The FCA has issued a statement to address an error made during the on-shoring of the The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the FPO). During the on-shoring of the FPO, the definition of Relevant Market inadvertently failed to include relevant UK markets.

Presently, this means that the exemptions under Articles 37, 41, 67, 68, 69 of the FPO do not cover financial promotions relating to relevant UK markets or investments traded on such markets. These exemptions will be restored by Government Statutory Instrument (SI).

Until this SI comes into force, the FCA will not be taking enforcement action against persons breaching the financial promotions regime, if the only reason for the action was the failure to rely on the exemptions listed above. The FCA has said, however, that is reserves the right to take action where the failure goes beyond reliance on the omitted exemptions listed above.

To read the statement on the FCA’s website, please click here.