- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
(This note is not part of the Order)
These Regulations amend the regime for the liability of issuers to third parties in respect of loss suffered as a result of misleading statements or dishonest omissions in information published by the issuer, or dishonest delays in publishing such information.
Regulation 2 substitutes a new section 90A into the Financial Services and Markets Act 2000, and inserts Schedule 10A into the Act. The new Schedule is set out in the Schedule to the Regulations.
Paragraph 1 defines the securities which are to be subject to the new liability regime.
Paragraph 2 defines the information to which the new regime is to apply. This will include all information published by an issuer via a recognised information service, or where the availability of the information has been announced by use of such a service.
Paragraphs 3 and 4 set out the circumstances in which an issuer will be liable to pay compensation for loss suffered as a result of untrue or misleading statements, or dishonest omissions by a person who has acquired, continued to hold or disposed of securities in reliance on published information.
Paragraph 5 sets out the circumstances in which an issuer is liable to pay compensation for loss suffered by a person in respect of securities as a result of dishonest delay by the issuer in publishing information to which the Schedule applies.
Paragraph 6 defines “dishonesty” for the purposes of the Schedule.
Paragraph 7 limits the other forms of liability to which a issuer may be subject in respect of loss suffered as a result of misstatements, omissions and delay.
Paragraph 8 sets out the definitions for the Schedule.
An Impact Assessment of the effect of this instrument on the costs of business has been prepared and is available on HM Treasury’s website (www.hm-treasury.gov.uk) and is annexed to the Explanatory Memorandum which is available alongside the instrument on the OPSI website (www.opsi.gov.uk).
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
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.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: