The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001

Communications from overseas to previously overseas customers

10.—(1) The scheme promotion restriction does not apply to a non-real time or unsolicited real time communication which—

(a) is made from outside the United Kingdom by an authorised person to a previously overseas customer of his; and

(b) relates to units in an overseas scheme.

(2) In this article—

• “previously overseas customer” means a person with whom the authorised person has done business within the period of twelve months ending with the day on which the communication was made (“the earlier business”) and where—

  (a)

  at the time that the earlier business was done, the customer was neither resident in the United Kingdom nor had a place of business there; or

  (b)

  at the time the earlier business was done, the authorised person had on a former occasion done business with the customer, being business of the same description as the business to which the communication relates, and on that former occasion the customer was neither resident in the United Kingdom nor had a place of business there.

(3) For the purposes of this article, an authorised person has done business with a customer if, in the course of his overseas business, he has—

(a) effected a transaction, or arranged for a transaction to be effected, with the customer in respect of units in an overseas scheme; or

(b) given, outside the United Kingdom, any advice on the merits of the customer buying or selling units in an overseas scheme.