Transitional provision: Financial Promotion Order4.

(1)

Paragraph (2) applies where, immediately before the coming into force of this Order, an individual is a certified high net worth individual within the meaning of article 48 of the Financial Promotion Order.

(2)

That individual must, for so long as he holds a current certificate of high net worth, be treated as a certified high net worth individual for the purpose of article 48 of the Financial Promotion Order as substituted by this Order.

(3)

For the purposes of this article, a certificate of high net worth—

(a)

means a certificate of high net worth which, immediately before the coming into force of this Order, satisfies the criteria in article 48(3)(a), (c) and (d) of the Financial Promotion Order; and

(b)

is current if it is signed and dated—

(i)

within the period of twelve months ending with the day on which the communication (referred to in article 48 of the Financial Promotion Order) is made; and

(ii)

prior to this Order coming into force.