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Restrictions on promotion of collective investment schemes
     2.  - (1) The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001[2] is amended as follows.

    (2) In article 10A (incoming electronic commerce communications), in paragraph (3), for the words from "Directive 85/611/EEC" to "transferable securities", substitute "the UCITS directive".

    (3) After article 28 (persons placing promotional material in particular publications), insert - 

" Open-ended investment companies authorised in Northern Ireland
     29.  - (1) The scheme promotion restriction does not apply in relation to a scheme constituted by an authorised Northern Ireland open-ended investment company.

    (2) In this article - 


(a) "authorised Northern Ireland open-ended investment company" means a body incorporated by virtue of regulations made under section 1 of the Open-Ended Investment Companies Act (Northern Ireland) 2002[3] in respect of which an authorisation order is in force; and

(b) "authorisation order" means an order made under (or having effect as made under) any provision of those regulations which is made by virtue of section 1(2)(1) of that Act (provision corresponding to Chapter 3 of Part 17 of the Act).".

    (4) After article 29 (open-ended investment companies authorised in Northern Ireland), insert - 

" EEA management companies
     30. The scheme promotion restriction does not apply to any communication which is made by an EEA firm which - 


(a) falls within paragraph 5(f) of Schedule 3 to the Act (management companies of UCITS)[4], and

(b) qualifies for authorisation by virtue of paragraph 12 of that Schedule,



unless the Authority has given (and not withdrawn) a notice to that firm under paragraph 15A(2) of that Schedule (notice indicating that the way in which the firm intends to invite persons in the United Kingdom to become participants in any collective investment scheme which that firm manages does not comply with the law in force in the United Kingdom).".

Amendment of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001
     3. In article 20B of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001[5] (incoming electronic commerce communications), in paragraph (3), for the words from "Directive 85/611/EEC" to "transferable securities", substitute "the UCITS directive".


Jim Murphy

Joan Ryan
Two of the Lords Commissioners of Her Majesty's Treasury

11th August 2003

[2] S.I. 2001/1060; amended by S.I. 2001/2633, S.I. 2002/1310 and S.I. 2002/2157.back

[3] Act of the Northern Ireland Assembly; 2002 c. 13.back

[4] Amended by S.I. 2000/2952, S.I. 2001/1376, S.I. 2003/1473 and S.I. 2003/2006.back

[5] S.I. 2001/1335; article 20B inserted by S.I. 2002/2157.back

  Prepared 30 September 2003