Financial Services Act 1986 (Repealed)

58 Exceptions from restrictions on advertising.U.K.

(1)Section 57 above does not apply to—

(a)any advertisement issued or caused to be issued by, and relating only to investments issued by—

(i)the government of the United Kingdom, of Northern Ireland or of any country or territory outside the United Kingdom;

(ii)a local authority in the United Kingdom or elsewhere;

(iii)the Bank of England or the central bank of any country or territory outside the United Kingdom; or

(iv)any international organisation the members of which include the United Kingdom or another member State;

(b)any advertisement issued or caused to be issued by a person who is exempt under section 36, 38, 42, 43, 44 or 45 above, or by virtue of an order under section 46 above, if the advertisement relates to a matter in respect of which he is exempt.

(c)any advertisement which is issued or caused to be issued by a national of a member State other than the United Kingdom in the course of investment business lawfully carried on by him in such a State and which confirms with any rules made under section 48(2)(e) above;

(d)any advertisement which—

(i)is subject to section 154 below; or

(ii)consists of or any part of listing particulars, supplementary listing particulars [F1, a prospectus approved in accordance with listing rules made under section 144(2) or 156A(1) below, a solamentary prospectus approved in accordance with listing rules made for the purposes of section 147(1) below as applied by section 154A or 156A(3) below] or any other document required or permitted to be published by listing rules under Part IV of this Act F2. . ..

F3(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)Section 57 above does not apply to an advertisement issued in such circumstances as may be specified in an order made by the Secretary of State for the purpose of exempting from that section—

(a)advertisements appearing to him to have a private character, whether by reason of a connection between the person issuing them and those to whom they are issued or otherwise;

(b)advertisements appearing to him to deal with investment only incidentally;

(c)advertisements issued to persons appearing to him to be sufficiently expert to understand any risks involved; or

(d)such other classes of advertisement as he thinks fit.

(4)An order under subsection (3) above may require any person who by virtue of the order is authorised to issue an advertisement to comply with such requirements as are specified in the order.

(5)An order made by virtue of paragraph (a), (b) or (c) of subsection (3) above shall be subject to annulment in pursuance of a resolution of either House of Parliament; and no order shall be made by virtue of paragraph (d) of that subsection unless a draft of it has been laid before and approved by a resolution of each House of Parliament.

(6)[F4Subsections (1)(c) above does] not apply to any advertisement relating to an investment falling within paragraph 5 of Schedule 1 to this Act.

Textual Amendments

F2Words in s. 58(1)(d)(ii) repealed (19.6.1995) by S.I. 1995/1537, reg. 17, Sch. 2 para. 5(b)

F4Words in s. 58(6) substituted (19.6.1995) by S.I. 1995/1537, reg. 17, SCh. 2 Pt. II para. 6(b)