The Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001

Private person U.K.

3.—(1) In these Regulations, “private person” means—

(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 [F1 article 72 (overseas persons) F2 ... of the Regulated Activities Order]; F3 ...

(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;

[F4 (c) a relevant recipient of credit (within the meaning of the Regulated Activities Order) who is not an individual and who has suffered the loss in question in connection with an activity of the kind specified by article 36A, 39D, 39E, 39F, 39G, 60B, 60N, 89A or 89B of that Order or article 64 of that Order so far as relevant to any of those activities, and

(d) a person who is, by virtue of article 36J of that Order, to be regarded as a person who uses, may use, has or may have used or has or may have contemplated using, services provided by authorised persons in carrying on a regulated activity of the kind specified by article 36H of that Order or article 64 of that Order so far as relevant to that activity,]

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.

Textual Amendments

F1 Words in reg. 3 substituted (21.8.2002) by The Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (S.I. 2002/1775), regs. 1(b), 18

F2 Words in reg. 3(1)(a)(ii) omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 8 (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)

F3 Word in reg. 3(1)(a) omitted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 16(a)

F4 Reg. 3(1)(c)(d) inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 16(b)

Modifications etc. (not altering text)

C1 Reg. 3(1) applied (1.7.2005) by The Investment Recommendation (Media) Regulations 2005 (revoked) 2005 (S.I. 2005/382), regs. 1, 13(2) (with reg. 3(3)(4))

Commencement Information

I1 Reg. 3 in force at 1.12.2001 in accordance with, see reg. 1