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ARTICLE · 15 NOVEMBER 2023

Changes To The UK Financial Promotions Rules

Hogan Lovells Cadwalader
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The UK's Treasury has published its consultation response on "Financial promotion exemptions for high net worth individuals and sophisticated investors" alongside the draft Statutory...

United KingdomFinance and Banking
Alix Prentice
Alix Prentice
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The UK's Treasury has published its consultation response on "Financial promotion exemptions for high net worth individuals and sophisticated investors" alongside the draft Statutory Instrument making the relevant changes.

The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) (No. 2) Order 2023 reflects feedback on a previous Treasury consultation on the operation of exemptions from the financial promotion restriction to enable unauthorised businesses to communicate financial promotions without the approval of an authorised firm to: (a) certified high net worth individuals; (b) sophisticated investors; and (c) self-certified sophisticated investors (together, the Exemptions). The Exemptions enable small and medium-sized enterprises ("SMEs") to raise capital from high net worth individuals and business angels, and the original consultation arose out of concerns about both misuse of the Exemptions and their appropriateness in the light

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