FCA Financial Promotions: Exemptions (Financial Promotion Order)
Exemptions
The Financial Promotion Order (FPO) provides exemptions:
| Exemption | Who can receive | Citation |
|---|---|---|
| High net worth | £100k+ income or £250k+ assets | FPO Art 48 |
| Sophisticated investor | Self-certified, understands risks | FPO Art 50 |
| Investment professional | Authorised persons, regulated entities | FPO Art 19 |
Source Text (Article 48 - High Net Worth Individuals)
The financial promotion restriction does not apply to any communication which: (a) is a non-real time communication or a solicited real time communication; (b) is made to an individual whom the person making the communication reasonably believes to be a certified high net worth individual; and (c) relates only to… unlisted company investments.
A “certified high net worth individual” means an individual who has signed, within the period of twelve months ending with the day on which the communication is made, a statement… that the individual has an annual income of not less than £100,000 or holds net assets… of not less than £250,000.
Required warning: “The content of this promotion has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000. Reliance on this promotion for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested.”
Citation
Financial Promotion Order 2005