FINANCIAL SERVICES AND MARKETS ACT 2000: RECENT DEVELOPMENTS

Bulletin Number 33 From HM Treasury

Consultation and Legislation: Bulletin 33

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

Financial Services and Markets Act: Bulletins index