PART VExempt Communications: Deposits and Insurance

Deposits: non-real time communications22

1

If the requirements of paragraph (2) are met, the financial promotion restriction does not apply to any non-real time communication which relates to a controlled activity falling within paragraph 1 of Schedule 1 F1except where that controlled activity relates to a structured deposit.

2

The requirements of this paragraph are that the communication is accompanied by an indication—

a

of the full name of the person with whom the investment which is the subject of the communication is to be made (“deposit-taker”);

b

of the country or territory in which a deposit-taker that is a body corporate is incorporated (described as such);

c

if different, of the country or territory in which the deposit-taker's principal place of business is situated (described as such);

d

whether or not the deposit-taker is regulated in respect of his deposit-taking business;

e

if the deposit-taker is so regulated, of the name of the regulator in the deposit-taker's principal place of business, or if there is more than one such regulator, the prudential regulator;

f

whether any transaction to which the communication relates would, if entered into by the recipient and the deposit-taker, fall within the jurisdiction of any dispute resolution scheme or deposit guarantee scheme and if so, identifying each such scheme;

g

the necessary capital information.

3

In this article—

  • “full name”, in relation to a person, means the name under which that person carries on business and, if different, that person's corporate name;

  • “liabilities” includes provisions where such provisions have not been deducted from the value of the assets;

  • “necessary capital information” means—

    1. a

      in relation to a deposit-taker which is a body corporate, either the amount of its paid up capital and reserves, described as such, or a statement that the amount of its paid up capital and reserves exceeds a particular amount (stating it);

    2. b

      in relation to a deposit-taker which is not a body corporate, either the amount of the total assets less liabilities (described as such) or a statement that the amount of its total assets exceeds a particular amount (stating it) and that its total liabilities do not exceed a particular amount (stating it).