72.Under this section, agreements made by an authorised person in the course of his authorised business may also be unenforceable by that person if the agreement was entered into as a result of a third party’s unauthorised regulated activities.  This might arise if, for example, a contract was entered into as a result of investment advice given by an unauthorised third party.
Commentary on Sections Part Ii: Regulated and Prohibited Activities Section 27: Agreements made through unauthorised persons