Without prejudice to the powers of the Court under section 12, nothing in this Act or an instrument thereunder shall operate to invalidate, or to confer on any person a right to have rescinded or otherwise set aside (including on an application for judicial review under the Order), a transaction that -

(a) has been carried out otherwise than in accordance with the scheduled principles, a rule under section 8 or a ruling or direction under section 9, or

(b) has been carried out in accordance with a rule, ruling or direction as aforesaid which is subsequently declared invalid or quashed on an application for judicial review under the Order.