On 19 December 2023, the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) (No. 2) Order 2023 (the Order) (SI 2023/1411) was published, along with an explanatory memorandum.
The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO) provides exemptions from the restriction on communicating financial promotions. These include exemptions that enable financial promotions for unlisted companies to be made to high-net-worth individuals and self-certified sophisticated investors.
Following a public consultation and review by the Government, the Order makes amendments to the FPO exemptions and applies these changes in relation to the promotion of collective investment schemes, through amending relevant exemptions set out in the Promotion of Collective Investment Schemes (Exemptions) Order 2001. It also corrects a defect in the Financial Promotion Gateway Exemptions Regulations, amending them to ensure that all the exemptions have the intended scope.
The Order comes into force on 31 January 2024.