Legal Briefing
Liability of issuers over published information – an extension of the regime
Practice Area: Financial Reporting
Sector: Investment Banking
Jurisdiction: England & Wales
Published: 28 April 2010
Law Firm: Wragge & Co
Overview
Issuers of securities admitted to trading on regulated markets are liable for fraudulent misstatements in periodic disclosures to the market. They are also liable for any dishonest concealment of a material fact in such publications.
The Financial Services and Markets Act 2000 (Liability of Issuers) Regulations 2010 extends the regime. The new regime will apply to information first published on or after 1 October 2010.
This new briefing from Wragge & Co looks at the main implications, covering securities and markets, liability for misleading statements or dishonest omissions and liability for dishonest delay in publishing information. It also outlines the next steps you should take.
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