6.7.3 Conclusion

The measure of damages for deceit is the price at which the securities were purchased less the actual value of the securities at the time of purchase. Unlike in case of negligent misrepresentation, the losses incurred as a result of deceit need not be foreseeable. Furthermore, in prospectus liability claims based on section 90 FSMA and on negligent misrepresentation, the SAAMCO cap will apply. Therefore, the losses incurred due to a fall in the general securities market price after the day of purchase cannot be recovered by the investor. Only in case of rescission, where the claimant will get the full purchase price as compensation, the losses due to the general securities market price can be recovered. However, it is very unlikely that the person responsible for the contents of the prospectus will be the investor's contractual counterparty.