Part III Prospectus Liability and Litigation, 25 Luxembourg

Subject(s):

Prospectus liability — Misleading statements

This chapter focuses on the Luxembourg civil liability regime which applies to information given in a prospectus. Luxembourg has implemented certain specific provisions on prospectus liability; however, these do not constitute an entirely autonomous civil liability regime on prospectus liability as such. Most aspects with regards to a person's liability must be determined in accordance with the general Luxembourg provisions on civil liability from the Luxembourg Civil Code. No questions have yet arisen before the Luxembourg courts on the liability regime which applies to those persons responsible for the information given in a prospectus. There is therefore no established Luxembourg case law complementing the provisions currently in place. This chapter thus concerns those situations where a prospectus contains misleading information or omits to include material information infringing the requirements of the Luxembourg legal provisions on prospectuses.