The Financial Services and Markets Act 2000 (Financial Promotion) Order 2001

Promotions of securities already admitted to certain markets

69.—(1) In this article—

• “relevant investment” means any investment falling within—

  (a)

  paragraph 14 or 15 of Schedule 1; or

  (b)

  paragraph 17 or 18 of that Schedule so far as relating to any investment mentioned in sub-paragraph (a);

• “relevant market” means any market on which investments can be traded or dealt in and which—

  (a)

  meets the criteria specified in Part I of Schedule 3; or

  (b)

  is specified in, or established under the rules of an exchange specified in, Part II or III of that Schedule.

(2) If the requirements of paragraphs (3) to (6) are met, the financial promotion restriction does not apply to any communication which is—

(a) a non-real time communication or a solicited real time communication;

(b) communicated by a body corporate (“A”), other than an open-ended investment company; and

(c) relates only to investments issued by A or by another body corporate in the same group,

if relevant investments issued by A or by any parent undertaking of A are permitted to be traded, or dealt in, on a relevant market.

(3) The requirements of this paragraph are that the communication—

(a) is not, and is not accompanied by, an invitation to underwrite, subscribe for, or otherwise acquire or dispose of, a controlled investment; and

(b) does not advise persons to engage in one of the activities within sub-paragraph (a).

(4) The requirements of this paragraph are that the communication is not, and is not accompanied by, an invitation to—

(a) effect any transaction with A (or with any named person) in the course of the carrying on by A (or the named person) of any activity falling within any of paragraphs 3 to 11 of Schedule 1; or

(b) make use of any services provided by A (or by any named person) in the course of carrying on such activity.

(5) The requirements of this paragraph are that the communication is not, and is not accompanied by, an inducement relating to a relevant investment other than one issued by A (or another body corporate in the same group).

(6) The requirements of this paragraph are that the communication does not refer, and is not accompanied by a reference, to—

(a) the price at which the investments have been bought or sold in the past; or

(b) the yield on such investments,

unless it is also accompanied by an indication that past performance cannot be relied on as a guide to future performance.

(7) For the purposes of paragraph (6)(b), a reference, in relation to an investment, to earnings, dividend or nominal rate of interest payable shall not be taken to be a reference to the yield on the investment.