407.This section makes clear that a contravention of a requirement imposed under this Part does not constitute an offence or result in any transaction being void or unenforceable.  It also confers on the Treasury a power to prescribe in regulations the circumstances in which a person may have a right of action as a result of a breach of a requirement imposed under this Part. Otherwise no such right of action will result from a contravention.
Commentary on Sections Part Xiii: Incoming Firms: Intervention by Authority Section 202: Contravention of a requirement imposed under this Part