Paragraph 3

(1)

In this paragraph “statement” means a statement included in a qualifying cryptoasset disclosure document or supplementary disclosure document which—

(a)

purports to be made by, or on the authority of, another person as an expert, and

(b)

is stated to be included in the qualifying cryptoasset disclosure document or supplementary disclosure document with that person’s consent.

(2)

A person (“D”) does not incur a liability under regulation 14 (compensation for statements in a qualifying cryptoasset disclosure document or supplementary disclosure document) for loss caused by a statement if D satisfies the court that, at the time when the qualifying cryptoasset disclosure document or supplementary disclosure document was published, D reasonably believed—

(a)

that the other person—

(i)

was competent to make or authorise the statement, and

(ii)

had consented to its inclusion in the form and context in which it was included, and

(b)

that one or more of the conditions set out in sub-paragraph (3) are satisfied.

(3)

The conditions are—

(a)

that D continued in D’s belief until the time when the qualifying cryptoasset in question was bought or subscribed for;

(b)

that the qualifying cryptoasset in question was bought or subscribed for before it was reasonably practicable to bring the fact that the expert was not competent, or had not consented, to the attention of a person likely to buy or subscribe for it;

(c)

that, before the qualifying cryptoasset in question was bought or subscribed for, D had taken all such steps as it was reasonable for D to have taken to secure that a correction was brought to the attention of a person likely to buy or subscribe for it;

(d)

that D continued in D’s belief until after the commencement of dealings in the qualifying cryptoasset in question following its admission to trading and it was bought or subscribed for after such a lapse of time that D ought in the circumstances to be reasonably excused.