19C. Exemption from regulation 19A(1)

An advertisement or a publication in respect of an offer or intended offer of units in a collective investment scheme need not comply with regulation 19A(1) if —

the advertisement or publication (as the case may be) is prepared by any of the following persons (each called in this regulation the preparer) for the person who disseminates or publishes, or causes the dissemination or publication, of the advertisement or publication, as the case may be:

a specified financial adviser mentioned in paragraph (b) of the definition of “specified financial adviser” in regulation 2(1) of the Financial Advisers Regulations (Rg 2);

a holder of a capital markets services licence; and

prior to the person disseminating or publishing, or causing the dissemination or publication of, the advertisement or publication, as the case may be —

the preparer complies with the conditions in paragraph (2); and (ii)the preparer notifies the person in writing that the conditions in paragraph (2) are satisfied.

For the purpose of paragraph (1)(b), the conditions are —

where the preparer is a specified financial adviser mentioned in paragraph (1)(a)(i) —

the advertisement or publication (as the case may be) is a product advertisement within the meaning of regulation 2(1) of the Financial Advisers Regulations; and

the preparer has complied with regulation 22(1) of those Regulations as if the preparer were the specified financial adviser who will disseminate or publish, or cause the dissemination or publication of, the advertisement or publication, as the case may be; or

where the preparer is a holder of a capital markets services licence —

the advertisement or publication (as the case may be) is a product advertisement within the meaning of regulation 2 of the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10); and

the preparer has complied with regulation 46(1) of those Regulations as if the preparer were the holder who will disseminate or publish, or cause the dissemination or publication of, the advertisement or publication, as the case may be.

An advertisement or a publication in respect of an offer or intended offer of units in a collective investment scheme need not comply with regulation 19A(1) if —

the advertisement or publication (as the case may be) is prepared by any of the following persons (each called in this regulation the preparer) for the person who disseminates or publishes, or causes the dissemination or publication, of the advertisement or publication, as the case may be:

a specified financial adviser mentioned in paragraph (b) of the definition of “specified financial adviser” in regulation 2(1) of the Financial Advisers Regulations (Rg 2);

a holder of a capital markets services licence; and

prior to the person disseminating or publishing, or causing the dissemination or publication of, the advertisement or publication, as the case may be —

the preparer complies with the conditions in paragraph (2); and (ii)the preparer notifies the person in writing that the conditions in paragraph (2) are satisfied.

For the purpose of paragraph (1)(b), the conditions are —

where the preparer is a specified financial adviser mentioned in paragraph (1)(a)(i) —

the advertisement or publication (as the case may be) is a product advertisement within the meaning of regulation 2(1) of the Financial Advisers Regulations; and

the preparer has complied with regulation 22(1) of those Regulations as if the preparer were the specified financial adviser who will disseminate or publish, or cause the dissemination or publication of, the advertisement or publication, as the case may be; or

where the preparer is a holder of a capital markets services licence —

the advertisement or publication (as the case may be) is a product advertisement within the meaning of regulation 2 of the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10); and

the preparer has complied with regulation 46(1) of those Regulations as if the preparer were the holder who will disseminate or publish, or cause the dissemination or publication of, the advertisement or publication, as the case may be.