The Financial Services and Markets Act 2000 (Financial Promotion and Miscellaneous Amendments) Order 2002

Amendments to the Promotion of Collective Investment Schemes Order

3.—(1) This article amends the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001(1).

(2) In article 2(1) (interpretation), in the definition of “publication”, after “web site”, insert “or similar system for the electronic display of information”.

(3) In article 22(2) (high net worth companies, unincorporated associations etc.), for sub-paragraph (a), substitute—

“(a) any body corporate which has, or which is a member of the same group as an undertaking which has, a called-up share capital or net assets of not less than—

(i) if the body corporate has more than 20 members or is a subsidiary undertaking of an undertaking which has more than 20 members, £500,000;

(ii) otherwise, £5 million;”.

(1)

S.I. 2001/1060; amended by S.I. 2001/2633.