Following onshoring changes made to The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the FPO), the definition of Relevant Market inadvertently no longer includes relevant UK markets.
This means the exemptions under Articles 37, 41, 67, 68, 69 of the FPO do not cover financial promotions relating to relevant UK markets or investments traded on such markets. These exemptions will be restored by Government Statutory Instrument (SI).
Until such date as this SI comes into force, the Financial Conduct Authority (FCA) do not propose to take enforcement action against persons for breach of the financial promotion restriction if such breach only comes about because the relevant exemption no longer applies on account of this omission.
The FCA reserve the right to pursue enforcement action in the event of misconduct by an affected person that goes beyond a failure to meet the criteria for exemption as a result of the above.
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