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23. Defences to misconduct

(1) A person does not commit a contravention of Article 22, if that person proves that he:
(a) made all inquiries that were reasonable in the circumstances; and
(b) after doing so, believed on reasonable grounds that the statement or omission was not misleading or deceptive.
(2) A person does not commit a contravention of Article 22, if the person proves that he placed reasonable reliance on information given to him by:
(a) if the person is not a natural person, someone other than the Operator or any other member of the Governing Body, employee or agent of the person; or
(b) if the person is a natural person, someone other than an employee or agent of the individual.
(3) For the purposes of Article 23(2), a person does not become an agent of another person simply because he performs a particular professional or advisory function for the person.