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Jul 11 2010 onwards

58. Liability for Misleading Statements



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(1) Any person prescribed in the Rules made by the DFSA as being responsible for a Prospectus is liable to pay compensation to another person who has acquired Units to which the Prospectus relates and who has suffered loss or damage arising from any untrue, deceptive or misleading statement in the Prospectus or the omission from it of any material matter required to have been included in the Prospectus under the Law or Rules.
(2) The DFSA may make Rules prescribing circumstances in which a person who would otherwise be liable under Article 58(1) will not be so liable.
(3) Nothing in this Article affects the powers, rights or liabilities that any person may have apart from this Article including the power to institute proceedings under Article 94 of the Regulatory Law 2004.
(4) Nothing in this Article prevents a person who suffers any loss or damage arising from acting in reliance on any untrue, deceptive or misleading statement made in relation to a Fund or in connection with an Offer of Units by a person other than those referred to in Article 58(1) from being able to recover any loss suffered by that person as a result of relying on such statements.