Schedule 2, Part 2, paragraph 2(2)

A person (D) does not incur any liability under regulation 30(1) for loss caused by a statement if D satisfies the court— that, at the time when the prospectus was published, D reasonably believed, having made such enquiries (if any) as were reasonable, that— the statement was true and not misleading, or the matter whose omission caused the loss was properly omitted, and that one or more of the conditions set out in sub-paragraph (3) are satisfied.

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Source: legislation.gov.uk · retrieved 2026-09-04