The Final Report was published on 4 June 2007, providing a thorough analysis and clear explanation of the Review's recommendations to the Government. The Review makes the case for exercising the powers conferred by the new section 90B of FMSA 2000 to:
- extend the statutory liability regime to cover ad hoc as well as periodic disclosures;
- extend the statutory liability regime to apply to disclosures by issuers with securities traded on exchange-regulated markets, including AIM and Plus Markets;
- identify relevant disclosures to be covered by the statutory regime as all RIS announcements, but without prejudice to the rights of shareholders and others arising out of company circulars addressed to them;
- ensure that the statutory regime encompasses liability for dishonest delay in making RIS announcements;
- extend the statutory regime to confer rights on both buyers and sellers of shares, but to exclude those who continue to hold (or not buy) shares from suing in respect of misstatements in RIS announcements.
The full Final Report can be accessed at:
http://www.hm-treasury.gov.uk./media/4/7/davies_review_finalreport_04060...
