{
  "url": "https://openlegislation.uk/financial-services-act-1986-investment-advertisements-exemptions-no-2-order-1992/article-4",
  "json_url": "https://openlegislation.uk/financial-services-act-1986-investment-advertisements-exemptions-no-2-order-1992/article-4.json",
  "legislation": "uksi/1992/813",
  "legislation_title": "The Financial Services Act 1986 (Investment Advertisements) (Exemptions) (No. 2) Order 1992",
  "legislation_url": "https://openlegislation.uk/financial-services-act-1986-investment-advertisements-exemptions-no-2-order-1992",
  "path": "article/4",
  "kind": "article",
  "number": "4",
  "heading": "Advertisements directed at informing or influencing persons of a particular kind",
  "text": "(1) For the purposes of article 2 of this Order, each of the following is an indication that an advertisement is directed at informing or influencing persons of a kind not specified in paragraph (1) of that article–\n(a) the advertisement concerns an investment which is likely to be of interest mainly to persons acting in their personal capacity;\n(b) the minimum amount which may be expended in order to enter into any transaction to which the advertisement relates is sufficiently small that it is unlikely to deter persons who do not have professional experience in matters relating to investment from responding to the advertisement; and\n(c) the advertisement is a direct offer advertisement within the meaning given to that expression for the purposes of the core rules for the conduct of investment business.\n(2) None of the indications given in paragraph (1) above is to be taken as showing conclusively that an advertisement is directed as there mentioned and, equally, the fact that an advertisement contains none of those indications is not to be taken to indicate that it is not so directed.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "The core rules for the conduct of investment business were made by the Securities and Investments Board, and published in January 1991. Advertisements by certain markets 6. Section 57 of the Act shall not apply to an investment advertisement which is issued or caused to be issued by a market which is a relevant EC market or is established under the rules of an investment exchange specified in Schedule 2 or 3 to this Order if the only reason why section 57 would otherwise apply to the advertisement is that it contains information which identifies a particular investment falling within paragraph 7, 8 or 9 of Schedule 1 to the Act as one which may be traded or dealt in on the market."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1992/813/article/4",
    "retrieved_at": "2026-10-29T14:24:13.020552+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}