PART IVExempt Communications: All Controlled Activities

Promotion broadcast by company director etc.20A

1

The financial promotion restriction does not apply to a communication which is communicated as part of a qualifying service by a person (“D”) who is a director or employee of an undertaking (“U”) where—

a

the communication invites or induces the recipient to acquire—

i

a controlled investment of the kind falling within article 20(4) which is issued by U (or by an undertaking in the same group as U); or

ii

a controlled investment issued or provided by an authorised person in the same group as U;

b

the communication—

i

comprises words which are spoken by D and not broadcast, transmitted or displayed in writing; or

ii

is displayed in writing only because it forms part of an interactive dialogue to which D is a party and in the course of which D is expected to respond immediately to questions put by a recipient of the communication;

c

the communication is not part of an organised marketing campaign; and

d

the communication is accompanied by an indication that D is a director or employee (as the case may be) of U.

2

For the purposes of this article, a “qualifying service” is a service—

a

which is broadcast or transmitted in the form of television or radio programmes; or

b

displayed on a web site (or similar system for the electronic display of information) comprising regularly updated news and information,

provided that the principal purpose of the service, taken as a whole and including any advertisements and other promotional material contained in it, is neither of the purposes described in article 54(1)(a) or (b) of the Regulated Activities Order.

3

For the purposes of paragraph (2), a certificate given under article 54(3) of the Regulated Activities Order and not revoked is conclusive evidence of the matters certified.