FINANCIAL SERVICES AND MARKETS ACT 2000: RECENT DEVELOPMENTS
Bulletin Number 33 From HM Treasury
This is the thirty third bulletin covering developments on the Financial Services and Markets Act 2000 (FSMA).
Promotions to high net worth individuals and sophisticated investors
The Chancellor announced in today’s Budget a consultation on whether to establish Small Business Investment Companies (SBICs) in the UK. Their purpose would be to help meet the funding gap which small and medium enterprises (SMEs) face in raising capital.
The consultation paper states that high net worth individuals and sophisticated investors are among those who might wish to invest in SBICs. The paper also announces the Government’s intention to review the exemptions in the Financial Promotion Order (articles 48, 50 and 51) for promotions to high net worth individuals and sophisticated investors.
The purpose of this bulletin is to draw this announcement to the attention of those with an interest in financial services legislation. Consultation on possible changes to the exemptions will take place in due course. The start of consultation will be announced in a future bulletin.
Future bulletins
If your details change, or you wish to receive the bulletin in future by e-mail, please get in touch with Eve Engledow at the address over the page:Eve Engledow
Financial Stability and Markets Team
HM Treasury
Room 4/16
1 Horse Guards Road
London
SW1A 2HQ
Telephone: 020 7270 4381
Email Eve Engledow
Financial Stability and Markets Team
HM Treasury
9 April 2003