The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001
This Order sets out the circumstances in which a person who is authorised for the purposes of the Financial Services and Markets Act 2000 (c. 8) (“the Act”) can promote collective investment schemes which are not authorised or regulated under the Act. Section 238 of the Act precludes an authorised person from inviting or inducing someone to participate in a collective investment scheme unless that scheme is an authorised unit trust scheme, a scheme constituted by an open ended investment company authorised pursuant to regulations made under section 262 of the Act or an overseas scheme recognised pursuant to section 264, 270 or 272 of the Act. Section 238(6) provides for the Treasury to disapply that prohibition.