The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes etc.) (Exemptions) (Amendment) Order 2003

Explanatory Note

(This note is not part of the Order)

This Order amends the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (S.I. 2001/1060) (“the Collective Investment Scheme Order”) by specifying two further cases where the restriction on authorised persons (within the meaning of the Financial Services and Markets Act 2000) promoting collective investment schemes does not apply.

The first case is where the promotion is made by an open-ended investment company which is incorporated by virtue of regulations made under the Open-Ended Investment Companies Act (Northern Ireland) 2002 and is subject to an authorisation order made under such regulations.

The second case is where the promotion is made by an EEA management company of an undertaking for collective investment in transferable securities (within the meaning of Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities, as amended) which has exercised the rights conferred by that Directive to establish a branch or provide services in the United Kingdom.

This Order also amends the references to Council Directive 85/611/EEC in the Collective Investment Scheme Order and the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (S.I. 2001/1335).

This Order implements in part Directive 2001/107/EC of the European Parliament and of the Council amending Council Directive 85/611/EEC with a view to regulating management companies and simplified prospectuses and Directive 2001/108/EC of the European Parliament and of the Council 2001/107/EC amending Council Directive 85/611/EEC with regard to investments of UCITS. A Transposition Note setting out how the main elements of these Directives will be transposed into UK law is available from the Banking and General Insurance Team, HM Treasury, 1 Horseguards Road, London SW1A 2HQ. The Transposition Note is also on HM Treasury’s website (www.hm-treasury.gov.uk).