Part VI

Official Listing

Prospectuses

Publication of prospectus
85
1
If listing rules made under section 84 require a prospectus to be published before particular new securities are admitted to the official list, it is unlawful for any of those securities to be offered to the public in the United Kingdom before the required prospectus is published.
2
A person who contravenes subsection (1) is guilty of an offence and liable—
a
on summary conviction, to imprisonment for a term not exceeding three months or a fine not exceeding level 5 on the standard scale;
b
on conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both.
3
A person is not to be regarded as contravening subsection (1) merely because a prospectus does not fully comply with the requirements of listing rules as to its form or content.
4
But subsection (3) does not affect the question whether any person is liable to pay compensation under section 90.
5
Any contravention of subsection (1) is actionable, at the suit of a person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.