You are viewing CRYPTO 3.7 Protected forward-looking statements as it appeared on 25/10/2027. The current version of CRYPTO 3.7 Protected forward-looking statements was last updated on 25/10/2027.

CRYPTO 3.7 Protected forward-looking statements

25/10/2027G

Part 2 of Schedule 2 to the Cryptoassets Regulations provides a conditional exemption from liability under regulation 14 of the Cryptoassets Regulations for protected forward-looking statements in a QCDD or supplementary disclosure document. The rules in this section specify:

  1. (1) the kind of forward-looking statements that are protected forward-looking statements for the purposes of paragraph 8 of Part 2 of Schedule 2 to the Cryptoassets Regulations; and
  2. (2) the required form for a statement identifying a forward-looking statement as a protected forward-looking statement for the purposes of Part 2 of Schedule 2 to the  Cryptoassets Regulations.
25/10/2027G

Protected forward-looking statements can be:

  1. (1) included in any QCDD (except a stablecoin QCDD), and any supplementary disclosure document;
  2. (2) included in multiple locations in the QCDD or supplementary disclosure document; and
  3. (3) presented in any way that the person who is required to produce the QCDD or supplementary disclosure document considers is likely to be useful to a reader of the QCDD or supplementary disclosure document.

Forward-looking statements that are protected forward-looking statements

25/10/2027R

A forward-looking statement in a QCDD or supplementary disclosure document is a protected forward-looking statement for the purposes of paragraph 8 of Part 2 of Schedule 2 to the Cryptoassets Regulations if:

  1. (1) the QCDD is not a stablecoin QCDD;
  2. (2) the forward-looking statement contains:
    1. (a) financial information that meets one or more of the criteria in CRYPTO 3.7.5R; or
    2. (b) operational information that meets one or more of the criteria in CRYPTO 3.7.6R;
  3. (3) it is only possible to determine whether the forward-looking statement is untrue or misleading, or omits any matter that must be included under regulation 13(1) of the Cryptoassets Regulations, by reference to events or circumstances that occur after the statement has been published;
  4. (4) the forward-looking statement includes an estimate as to when the events or circumstances referred to in (3) are expected to occur;
  5. (5) the forward-looking statement contains information that a reasonable person would be likely to use as part of the basis of their investment decisions; and
  6. (6) the forward-looking statement is accompanied by a statement which includes general information and content-specific information as required by CRYPTO 3.7.10R and CRYPTO 3.7.11R.

Exclusions

25/10/2027R

A forward-looking statement included in a QCDD or supplementary disclosure document to comply with CRYPTO 3.4, the rulebook of a UK QCATP operator or regulation 13(1) of the Cryptoassets Regulations, is not a protected forward-looking statement for the purposes of paragraph 8 of Part 2 of Schedule 2 to the Cryptoassets Regulations.

Financial information criteria

25/10/2027R

The criteria that financial information must meet for the purposes of CRYPTO 3.7.3R(2)(a) are that it:

  1. (1) expressly states, or by implication indicates, a figure or minimum or maximum figure for the financial information; or
  2. (2) contains data from which a calculation of that figure is possible.

Operational information criteria

25/10/2027R

The criteria that operational information must meet for the purposes of CRYPTO 3.7.3R(2)(b) are that it:

  1. (1) expressly states, or by implication indicates, a figure or a minimum or maximum figure for the operational information;
  2. (2) contains data from which a calculation of that figure is possible; or
  3. (3) is information that cannot be expressed in numerical terms but can be confirmed empirically through direct observation or objective measurements.

Form (content and placement) of accompanying statements

25/10/2027R

A statement identifying a protected forward-looking statement for the purposes of paragraph 8(1)(b) of Part 2 of Schedule 2 to the Cryptoassets Regulations must include:

  1. (1) the general information set out in CRYPTO 3.7.10R; and
  2. (2) the content-specific information set out in CRYPTO 3.7.11R.
25/10/2027G

The general information referred to in CRYPTO 3.7.10R only needs to appear once in the QCDD or supplementary disclosure document.

25/10/2027R

For each protected forward-looking statement included in a QCDD or supplementary disclosure document:

  1. (1) at least one instance of that protected forward-looking statement in the document must be followed by its content-specific information referred to in CRYPTO 3.7.11R, which must appear immediately next to it; and
  2. (2) any other instances must be accompanied by a cross-reference immediately next to it identifying where the relevant content-specific information appears in the document.

General information to be included in accompanying statement

25/10/2027R

The general information that must be included in a statement identifying the protected forward-looking statements in a QCDD or supplementary disclosure document for the purposes of Part 2 of Schedule 2 to the Cryptoassets Regulations is:

  1. (1) an explanation of how to identify a protected forward-looking statement in the QCDD; and
  2. (2) the following wording:
    1. (a) there is no guarantee the projected outcome of a protected forward-looking statement will prove to be accurate;
    2. (b) there is a different liability standard for protected forward-looking statements compared with other information in the QCDD or supplementary disclosure document, which will make it more difficult to succeed in a claim for compensation in the event of any loss caused by a protected forward-looking statement; and
    3. (c) there is no obligation for a protected forward-looking statement to be updated, except in accordance with existing obligations where those apply.

Content-specific information to be included in accompanying statement

25/10/2027R

The content-specific information that must be included in a statement identifying a protected forward-looking statement for the purposes of Part 2 of Schedule 2 to the Cryptoassets Regulations is:

  1. (1) information to identify the forward-looking statement as a protected forward-looking statement;
  2. (2) the principal assumptions upon which the protected forward-looking statement is based, in accordance with the following principles:
    1. (a) there must be a clear distinction between assumptions about factors:
      1. (i) which the person responsible for the offer can influence; and
      2. (ii) which are exclusively outside the influence of the person responsible for the offer.
    2. (b) the assumptions must be reasonable, specific, precise and readily understandable by investors;
    3. (c) the assumptions must not relate to the general accuracy of the estimates underlying the protected forward-looking statement; and
    4. (d) the assumptions must draw attention to those uncertain factors which could materially change the projected outcome of the protected forward-looking statement.
25/10/2027R

If the protected forward-looking statement contains financial information of the same type as historical financial information elsewhere in the QCDD or supplementary disclosure document, the content-specific information referred to in CRYPTO 3.7.11R must also state whether the financial information in the protected forward-looking statement is comparable and consistent with the historical financial information.

Point In Time
25/10/2027