# The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025, Paragraph 9


(1) Unless the condition in sub-paragraph (2) is met, a person responsible for a qualifying cryptoasset disclosure document or supplementary disclosure document (“R”)—
(a) does not incur a liability under regulation 14 (compensation for statements in qualifying cryptoasset disclosure document or supplementary disclosure document) in respect of any loss caused by a protected forward-looking statement, and
(b) is not subject to any other liability in respect of any loss caused by such a statement.
(2) The condition is that, at any time in the relevant period, R—
(a) knew the protected forward-looking statement to be untrue or misleading or was reckless as to whether it was untrue or misleading, or
(b) knew the omission from the protected forward-looking statement to be a dishonest concealment of a material fact.
(3) A person (“P”) who is not among those responsible for a qualifying cryptoasset disclosure document or supplementary disclosure document but would, apart from this sub-paragraph, have any liability to a person other than the person responsible for the offer in respect of loss caused by a protected forward-looking statement in the qualifying cryptoasset disclosure document or supplementary disclosure document has no such liability unless at any time in the relevant period, P—
(a) knew the protected forward-looking statement to be untrue or misleading or was reckless as to whether it was untrue or misleading, or
(b) knew the omission from the protected forward-looking statement to be a dishonest concealment of a material fact.
(4) In this paragraph, “the relevant period” is the period beginning with the time when the qualifying cryptoasset disclosure document or supplementary disclosure document (“the relevant document”) is published and ending with the later of—
(a) the closure of the offer to which the relevant document relates, and
(b) the commencement of dealings in a qualifying cryptoasset following their admission to trading on the qualifying cryptoasset trading platform.
(5) This paragraph does not limit the application of Part 1 of this Schedule in relation to loss caused by a protected forward-looking statement.

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Source: https://www.legislation.gov.uk/ukdsi/2025/9780348277586/schedule/2/paragraph/9 (the official version)
Page: https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/schedule-2/paragraph-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.