1270 Liability for false or misleading statements in certain publications
1270 Liability for false or misleading statements in certain publications
Companies Act 2006 | Legislation

In Part 6 of the Financial Services and Markets Act 2000 (c 8), after section 90 insert—

“90A Compensation for statements in certain publications

(1)     The publications to which this section applies are—

(a)     any reports and statements published in response to a requirement imposed by a provision implementing Article 4, 5 or 6 of the transparency obligations directive, and

(b)     any preliminary statement made in advance of a report or statement to be published in response to a requirement imposed by a provision implementing Article 4 of that directive, to the extent that it contains information that it is intended—

(i)     will appear in the report or statement, and

(ii)     will be presented in the report or statement in substantially the same form as that in which it is presented in the preliminary statement.

(2)     The securities to which this section applies are—

(a)     securities that are traded on a regulated market situated or operating in the United Kingdom, and

(b)     securities that—

(i)     are traded on a regulated market situated or operating outside the United Kingdom, and

(ii)     are issued by an issuer for which the United Kingdom is the home Member State within the meaning of Article 2.1(i) of the transparency obligations directive.

(3)     The issuer of securities to which this section applies is liable to pay compensation to a person who has—

(a)     acquired such securities issued by it, and

(b)     suffered loss in respect of them as a result of—

(i)     any untrue or misleading statement in a publication to which this section applies, or

(ii)     the omission from any such publication of any matter required to be included in it.