2 December 2004
Informal capital raising and high net worth and sophisticated investors: A consultation on proposed changes to the Financial Promotion Order
As part of the two-year review of the Financial Services and Markets Act 2000, the Government consulted on the operation and potential changes to the existing exemptions for high net worth and sophisticated investors in the Financial Promotion Order. These exemptions are intended to strike an appropriate balance between consumer protection for those investors who are likely to be well-informed, experienced and in a position to obtain appropriate advice, and access to finance for smaller high-growth businesses, seeking relatively modest injections of capital. The Government response to the consultation is available below
The documents below are available to download in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website. For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page .
Media links
PDF file of Informal Capital Raising and High net Worth and Sophisticated Investors, Changes to the Financial Promotion Order Government Response (November 2004) (297KB)
PDF file of Informal capital raising and high net worth and sophisticated investors: A consultation on proposed changes to the Financial Promotion Order (359Kb)
PDF file of Bridging the finance gap: next steps in improving access to growth capital for small businesses, PBR 2003 (448Kb)
Internal Links
The review team has consulted widely with key stakeholders. The responses are published online on this website.
FSMA Two Year Review
Regulatory Impact Assessments
Legislation Index
Press Notice: Reform of the Financial Regulation for Small Firms Looking for Informal Capital Investment