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- Original (As made)
6.—(1) Section 90 (compensation for false or misleading particulars) is amended as follows.
(2) After subsection (10) insert—
“(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 sections 87A, 87G and 87B;
(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”.
(12) A person is not to be subject to civil liability solely on the basis of a summary in a prospectus unless the summary is misleading, inaccurate or inconsistent when read with the rest of the prospectus; and, in this subsection, a summary includes any translation of it.”
(3) For the title substitute “Compensation for false or misleading statements or omissions”.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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