Home   Browse contents   View updates   Search  
     Quick search
Go
   

Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Markets Rules (MKT) [VER14/02/19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

Whole SectionText only Print Print Manager Link


  Versions
(1 version)
 
Jul 5 2012 onwards

MKT 2.11.1



Whole Section PDF

The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

To view past versions of this module in PDF format, please visit the Archive.

(1) Pursuant to Article 24(2) of the Law, a PersonG is hereby prescribed as not incurring civil liability for any loss arising from any misleading or deceptive statement or omission in a ProspectusG if any of the circumstances specified in (2) — (6) apply.
(2) Without prejudice to Article 21 of the Law, a PersonG does not incur civil liability under Article 24(1) of the Law if that PersonG can show that:
(a) the statement was true and not misleading or that the matter 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 ProspectusG ; or
(c) before the SecuritiesG were acquired by any PersonG in reliance on the ProspectusG , 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 PersonsG likely to acquire the SecuritiesG in question.
(3) A PersonG does not incur any liability under Article 24(1) of the Law for any loss in respect of SecuritiesG caused by any misleading or deceptive statement or omission purporting to be made by or on the authority of an ExpertG which is, and is stated to be, included in the ProspectusG with the Expert'sG consent at the time when the ProspectusG was approved by the DFSAG and published if:
(a) he believed on reasonable grounds that the PersonG was an ExpertG and had consented to the inclusion in the ProspectusG of a statement or report made by that ExpertG in the form and context in which such a statement or report was included in the ProspectusG ;
(b) he believed on reasonable grounds that the statement or report was true and not misleading or that the matter, the omission of which caused the loss, was properly omitted;
(c) he made all enquiries that were reasonable in the circumstances and believed that there was no misleading or deceptive statement or omission in the Expert'sG statement included in the ProspectusG ; or
(d) before the Securities were acquired by any PersonG in reliance of the ProspectusG , he had taken all such steps as it was reasonable for him to have taken to secure that a correction was promptly brought to the attention of PersonsG likely to acquire the SecuritiesG in question.
(4) Without prejudice to (2) and (3), a PersonG does not incur any liability under Article 24(1) of the Law for any loss in respect of any SecuritiesG caused by any statement or omission as is mentioned in that Article if:
(a) before the SecuritiesG were acquired by any PersonG , a correction or, where the statement was such as is mentioned in (2)(c), the fact that the ExpertG was not competent or had not consented to the inclusion of the statement attributed to that ExpertG in the ProspectusG had been published in a manner designed to bring to the attention of PersonsG likely to acquire the SecuritiesG in question; or
(b) he took all such steps as it was reasonable for him to take to secure such publication and believed on reasonable grounds that such a publication had taken place before the SecuritiesG were acquired.
(5) A PersonG does not incur any liability under Article 24(1) of the Law for any loss resulting from a statement made by a public official or contained in a official public document which is included in the ProspectusG if the statement is accurately and fairly reproduced.
(6) A PersonG does not incur any liability under Article 24(1) of the Law if the PersonG incurring the loss acquired the Securities 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 or inaccuracy.
Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]