2003 No. 2067
The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes etc.) (Exemptions) (Amendment) Order 2003
Made
Laid before Parliament
Coming into force in accordance with article 1
The Treasury, in exercise of the powers conferred upon them by sections 21(5), 238(6) and (7) and 428(3) of the Financial Services and Markets Act 20001, hereby make the following Order:
Citation and commencement1
1
This Order may be cited as the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes etc.) (Exemptions) (Amendment) Order 2003.
2
This Order comes into force—
a
for the purposes of article 2(3), on 5th September 2003; and
b
for all other purposes, on 13th February 2004.
Restrictions on promotion of collective investment schemes2
1
The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 20012 is amended as follows.
2
In article 10A (incoming electronic commerce communications), in paragraph (3), for the words from “Directive 85/611/EEC” to “transferable securities”, substitute “the UCITS directive”.
3
After article 28 (persons placing promotional material in particular publications), insert—
Open-ended investment companies authorised in Northern Ireland29
1
The scheme promotion restriction does not apply in relation to a scheme constituted by an authorised Northern Ireland open-ended investment company.
2
In this article—
a
“authorised Northern Ireland open-ended investment company” means a body incorporated by virtue of regulations made under section 1 of the Open-Ended Investment Companies Act (Northern Ireland) 20023 in respect of which an authorisation order is in force; and
b
“authorisation order” means an order made under (or having effect as made under) any provision of those regulations which is made by virtue of section 1(2)(1) of that Act (provision corresponding to Chapter 3 of Part 17 of the Act).
4
After article 29 (open-ended investment companies authorised in Northern Ireland), insert—
EEA management companies30
The scheme promotion restriction does not apply to any communication which is made by an EEA firm which—
a
falls within paragraph 5(f) of Schedule 3 to the Act (management companies of UCITS)4, and
b
qualifies for authorisation by virtue of paragraph 12 of that Schedule,
unless the Authority has given (and not withdrawn) a notice to that firm under paragraph 15A(2) of that Schedule (notice indicating that the way in which the firm intends to invite persons in the United Kingdom to become participants in any collective investment scheme which that firm manages does not comply with the law in force in the United Kingdom).
Amendment of the Financial Services and Markets Act 2000 (Financial Promotion) Order 20013
In article 20B of the Financial Services and Markets Act 2000 (Financial Promotion) Order 20015 (incoming electronic commerce communications), in paragraph (3), for the words from “Directive 85/611/EEC” to “transferable securities”, substitute “the UCITS directive”.
(This note is not part of the Order)