Section 130
of Securities Markets Regulations, 2015
Section 130
(c)
before the units were acquired, he had taken all reasonable steps to secure that a correction was promptly brought to the attention of the persons likely to acquire the units in question; or
(d)
the units were acquired after such a lapse of time that, in the circumstances, he ought to be reasonably excused.
(2)
A person is not liable under the Order for any loss in respect of units, caused by a statement purporting to be made by or on the authority of another person as an expert which is, and is stated to be, included in the prospectus with that other person's consent at the time when the prospectus was filed for registration or submitted for notification to the Authority, if he believed on reasonable grounds, that the other person was competent to make or authorise the statement, and had consented to its inclusion in the form and context in which it was included and -
{a)
he continued in that belief until the time when the units were acquired;
(b)
they were acquired before it was reasonably practicable to bring the fact that the expert was not competent or had not consented, to the attention of the persons likely to acquire the units in question;
(c)
before the units were acquired, he had taken all reasonable steps to secure that that fact was promptly brought to the attention of the persons likely to acquire the units in question; or
{d) the units were acquired after such a lapse of time that, in the circumstances, he ought to be reasonably excused.
(3)
Without prejudice to sub-regulations (1) and (2), a person is not liable under the Order for any loss in respect of any units, caused by any such statement or omission if -
265
(a)
before the units were acquired, a correction, or where the statement was such as is mentioned in sub-regulation (2), the fact that the expert was not competent or had not consented, had been published in a manner calculated to bring it to the attention of persons likely to acquire the units in question; or
{b)
he has taken all reasonable steps to secure such publication and he believed on reasonable grounds that such publication had taken place before the units were acquired.
(4)
A person is not liable under the Order for any loss resulting from a statement made by an official person or contained in a public official document that is included in the prospectus, if the statement is reproduced fairly and accurately.
(5)
A person is not liable under the Order if the person suffering the loss acquired the units in question with the 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.
Expert's responsibility.