458.This section contains the basic marketing prohibition and some exemptions from it.  The main exemption is for schemes which are marketed other than to the general public.  Other exemptions include promotions made in respect of authorised unit trust schemes, authorised oeics and recognised overseas schemes.  The marketing prohibition applies to communications which originate outside the United Kingdom if the communication is capable of having an effect in the United Kingdom.
459.Subsection (6) enables the Treasury by order to specify circumstances in which the subsection (1) prohibition does not apply.  For incoming promotions, subsection (7) makes it clear that it will be possible to make exemptions dealing with promotions originating outside the United Kingdom even if they are capable of having an effect in the United Kingdom.  Thus, subsection (7) makes clear that the order-making power in subsection (6) enables the Treasury to adjust the scope of the restriction on promotion of collective investment schemes by authorised persons to take full account of international and technological developments.
460.The term “promotion otherwise than to the general public” is amplified in subsection (10) and includes promotions which are designed, so far as possible, to reduce the risk of participation by persons for whom it would be unsuitable.  The prohibition on marketing to the general public will not therefore necessarily be breached if a promotion is inadvertently received by a member of the general public.
Commentary on Sections Part Xvii: Collective Investment Schemes Chapter II: Restrictions on promotion Section 238: Restrictions on promotion