Investment Funds, Companies and Miscellaneous Provisions Act 2006

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Amendments of Act of 2005 consequential on amendment made by section 14 .

15.— The Act of 2005 is amended—

(a) in section 38, by inserting the following subsection after subsection (3):

“(3A) Without limiting the meaning of that expression in any other context in which it is used in this Part, ‘statement’ in section 45(2) (other than paragraph (b) thereof) and any other section of this Part that makes provision in respect of an expert includes a report and a valuation.”,

(b) in section 41—

(i) by re-numbering the existing section as subsection (1) thereof, and

(ii) by adding the following subsection:

“(2) In addition to the persons specified in subsection (1) as being liable in the circumstances there set out, an expert who has given the consent required by section 45 to the inclusion in a prospectus of a statement purporting to be made by him or her shall, subject to sections 42 and 43, be liable to pay compensation to all persons who acquire any securities on the faith of the prospectus for the loss or damage they may have sustained by reason of an untrue statement in the prospectus purporting to be made by him or her as an expert.”,

(c) in section 42—

(i) by deleting subsection (1),

(ii) in subsection (3)(d)(ii), by substituting “and, where required by section 45, that that person had given his or her consent to the inclusion of the statement in the prospectus” for “and that that person had given his or her consent to the issue of the prospectus”,

(iii) in subsection (4), by substituting “the inclusion in the prospectus of the statement concerned” for “the issue of the prospectus concerned”,

(iv) in subsection (5), by deleting “as a person who has authorised the issue of the prospectus”,

(v) in subsection (6)—

(I) by deleting “as a person who has authorised the issue of a prospectus”, and

(II) in paragraph (a), by substituting “the inclusion in the prospectus of the statement” for “the issue of the prospectus”,

(d) in section 44—

(i) in subsection (1)(b), by substituting “the inclusion in a prospectus of a statement purporting to be made by him or her” for “the issue of a prospectus”, and

(ii) by deleting subsection (3),

and

(e) in section 48, by deleting subsection (4).