Section 130

(1)

Any person except the operator of a collective investment scheme, is not liable under the Order for any loss in respect of units, caused by any statement or omission if, at the time when the prospectus was filed for registration or submitted for notification to the Authority, he believed on reasonable grounds, having made any reasonable enquiries, that the statement was true and not misleading or that the matter whose omission caused the loss was properly omitted and -

(a} he continued in that belief until the time when the units were acquired;