{
  "url": "https://openlegislation.uk/financial-services-act-1986-repealed/section-154",
  "json_url": "https://openlegislation.uk/financial-services-act-1986-repealed/section-154.json",
  "legislation": "ukpga/1986/60",
  "legislation_title": "Financial Services Act 1986 (repealed)",
  "legislation_url": "https://openlegislation.uk/financial-services-act-1986-repealed",
  "path": "section/154",
  "kind": "section",
  "number": "154",
  "heading": "Advertisements etc. in connection with listing applications.",
  "text": "(1) Where listing particulars are or are to be published in connection with an application for the listing of any securities no advertisement or other information of a kind specified by listing rules shall be issued in the United Kingdom unless the contents of the advertisement or other information have been submitted to the competent authority and that authority has either—\n(a) approved those contents; or\n(b) authorised the issue of the advertisement or information without such approval.\n(2) An authorised person who contravenes this section shall be treated as having contravened rules made under Chapter V of Part I of this Act or, in the case of a person who is an authorised person by virtue of his membership of a recognised self-regulating organisation or certification by a recognised professional body, the rules of that organisation or body.\n(3) Subject to subsection (4) below, a person other than an authorised person, who contravenes this section shall be guilty of an offence and liable—\n(a) on conviction on indictment, to imprisonment for a term not exceeding two years or to a fine or to both;\n(b) on summary conviction, to a fine not exceeding the statutory maximum.\n(4) A person who in the ordinary course of a business other than investment business issues an advertisement or other information to the order of another person shall not be guilty of an offence under this section if he proves that he believed on reasonable grounds that the advertisement or information had been approved or its issue authorised by the competent authority.\n(5) Where information has been approved, or its issue has been authorised, under this section neither the person issuing it nor any person responsible for, or for any part of, the listing particulars shall incur any civil liability by reason of any statement in or omission from the information if that information and the listing particulars, taken together, would not be likely to mislead persons of the kind likely to consider the acquisition of the securities in question.\nThe reference above to a person incurring civil liability includes a reference to any other person being entitled as against that person to be granted any civil remedy or to rescind or repudiate any agreement.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words inserted by Companies Act 1989 (c. 40, SIF 27), s. 197(2)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "S. 154 applied (with modifications) (E.W.) by Water Act 1989 (c. 15, SIF 130), s. 90(2) (with ss. 58(7), 101(1), 141(6), 160(1)(2)(4), 163, 189(4)–(10), 190, 193(1), Sch. 26 paras. 3(1)(2), 17, 40(4), 57(6), 58) S. 154 amended (1.1.1993) by S.I. 1992/3218, reg. 55, Sch. 9 para.37. S. 154 modified (6.1.1994) by 1993 c. 43, s. 107(2)(3); S.I. 1993/3237, art. 2(2). s. 154 extended (1.1.1996) by S.I. 1995/3275, reg. 32, Sch. 7 para. 36"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "S. 154(3) amended (1.1.1993) by S.I. 1992/3218, reg. 55, Sch. 9 para. 37(b)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1986/60/section/154",
    "retrieved_at": "2026-10-29T09:53:57.234744+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}