Citation and commencement

1. —(1) This Order may be cited as the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes etc.) (Exemptions) (Amendment) Order 2003.

(2) This Order comes into force—

(a) for the purposes of article 2(3), on 5th September 2003; and

(b) for all other purposes, on 13th February 2004.

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 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unless the Authority has given (and not withdrawn) a notice to that firm under paragraph 15A(2) of that Schedule (notice indicating that the way in which the firm intends to invite persons in the United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 UCITS directive”.