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Financial Services and Markets Act 2000
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- UK Public General Acts
- 2000 c. 8
- SCHEDULE 10A
- PART 2
- Paragraph 3
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Financial Services and Markets Act 2000, Paragraph 3 is up to date with all changes known to be in force on or before 25 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Valid from 01/10/2010
Liability of issuer for misleading statement or dishonest omissionU.K.
This section has no associated Explanatory Notes
[F13(1)An issuer of securities to which this Schedule applies is liable to pay compensation to a person who—
(a)acquires, continues to hold or disposes of the securities in reliance on published information to which this Schedule applies, and
(b)suffers loss in respect of the securities as a result of—
(i)any untrue or misleading statement in that published information, or
(ii)the omission from that published information of any matter required to be included in it.
(2)The issuer is liable in respect of an untrue or misleading statement only if a person discharging managerial responsibilities within the issuer knew the statement to be untrue or misleading or was reckless as to whether it was untrue or misleading.
(3)The issuer is liable in respect of the omission of any matter required to be included in published information only if a person discharging managerial responsibilities within the issuer knew the omission to be a dishonest concealment of a material fact.
(4)A loss is not regarded as suffered as a result of the statement or omission unless the person suffering it acquired, continued to hold or disposed of the relevant securities—
(a)in reliance on the information in question, and
(b)at a time when, and in circumstances in which, it was reasonable for him to rely on it.]
Textual Amendments
F1Sch. 10A inserted (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(3), Sch.
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