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The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment and Transitional Provision) Order 2024
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- UK Statutory Instruments
- 2024 No. 301
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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) (“PCIS”) and the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (S.I. 2005/1529) (“FPO”).
Article 3 substitutes the statements in the Schedule to the PCIS with amended statements. Article 4 substitutes the statements in Schedule 5 to the FPO with amended statements.
In relation to the high net worth individual investor statements, for the purposes of the PCIS and FPO respectively: the annual income condition has been reduced from £170,000 or more to £100,000 or more, and the net assets condition has been reduced from £430,000 or more to £250,000 or more.
In relation to the self-certified sophisticated investor statements, for the purposes of the PCIS and FPO respectively: the condition of having been a director of a company that has a turnover of at least £1,600,000, has been reduced to at least £1,000,000, and a provision has been inserted so that an individual can be considered a self-certified sophisticated investor if they have made two or more investments in an unlisted company in the two years prior to the date when the statement is completed and signed and they state how many such investments they have made in that time.
Article 5 makes transitional provisions. Paragraphs (1) to (4) set out that before 31st January 2025, the statements appended to the Schedule to the PCIS and Schedule 5 to the FPO (as they are prior to being substituted by this Order) will have effect as alternative statements to those inserted by this Order. Paragraph 5 provides that paragraphs (1) to (4) have no effect for any purpose after 30th January 2025.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.
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