Regulation 30(9)

Statements believed to be true

2.

(1) In this paragraph "statement" means -

(a) any untrue or misleading statement in a prospectus, or

(b) the omission from a prospectus of any matter required to be included by regulation 23.

(2) A person (D) does not incur any liability under regulation 30(1) for loss caused by a statement if D satisfies the court -

(a) that, at the time when the prospectus was published, D reasonably believed, having made such enquiries (if any) as were reasonable, that -

(i) the statement was true and not misleading, or

(ii) the matter whose omission caused the loss was properly omitted, and

(b) that one or more of the conditions set out in sub-paragraph (3) are satisfied.

(3) The conditions are -