{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000-financial-promotion-order-2005/article-37",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-financial-promotion-order-2005/article-37.json",
  "legislation": "uksi/2005/1529",
  "legislation_title": "The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-financial-promotion-order-2005",
  "path": "article/37",
  "kind": "article",
  "number": "37",
  "heading": "Financial markets",
  "text": "(1) The financial promotion restriction does not apply to any communication—\n(a) which is a non-real time communication or a solicited real time communication;\n(b) which is communicated by a relevant market; and\n(c) to which paragraph (2) or (3) applies.\n(2) This paragraph applies to a communication if—\n(a) it relates only to facilities provided by the market; and\n(b) it does not identify (directly or indirectly)—\n(i) any particular investment issued, or to be issued, by or available from an identified person as one that may be traded or dealt in on the market; or\n(ii) any particular person as a person through whom transactions on the market may be effected.\n(3) This paragraph applies to a communication if—\n(a) it relates only to a particular investment falling within paragraph 21, 22, 23 or 23A of Schedule 1; and\n(b) it identifies the investment as one that may be traded or dealt in on the market.\n(4) “Relevant market” means a market which—\n(za) is a relevant UK market;\n(a) meets the criteria specified in Part I of Schedule 3; or\n(b) is specified in, or is established under the rules of an exchange specified in, Part ... III or IV of that Schedule.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in art. 37(3)(a) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 9(5)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Art. 37(4)(za) inserted (18.10.2021) by The Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/1074), regs. 1(2), 2(3)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in art. 37(4)(b) omitted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 9(5)(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2005/1529/article/37",
    "retrieved_at": "2026-10-29T04:57:52.457126+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."
}