(1) Any person responsible for a prospectus is liable to pay compensation to a person who has -

(a) acquired transferable securities to which the prospectus applies, and

(b) suffered loss in respect of them as a result of -

(i) any untrue or misleading statement in the prospectus, or

(ii) the omission from the prospectus of any matter that is required to be included by regulation 23.

(2) If a prospectus is required to include information about the absence of a particular matter, the omission from the prospectus of that information is to be treated as a statement in the prospectus that there is no such matter.

(3) Where the appropriate rules require a prospectus to include a summary containing key information, a person is not to be subject to liability solely on the basis of the summary unless the summary, when read with the rest of the prospectus -

(a) is misleading, inaccurate or inconsistent, or

(b) does not provide the key information that is required by the appropriate rules to be included in the summary.