The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023

Modification to section 137S (financial promotion rules: directions given by FCA)

9.  Section 137S (financial promotion rules: directions given by FCA)(1) applies as if—

(a) in subsection (1)—

(i) for paragraph (a) there was substituted—

“(a) a registered person has made, or proposes to make, a communication, and”;

(ii) in paragraph (b), “or approval” was omitted;

(b) in subsection (2)—

(i) in the words before paragraph (a), for “authorised person” there was substituted “registered person”;

(ii) in paragraph (a), “or approval” was omitted;

(iii) in paragraph (b)—

(aa) “or giving the approval” was omitted;

(bb) “or given” was omitted;

(iv) in paragraph (d), “or approval” was omitted;

(c) in subsection (3), “or approving” were omitted in both places;

(d) in subsection (5)—

(i) in the words before paragraph (a), for “an authorised person” there was substituted “a registered person”;

(ii) in paragraph (a), for “authorised person, and” there was substituted “registered person.”;

(iii) paragraph (b) was omitted;

(e) in subsection (8)—

(i) in paragraph (a), for “persons mentioned in subsection (5)(a) or (b)” there was substituted “registered person”;

(ii) in paragraph (b), “any” was omitted;

(f) in subsection (10), for “those persons” there was substituted “that person”;

(g) subsection (12) was omitted.

(1)

Section 137S was inserted by section 24(1) of the Financial Services Act 2012.