Quantized field theories of the second kind, the so-called non-renormalizable theories, are investigated. It has recently been shown that a number of those theories actually can be renormalized. We show that field theories of the second kind, pertaining to derivative couplings, possess non-local structure. The full recoil neutral PS-PV theory in its non-linear form is discussed. The non-localizability of both the unrenormalized and the renormalized theories is due to the fact that the infinite set of topologically independent direct interactions, which characterizes PS-PV theory, is equivalent to a new type of indirect interaction. The non-localizability manifests itself in an indeterminacy in space-time of the light-cone. This indeterminacy can be interpreted in terms of a statistical spread in space-time of the positions of two interacting point-nucleons over a space-time volume the size of which is determined by the coupling constant |g| of the linear version of PS-PV theory. The length |g| loses its meaning as a coupling in the non-linear formalism in favour of the nucleon mass and plays now the role of a fundamental structure constant. In particular, |g| determines the region in which the equivalence theorem and the 1/r3-potential become invalid and repulsive-core potentials begin to act. In virtue of the oscillatory behaviour of the non-tempered momentum space operators in the high energy region, positive-definiteness conditions can be established only for regions |kv2|≳|1/g2| and |xv2|≳|1/g2|. The non-localizability is concentrated in these domains and |g| seems to play the role of the meson Compton wave length. A new interpretation of the non-linear PS-PV theory is suggested. It is conjectured that also β interactions give rise to non-local structures. Multiple propagators are introduced to render the formal coupling constant expansions in theories of the second kind mathematically meaningful without producing non-renormalizable infinities. Arguments are advanced against the mathematical consistency of the concept of creation (annihilation) and localizability of more than one point-particle at a single space-time point.