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Abstract
The present chapter seeks to analyse the Irish prospectus liability regime and assess its strengths and weaknesses. With the Companies Act 2014, Ireland now has a specific statutory prospectus liability regime. Section 1349 imposes liability on an extensive list of persons, including the issuer, the directors, and the offeror, for any untrue statement contained in the prospectus or any omission of information required by EU prospectus law to be included in the prospectus. Moreover, Irish law allows investors to claim compensation for prospectus misstatements under different legal bases, including civil liability under contract law and tort law. Despite the favourable legal regime, investors are reticent to seek compensation for damages suffered as a result of prospectus misstatement or omission with claims under s 1349 Companies Act 2014 being rare. As the chapter will argue the biggest impediment facing investors willing to launch claims under the Irish prospectus regime is the lack of a functioning mechanism for collective or class actions.
Title: Ireland
Description:
Abstract
The present chapter seeks to analyse the Irish prospectus liability regime and assess its strengths and weaknesses.
With the Companies Act 2014, Ireland now has a specific statutory prospectus liability regime.
Section 1349 imposes liability on an extensive list of persons, including the issuer, the directors, and the offeror, for any untrue statement contained in the prospectus or any omission of information required by EU prospectus law to be included in the prospectus.
Moreover, Irish law allows investors to claim compensation for prospectus misstatements under different legal bases, including civil liability under contract law and tort law.
Despite the favourable legal regime, investors are reticent to seek compensation for damages suffered as a result of prospectus misstatement or omission with claims under s 1349 Companies Act 2014 being rare.
As the chapter will argue the biggest impediment facing investors willing to launch claims under the Irish prospectus regime is the lack of a functioning mechanism for collective or class actions.
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