Schedule 2, Part 3, paragraph 11(3)

A person (P) who is not among those responsible for a prospectus but would apart from this sub-paragraph have any liability to a person other than the issuer in respect of loss caused by a protected forward-looking statement in the prospectus has no such liability unless at any time in the relevant period, P— knew the protected forward-looking statement to be untrue or misleading or was reckless as to whether it was untrue or misleading, or knew the omission from the protected forward-looking statement to be a dishonest concealment of a material fact.

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