s 238 Restrictions on promotion.
(1) An authorised person must not communicate an invitation or inducement to participate in a collective investment scheme. (2) But that is subject to the following provisions of this section and to section 239. (3) Subsection (1) applies in the case of a communication originating outside the United Kingdom only if the communication is capable of having an effect in the United Kingdom. (4) Subsection (1) does not apply in relation to— (a) an authorised unit trust scheme; (aa) an authorised contractual scheme; (b) a scheme constituted by an authorised open-ended investment company; or (c) a recognised scheme. (5) Subsection (1) does not apply to anything done in accordance with rules made by the FCA for the purpose of exempting from that subsection the promotion otherwise than to the general public of schemes of specified descriptions. (6) The Treasury may by order specify circumstances in which subsection (1) does not apply. (7) An order under subsection (6) may, in particular, provide that subsection (1) does not apply in relation to communications— (a) of a specified description; (b) originating in a specified country or territory outside the United Kingdom; (c) originating in a country or territory which falls within a specified description of country or territory outside the United Kingdom; or (d) originating outside the United Kingdom. (8) The Treasury may by order repeal subsection (3). (9) “ Communicate ” includes causing a communication to be made. (10) “ Promotion otherwise than to the general public ” includes promotion in a way designed to reduce, so far as possible, the risk of participation by persons for whom participation would be unsuitable. (11) “ Participate ”, in relation to a collective investment scheme, means become a participant (within the meaning given by section 235(2)) in the scheme.