where
compliance is imposed as a condition under section 7,
8 or 44(2) and (3).

(3) No contravention to which subsection (1) applies shall
invalidate any transaction.

(4) No action in respect of a contravention to which this
section applies shall lie at the suit of such persons or classes of
persons as are prescribed for this purpose.

27. (1) An agreement made by a person in the course of carrying Agreements
on a regulated activity in contravention of the general prohibition in made by
section 4(1)(a) is unenforceable against the other party. unlicensed,
etc persons

(2) The other party is entitled to recover — P2000/8/26

(a) any money or other property paid or transferred by that
party under the agreement; and

(b) compensation for any loss sustained by that party as a
result of having parted with it.

(3) “Agreement” means an agreement —

(a) made after this section comes into operation; and

(b) the making or performance of which constitutes, or is
part of, the regulated activity in question.

(4) This section does not apply if the regulated activity is a
financial services activity within the meaning of section 3(2)(d)
or (e).

28. (1) An agreement made by a permitted person (“the Agreements
provider”) — made through
unlicensed,
etc persons
(a) in the course of carrying on a regulated activity (not in
contravention of the general prohibition in section 4(1)(a), P2000/8/27
but