The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment and Transitional Provision) Order 2024

• Citation: S.I. 2024/301
• Sections: 5

Section 1 Citation, commencement and extent

(1) This Order may be cited as the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment and Transitional Provision) Order 2024.

(2) This Order comes into force on 27th March 2024.

(3) This Order extends to England and Wales, Scotland and Northern Ireland.

Section 2 Interpretation

In this Order—

“ the FPO ” means the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ;

“ the PCIS ” means the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 .

Section 3 Amendment of the PCIS (statements for high net worth individuals and self-certified sophisticated investors)

(1) The PCIS is amended as follows.

(2) For the statement appended at Part 1 of the Schedule to the PCIS, substitute the statement appended at Schedule 1.

(3) For the statement appended at Part 2 of the Schedule to the PCIS, substitute the statement appended at Schedule 2.

Section 4 Amendment of the FPO (statements for high net worth individuals and self-certified sophisticated investors)

(1) The FPO is amended as follows.

(2) For the statement appended at Part 1 of Schedule 5 to the FPO, substitute the statement appended at Schedule 3.

(3) For the statement appended at Part 2 of Schedule 5 to the FPO, substitute the statement appended at Schedule 4.

Section 5 Transitional provisions

(1) Before 31st January 2025, despite the amendment made by article 3(2), Part 1 of the Schedule to the PCIS will be treated as also appending, in the alternative to the statement substituted by article 3(2), the statement appended to Part 1 of the Schedule to the PCIS (as it is immediately before this Order comes into force).

(2) Before 31st January 2025, despite the amendment made by article 3(3), Part 2 of the Schedule to the PCIS will be treated as also appending, in the alternative to the statement substituted by article 3(3), the statement appended to Part 2 of the Schedule to the PCIS (as it is immediately before this Order comes into force).

(3) Before 31st January 2025, despite the amendment made by article 4(2), Part 1 of Schedule 5 to the FPO will be treated as also appending, in the alternative to the statement substituted by article 4(2), the statement appended to Part 1 of Schedule 5 to the FPO (as it is immediately before this Order comes into force).

(4) Before 31st January 2025, despite the amendment made by article 4(3), Part 2 of Schedule 5 to the FPO will be treated as also appending, in the alternative to the statement substituted by article 4(3), the statement appended to Part 2 of Schedule 5 to the FPO (as it is immediately before this Order comes into force).

(5) After 30th January 2025, paragraphs (1) to (4) have no effect for any purpose, including in relation to whether an individual has within twelve months completed and signed—

(a) a statement complying with Part 1 or Part 2 of the Schedule to the PCIS, or

(b) a statement complying with Part 1 or Part 2 of Schedule 5 to the FPO,

for the purposes of articles 21(2)(a) or 23A(1)(a) of the PCIS or articles 48(2)(a) or 50A(1)(a) of the FPO, as the case may be.