15.—(1) If the requirements of paragraph (2) are met, the financial promotion restriction does not apply to any communication which is made with a view to or for the purposes of introducing the recipient to—
(a)an authorised person who carries on the controlled activity to which the communication relates; or
(b)an exempt person where the communication relates to a controlled activity which is also a regulated activity in relation to which he is an exempt person.
[F1(1A) But paragraph (1) does not apply to any communication made with a view to or for the purpose of an introduction to a person who carries on an activity of the kind specified by—
(a)paragraph 4B of Schedule 1;
(b)paragraph 4C of that Schedule;
(c)paragraph 11 of that Schedule, to the extent that it relates to that paragraph 4B or that paragraph 4C.
[F2(d)paragraph 11A of that Schedule.]]
(2) The requirements of this paragraph are that—
(a)the maker of the communication (“A”) is not a close relative of, nor a member of the same group as, the person to whom the introduction is, or is to be, made;
(b)A does not receive from any person other than the recipient any pecuniary reward or other advantage arising out of his making the introduction; and
(c)it is clear in all the circumstances that the recipient, in his capacity as an investor, is not seeking and has not sought advice from A as to the merits of the recipient engaging in investment activity (or, if the client has sought such advice, A has declined to give it, but has recommended that the recipient seek such advice from an authorised person).
Textual Amendments
F1Art. 15(1A) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 10(2)
F2Art. 15(1A)(d) inserted (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 16