Financial Markets Conduct Regulations 2014

61 Revised fund update to be made publicly available in certain circumstances

(1)

This regulation applies if—

(a)

there is—

(i)

a statement in a fund update that is false or misleading or is likely to mislead; or

(ii)

an omission from a fund update of information that is required to be contained in the fund update by these regulations; and

(b)

the matter referred to in paragraph (a) is materially adverse from the point of view of an investor.

(2)

For the purposes of this regulation, a statement about a future matter (including the doing of, or the refusal to do, an act) must be taken to be misleading if the person making the statement does not have reasonable grounds for making it.

(3)

The manager of the registered scheme must, as soon as practicable after the manager becomes aware of the deficiency,—

(a)

remove the fund update from the Internet site maintained by, or on behalf of, the manager; and

(b)

prepare a replacement fund update that corrects the deficiency; and

(c)

make the replacement fund update publicly available; and

(d)

ensure that, at the beginning of a replacement fund update, there is—

(i)

a statement that it is a replacement fund update; and

(ii)

an identification of the 1 or more fund updates that it replaces; and

(iii)

a summary of the changes that have been made.