The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025
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Change 1
13 Liability for disclosed information
(1) Where a PISCES company makes a PISCES statement the PISCES company is liable to pay compensation to a person who— (a) buys, continues to hold or sells PISCES shares in that company, and (b) suffers loss in respect of them as a result of— (i) any untrue or misleading information in the PISCES statement, or (ii) the omission from the PISCES statement of any matter that is required to be included by rules made by the PISCES operator, whether those rules were made of the operator’s own volition or in order to comply with PISCES disclosure rules. (2) Where the rules made by the PISCES operator that are mentioned in paragraph (1)(b)(ii) require a PISCES company to include in any statement information about the absence of a particular matter, the omission from the statement of that information is to be treated as a statement that there is no such matter. (3) A loss is not to be regarded as suffered as a result of the statement or omission mentioned in paragraph (1), unless the person suffering it bought, continued to hold or sold the relevant shares— (a) in reliance on the information in question, and (b) at a time when, and in circumstances in which, it was reasonable for that person to rely on it. (4) In Schedule 2— (a) Part 1 makes provision about interpretation; (b) Part 2 contains exemptions from liability under paragraph (1) for statements made by a PISCES company in order to comply with requirements placed on it by a PISCES operator in accordance with PISCES disclosure rules; (c) Part 3 contains further exemptions from liability under paragraph (1) and exemptions from other liability.
13 Liability for disclosed information
(1) Where a PISCES company makes a PISCES statement the PISCES company is liable to pay compensation to a person who— (a) buys, continues to hold or sells PISCES shares in that company, and (b) suffers loss in respect of them as a result of— (i) any untrue or misleading information in the PISCES statement, or (ii) the omission from the PISCES statement of any matter that is required to be included by rules made by the PISCES operator, whether those rules were made of the operator’s own volition or in order to comply with PISCES disclosure rules. (2) Where the rules made by the PISCES operator that are mentioned in paragraph (1)(b)(ii) require a PISCES company to include in any statement information about the absence of a particular matter, the omission from the statement of that information is to be treated as a statement that there is no such matter. (3) A loss is not to be regarded as suffered as a result of the statement or omission mentioned in paragraph (1), unless the person suffering it bought, continued to hold or sold the relevant shares— (a) in reliance on the information in question, and (b) at a time when, and in circumstances in which, it was reasonable for that person to rely on it. (4) In Schedule 2— (a) Part 1 makes provision about interpretation; (b) Part 2 contains exemptions from liability under paragraph (1) for statements made by a PISCES company in order to comply with requirements placed on it by a PISCES operator in accordance with PISCES disclosure rules; (c) Part 3 contains further exemptions from liability under paragraph (1) and exemptions from other liability.
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