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Modifications etc. (not altering text)
C1Pt. 6 (ss. 72-103) applied (with modifications) (1.12.2001) by S.I. 1995/1537, Sch. 4 (as amended (1.12.2001) by S.I. 2001/3649, arts. 1, 511)
C2Pt. 6 modified (31.12.2020) by The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/707), regs. 1(2), 73 (as amended by S.I. 2019/1234, regs. 1(2), 23 and with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, regs. 1(3), 29(2)))); 2020 c. 1, Sch. 5 para. 1(1)
Textual Amendments
F1S. 90 cross-heading substituted (8.11.2006) by Companies Act 2006 (c. 46), ss. 1272, 1300(1)(a), Sch. 15 para. 4
(1)Any person responsible for listing particulars is liable to pay compensation to a person who has—
(a)acquired securities to which the particulars apply; and
(b)suffered loss in respect of them as a result of—
(i)any untrue or misleading statement in the particulars; or
(ii)the omission from the particulars of any matter required to be included by section 80 or 81.
(2)Subsection (1) is subject to exemptions provided by Schedule 10.
(3)If listing particulars are required to include information about the absence of a particular matter, the omission from the particulars of that information is to be treated as a statement in the listing particulars that there is no such matter.
(4)Any person who fails to comply with section 81 is liable to pay compensation to any person who has—
(a)acquired securities of the kind in question; and
(b)suffered loss in respect of them as a result of the failure.
(5)Subsection (4) is subject to exemptions provided by Schedule 10.
(6)This section does not affect any liability which may be incurred apart from this section.
(7)References in this section to the acquisition by a person of securities include references to his contracting to acquire them or any interest in them.
(8)No person shall, by reason of being a promoter of a company or otherwise, incur any liability for failing to disclose information which he would not be required to disclose in listing particulars in respect of a company’s securities—
(a)if he were responsible for those particulars; or
(b)if he is responsible for them, which he is entitled to omit by virtue of section 82.
(9)The reference in subsection (8) to a person incurring liability includes a reference to any other person being entitled as against that person to be granted any civil remedy or to rescind or repudiate an agreement.
(10)“Listing particulars”, in subsection (1) and Schedule 10, includes supplementary listing particulars.
[F3(11)This section applies in relation to a prospectus as it applies to listing particulars, with the following modifications—
(a)references in this section or in Schedule 10 to listing particulars, supplementary listing particulars or sections 80, 81 or 82 are to be read, respectively, as references to a prospectus, supplementary prospectus and [F4Articles 6 and 14(2), Article 23 and Article 18 of the prospectus regulation];
(b)references in Schedule 10 to admission to the official list are to be read as references to admission to trading on a regulated market;
(c) in relation to a prospectus, “ securities ” means “transferable securities”.
[F5(11A)In subsection (11)(a) “supplementary prospectus” includes, where final terms (see Article 8 of the prospectus regulation) are contained in a separate document that is neither a prospectus nor a supplementary prospectus, that separate document.]
[F6(12)A person is not to be subject to civil liability solely on the basis of a summary in a prospectus unless the summary, when read with the rest of the prospectus—
(a)is misleading, inaccurate or inconsistent; or
(b)does not provide key information [F7specified by Article 7 of the prospectus regulation],
and in this subsection a summary includes any translation of it.]]
Textual Amendments
F2 S. 90 words in heading substituted (8.11.2006) by Companies Act 2006 (c. 46), ss. 1272, 1300(1)(a), Sch. 15 para. 5
F3 S. 90(11)(12) inserted (1.7.2005) by The Prospectus Regulations 2005 (S.I. 2005/1433), reg. 2(1), Sch. 1 para. 6(2)
F4Words in s. 90(11)(a) substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 25(2) (with reg. 40)
F5S. 90(11A) inserted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 25(3) (with reg. 40)
F6 S. 90(12) substituted (1.7.2012) by The Prospectus Regulations 2012 (S.I. 2012/1538), regs. 1(1), 7
F7Words in s. 90(12)(b) substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 25(4) (with reg. 40)
Modifications etc. (not altering text)
C3 S. 90 restricted (1.12.2001) by S.I. 2001/2957, arts. 1, 7(3); S.I. 2001/3538, art. 2(1)
(1)A person is not to be subject to civil liability solely on the basis of the key investor information produced in relation to a collective investment scheme or a sub-fund of such a scheme in accordance with rules or other provisions [F9originally made in implementation of] Chapter IX of the UCITS directive, or of any translation of that information, unless the key investor information is misleading, inaccurate or inconsistent with the relevant parts of the prospectus published for that collective investment scheme or sub-fund in accordance with rules made by [F10the FCA] under section 248 [F11or 261J] of this Act.
(2)In this section, a reference to a sub-fund of a collective investment scheme is a reference to a part of the property of the collective investment scheme which forms a separate pool where—
(a)the collective investment scheme provides arrangements for separate pooling of the contributions of the participants and the profits and income out of which payments are made to them; and
(b)the participants are entitled to exchange rights in one pool for rights in another.]
Textual Amendments
F8S. 90ZA inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(3)
F9Words in s. 90ZA substituted (31.12.2020) by The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/707), regs. 1(2), 29 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, regs. 1(3), 29(2))); 2020 c. 1, Sch. 5 para. 1(1)
F10Words in ss. 89A-97 substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(2)(3)(g), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F11Words in s. 90ZA(1) inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(2) (with reg. 24)
Schedule 10A makes provision about the liability of issuers of securities to pay compensation to persons who have suffered loss as a result of—
(a)a misleading statement or dishonest omission in certain published information relating to the securities, or
(b)a dishonest delay in publishing such information.]
Textual Amendments
F12Ss. 90A, 90B inserted (8.11.2006) by Companies Act 2006 (c. 46), ss. 1270, 1300(1)(a)
F13S. 90A substituted (1.10.2010 with effect in accordance with reg. 3(1) of the amending S.I.) by The Financial Services and Markets Act 2000 (Liability of Issuers) Regulations 2010 (S.I. 2010/1192), reg. 2(2) (with reg. 3(2))
(1)The Treasury may by regulations make provision about the liability of issuers of securities traded on a regulated market, and other persons, in respect of information published to holders of securities, to the market or to the public generally.
(2)Regulations under this section may amend any primary or subordinate legislation, including any provision of, or made under, this Act.]
Textual Amendments
F12Ss. 90A, 90B inserted (8.11.2006) by Companies Act 2006 (c. 46), ss. 1270, 1300(1)(a)