Associations of high net worth or sophisticated investorsU.K.
24. The scheme promotion restriction does not apply to any non-real time communication or solicited real time communication which—
(a)is made to an association [F1, or to a member of an association,] the membership of which the person making the communication believes on reasonable grounds comprises wholly or predominantly persons who are—
(i)F2... high net worth individuals within the meaning of article 21;
(ii)high net worth persons falling within article 22(2)(a) to (d);
(iii)certified sophisticated investors within the meaning of article 23 [F1or 23A]; and
(b)does not invite or induce the recipient to enter into an agreement under the terms of which he can incur a liability or obligation to pay or contribute more than he commits by way of investment.
Textual Amendments
F1Words in art. 24(a) inserted (1.7.2005) by The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) (Amendment) Order 2005 (S.I. 2005/1532), arts. 1, 2(3)
F2Word in art. 24(a)(i) omitted (31.1.2024) by virtue of The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) (No. 2) Order 2023 (S.I. 2023/1411), arts. 1(2), 14
Commencement Information