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.