• FUNDS 9.8 FUNDS 9.8 Responsibility for Prospectus

    • Prescribed persons

      • FUNDS 9.8.1

        (1) The following Persons are prescribed as being responsible for a Prospectus:
        (a) the Fund Manager;
        (b) where the Fund is a Body Corporate, each Person who is a Director of that Body Corporate at the time when the Prospectus is filed;
        (c) where the Fund is an Investment Undertaking, each Person who is authorised to be named, and is named, in the Prospectus as a Director, General Partner or member of the Governing Body or as having agreed to become such a Person of that Fund either immediately or at a future time;
        (d) each Person who accepts, and is stated in the Prospectus as accepting, responsibility for, or for any part of, the Prospectus;
        (e) each Person who is deemed to accept responsibility for any part of a Prospectus under these Rules; and
        (f) each Person not falling within any of the foregoing paragraphs who has authorised the contents of, or of any part of, the Prospectus.
        (2) A Person who has accepted responsibility for, or authorised, only part of the contents of any Prospectus, is responsible only for that part and only if it is included in, or substantially in, the form and context to which he has agreed.
        (3) Nothing in (1) makes a Person responsible for any part of a Prospectus by reason only of giving advice as to its contents in a professional capacity to a Person specified in (1)(a) to (f).

    • Exceptions from liability

      • FUNDS 9.8.2

        (1) A Person specified in 9.8.1(1) shall not have liability for any loss arising from any misleading or deceptive statement or omission in the Prospectus if any of the circumstances specified in (2) to (4) apply.
        (2) A Person shall not incur liability if that Person can show that:
        (a) the statement was true and not misleading, or that the matter of the omission of which caused the loss was properly omitted;
        (b) he made all enquiries that were reasonable in the circumstances and believed that there was no misleading or deceptive statement or omission in the Prospectus; or
        (c) before the Units were acquired by any Person in reliance on the Prospectus, he had taken all such steps as were reasonable for him to have taken to secure that a correction was promptly made and brought to the attention of the Persons likely to acquire the Units in question.
        (3) A Person shall not have liability for any loss resulting from a statement made by a public official or contained in an official public document which is included in the Prospectus if the statement is accurately and fairly reproduced.
        (4) A Person shall not incur any liability if the Person incurring the loss acquired the Units in question with knowledge:
        (a) that the statement was false or misleading;
        (b) of the omitted matter or of the change; or
        (c) of the new matter of inaccuracy.