Companies Act 2014 section 1380

Power to make certain regulations (Chapter 4)

Section 1380 gives the Minister the power to make regulations to implement the Transparency (Regulated Markets) Directive and sets out the scope and limits of those regulations, including the creation of offences and civil liability for misleading statements.

• The Minister may make regulations to give effect to the Transparency (Regulated Markets) Directive and any related EU Regulations or Decisions
• These regulations may create criminal offences (summary conviction only) and establish civil liability enabling persons who suffer loss to claim compensation
• Civil liability arises only where a publication contains an untrue or misleading statement, or omits required information, and a responsible person within the issuer knew of the falsehood or was reckless, or knowingly concealed a material fact
• The regulations may include provisions analogous to those in Chapter 5 of Part 5 and Chapter 4 of Part 17 of the Companies Act 2014, and this section does not affect powers under section 3 of the European Communities Act 1972