The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Practice Note: Brexit—UK listing and prospectus regime — Key areas of the UK listing and prospectus regime which will be affected by Brexit.
The Financial Services Act 2012 (FSA 2012) introduced new criminal offences relating to financial services of:
making false or misleading statements
creating false or misleading impressions.
making false or misleading statements or creating a false or misleading impression in relation to specified benchmarks
The Financial Conduct Authority (FCA) has the power under section 401 of the Financial Services and Markets Act 2000 (FSMA 2000) to prosecute the offences.
Section 89(1) of the FSA 2012 states that it is a criminal offence for a person to either:
make a statement which he knows to be false or misleading in a material respect; or
make a statement which is false or misleading in a material respect, being reckless as to whether it is; or
dishonestly conceal any material
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