The Financial Services and Markets Act 2000 (Financial Promotion and Miscellaneous Amendments) Order 2002

Amendments to the Financial Promotion Order

2.—(1) This article amends the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001(1).

(2) In article 2(1) (interpretation), in the definition of “publication”, after “web site”, insert “or similar system for the electronic display of information”.

(3) In sub-paragraph (c) of paragraph (2) of article 20 (communications by journalists)—

(a) at the end of sub-paragraph (ii), omit “or”; and

(b) at the end of sub-paragraph (iii), insert—

• “; or

  (iv)

  the Programme Code of the Independent Television Commission”.

(4) In article 49(2) (high net worth companies, unincorporated associations etc.), for sub-paragraph (a), substitute—

“(a) any body corporate which has, or which is a member of the same group as an undertaking which has, a called-up share capital or net assets of not less than—

(i) if the body corporate has more than 20 members or is a subsidiary undertaking of an undertaking which has more than 20 members, £500,000;

(ii) otherwise, £5 million;”.

(5) In Schedule 3 (markets and exchanges)—

(a) for the heading of Part II (“Certain Investment Exchanges Operating Relevant EEA Markets”), substitute “Certain Investment Exchanges Operating Relevant EEA Markets and Certain Relevant EEA Markets”;

(b) in Part II, for “Neuvo Mercato (Italy).”, substitute “Nuovo Mercato (Italy).”;

(c) after that entry, insert “OFEX (UK).”; and

(d) in Part III—

(i) omit “Alberta Stock Exchange.”, “Vancouver Stock Exchange.” and “Winnipeg Stock Exchange.”; and

(ii) after “Buenos Aires Stock Exchange.”, insert “Canadian Venture Exchange.”.

(6) In Schedule 4 (takeovers of relevant unlisted companies)—

(a) in paragraph 22, for “paragraph 17, 19 or 21”, substitute “paragraph 17, 18 or 21”;

(b) in paragraphs 28(1)(b), 28(2)(a) and 31, for “invitation or information”, substitute “invitation or inducement”;

(c) in paragraph 28(2) and 45, in each case—

(i) for “passed a resolution in accordance with section 252 of the 1985 Act or article 260 of the 1986 Order”, substitute “been exempt from the provisions of Part VII of the 1985 Act relating to the audit of accounts by virtue of section 249A or 249AA of that Act(2) or been exempt from the provisions of Part VIII of the 1986 Order relating to the audit of accounts by virtue of article 257A or 257AA of the 1986 Order(3)”; and

(ii) for “from the obligation to appoint auditors”, substitute “from those provisions of Part VII of the 1985 Act or Part VIII of the 1986 Order”; and

(d) in paragraph 47, for “Part I”, substitute “Part II”.

(1)

S.I. 2001/1335, amended by S.I. 2001/2633, S.I. 2001/3650 and S.I. 2001/3800.

(2)

Section 249A and 249AA inserted by S.I. 1994/1935 and amended by S.I. 1996/189, S.I. 1997/936 and S.I. 2000/1430.

(3)

Article 257A was inserted by SR (N.I.) 1995/128 and amended by SR (N.I.) 1997/500 and SR (N.I.) 2001/153. Article 257AA was inserted by SR (N.I.) 2001/153 and amended by S.I. 2001/3649.