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The Financial Services Act 1986 (Investment Advertisements) (Exemptions) Order 1997
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- UK Statutory Instruments
- 1997 No. 963
- Explanatory Note
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Explanatory Note
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This Order amends certain provisions of the Financial Services (Investment Advertisements) (Exemptions) Order 1996 (S.I. 1996/1586) (“the 1996 Order”) which sets out various exemptions from the restrictions on advertising imposed by section 57 of the Financial Services Act 1986 (“the FSA”).
Article 3 of this Order revokes article 10 of the 1996 Order and reproduces its provisions with amendments relating to the provision of custody services. According to article 10 of the 1996 Order, an overseas person who provides specified investment services to another person who is not resident and has no place of business in the United Kingdom may issue an investment advertisement to that other person if that other person subsequently resides in or establishes a place of business in the United Kingdom. The new article 10 substituted by this Order provides that custody services falling within paragraph 13A of Schedule 1 to the FSA are among the specified investment services for this purpose. Paragraph 13A was inserted in Schedule 1 by The Financial Services Act 1986 (Extension of Scope of Act) Order 1996 (S.I. 1996/2958).
Article 4 of this Order amends article 11 of the 1996 Order exempting investment advertisements issued to persons sufficiently expert to understand the risks involved. Article 4 provides that European investment firms carrying on home-regulated investment business in the United Kingdom are not relevant persons for the purpose of article 11 and that they fall within the category of persons who are sufficiently expert to understand the risks involved.
Article 5 amends the list of exchanges operating relevant EEA markets in Part I of Schedule 1 to the 1996 Order to take account of the merger of the Amsterdam Stock Exchange and European Options Exchange into the Amsterdam Exchanges AEX.
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