The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001

• (c) does not invite or induce the recipient to enter into an agreement under the terms of which he can incur a liability or obligation to pay or contribute more than he commits by way of investment.

• (4) The requirements of this paragraph are—

• (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (b) ... that either the communication is accompanied by the giving of a warning and information in accordance with paragraphs (5) , (5A) and (6) or, where because of the nature of the communication this is not reasonably practicable,—

• (i) a warning in accordance with paragraph (5) is given to the recipient orally at the beginning of the communication together with an indication that he will receive the warning in legible form and that, before receipt of that warning, he should consider carefully any decision to participate in a collective investment scheme to which the communication relates; and

• (ii) a warning and information in accordance with paragraphs (5) , (5A) and (6) (d) to (h) is sent to the recipient of the communication within two business days of the day on which the communication is made.

• (5) The warning must be in the following terms—

• Reliance on this promotion for the purpose of buying the units to which the promotion relates may expose an individual to a significant risk of losing all of the property or other assets invested.

• But, where a warning is sent pursuant to paragraph (4)(b), for the words “this promotion” in both places where they occur there must be substituted wording which clearly identifies the promotion which is the subject of the warning.

• (5A) The warning must be accompanied by the following information—

• (a) the full name of the person making the communication, or on whose behalf the communication is made;

• (b) a postal or electronic address to which a person should send requests for further information or any other enquiry regarding the matters to which the communication relates; and

• (c) if applicable—

• (i) the country or territory in which the person making the communication, or on whose behalf the communication is made, is incorporated;

• (ii) where different from the information provided under (b), the address of the registered office of the person making the communication, or on whose behalf the communication is made; and

• (iii) the company number, or unique identification equivalent to a registered number required by the law of the state in which it is incorporated, of the person making the communication, or on whose behalf the communication is made.

• (6) The warning and information must—

• (a) be given at the beginning of the communication;

• (b) precede any other written or pictorial matter;

• (c) be in a font size consistent with the text forming the remainder of the communication;

• (d) be indelible;

• (e) be legible;

• (f) be printed in black, bold type;

• (g) be surrounded by a black border which does not interfere with the text of the warning; and

• (h) not be hidden, obscured or interrupted by any other written or pictorial matter.

• (7) The requirements of this paragraph are that the communication is accompanied by an indication—

• (a) that it is exempt from the scheme promotion restriction (in section 238 of the Act) on the communication of invitations or inducements to participate in unregulated schemes on the ground that it is made to a self-certified sophisticated investor;

• (b) of the requirements that must be met for an individual to qualify as a self-certified sophisticated investor;

• (c) that any individual who is in any doubt about the investment to which the invitation or inducement relates should consult an authorised person specialising in advising on investments of the kind in question.

• (8) A unit falls within this paragraph if it is in an unregulated scheme which invests wholly or predominantly in the shares in or debentures of one or more an unlisted companies.

• (9) “Business day” means any day except a Saturday, a Sunday, Christmas Day, Good Friday or a day which is a bank holiday under the Banking and Financial Dealings Act 1971 in any part of the United Kingdom.

• (10) “Unlisted company” has the meaning given in the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001.

Associations of high net worth or sophisticated investors

Settlors, trustees and personal representatives

Beneficiaries of trust, will or intestacy

Remedy following report by Parliamentary Commissioner for Administration

Persons placing promotional material in particular publications

Open-ended investment companies authorised in Northern Ireland

EEA management companies

SCHEDULE — STATEMENTS FOR ... HIGH NET WORTH INDIVIDUALS AND SELF-CERTIFIED SOPHISTICATED INVESTORS

PART I — STATEMENT FOR ... HIGH NET WORTH INDIVIDUALS

1

The statement to be completed and signed for the purposes of article 21(2) (definition of high net worth individual) must be in the following form and contain the following information—

[image omitted]

.

PART II — STATEMENT FOR SELF-CERTIFIED SOPHISTICATED INVESTORS

2

The statement to be completed and signed for the purposes of article 23A(1) (definition of self-certified sophisticated investor) must be in the following form and contain the following information—

[image omitted]

.

Communications required by the PRIIPs regulation: key information document

31

The scheme promotion restriction does not apply to any communication required by Article 13 of Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products.

... High net worth individuals