The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment No. 2) Order 2001
This Order amends the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (S.I.2001/1335) (“the Financial Promotion Order”). Article 2 substitutes a new article 20 in the Financial Promotion Order widening the scope of the exemption for communications by journalists. It provides that authors of communications which fall within the remit of Codes promulgated by the Press Complaints Commission, the Radio Authority or the BBC or which are otherwise governed by proper systems and procedures are not subject to the obligation to disclose their financial interest in the product being promoted. It also substitutes the narrower class of “members of the person’s family” for the concept of “close relatives” used to describe the class of people whose financial interest in the product triggers the disclosure requirement. Article 3 inserts a further exemption for company directors and others who make a promotion about their company in the course either of speaking in a television or radio programme or via an equivalent electronic medium or of engaging in an interactive written exchange in response to a question from a recipient of the communication.