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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Order)

The Order provides various exemptions from the restrictions on investment advertising imposed by section 57 of the Financial Services Act 1986.

Article 3 of the Order concerns advertisements which are issued or caused to be issued by a body corporate other than an open-ended investment company where particular investments issued by the body corporate or its holding company are traded or dealt in on a market of the kind referred to in the article or where the advertisement consists of or is accompanied by documents of a kind described in the article. The article specifies certain conditions with which the advertisement must comply if it is to benefit from the exemption.

Article 4 of the Order concerns advertisements relating to bearer securities which are issued or caused to be issued by a body corporate other than an open-ended investment company. The article specifies certain conditions with which the advertisement must comply if it is to benefit from the exemption.

Article 5 of the Order replaces article 3 of the Financial Services Act 1986 (Investment Advertisements) (Exemptions) Order 1988. It concerns advertisements issued by a body corporate to its members or creditors.

Article 6 of the Order amends article 9 of the Financial Services Act 1986 (Investment Advertisements) (Exemptions) Order in various respects. Article 9 of the 1988 Order concerns advertisements issued only to certain persons who may be regarded as sufficiently expert to understand the risks involved.

Article 7 of the Order concerns advertisements relating to publications or programmes which contain advice which does not fall within paragraph 15 of Schedule 1 to the Financial Services Act 1986 by virtue of the provisions of paragraph 25 or 25A of that Schedule.

Article 8 of the Order concerns advertisements relating to the facilities offered by a market referred to in the article.

Article 9 of the Order concerns advertisements relating to shares in a private company established to manage the fabric or common parts of residential property or to supply services to such property.