EUA - nomad responsibility10 Aug 2023 08:21
Looks like loads of posts have been taken down from yesterday/ this morning, unless it’s some kind of temporary site glitch. one of those concerned nomad responsibilities.
it is not the job of a nomad to act as a fact-checker, or glorified super-auditor. the nomad will advise a company about what info has to be / should not be released in an RNS, and will advise on wording, formats etc, and advise on what kinds of interpretation / forward-looking statements etc are acceptable to make in RNS. but the nomad does all of that acting on a good faith basis; i.e. that the company itself is being honest with the nomad. it is the company itself that is responsible for info contained in an RNS. the nomad does not guarantee or ‘substantiate’ that it is correct on the company’s behalf.
if a company tells its nomad that it made XYZ sales in H!, or that it has mined QQQ tons of ore, or that it can sell its sandpile for a certain price ( - or even that it has such a sandpile on the first place -), then the nomad doesn’t turn detective and check up that those things are true; it relies on the company to be honest with the nomad in the first place.
(which is why if nomad discovers that a company has supplied them with false information, or otherwise misled them, or a company is insisting that the nomad allow them to release an RNS which makes unreasonable /illegitimate claims / forward-looking statements, or references misleading external info sources, the nomad has to resign.)