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Approval of product advertisement

Financial Advisers Regulations

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—(1) For the purposes of regulation 22(2)(g), a product advertisement must be approved by —(a)the senior management of the specified financial adviser —(i)which disseminates or publishes, or causes the dissemination or publication, of the product advertisement; or(ii)which appointed representative or provisional representative disseminates or publishes, or causes the dissemination or publication, of the product advertisement;(b)an agent of the specified financial adviser mentioned in sub‑paragraph (a); or(c)a committee of the specified financial adviser mentioned in sub‑paragraph (a).(2) For the purposes of paragraph (1)(a), a product advertisement is approved by the senior management of the specified financial adviser only if every member of the senior management —(a)is satisfied that the product advertisement complies with the requirements mentioned in regulation 22(2)(a) to (f);(b)records the member’s reason for being so satisfied in writing; and(c)gives written approval to the specified financial adviser for the dissemination or publication of the product advertisement, together with that member’s reasons mentioned in sub‑paragraph (b).(3) For the purposes of paragraph (1)(b), a product advertisement is approved by an agent of the specified financial adviser only if the agent —(a)is satisfied that the product advertisement complies with the requirements mentioned in regulation 22(2)(a) to (f);(b)records the agent’s reason for being so satisfied in writing; and(c)gives written approval to the specified financial adviser for the dissemination or publication of the product advertisement, together with the agent’s reasons mentioned in sub‑paragraph (b).(4) For the purposes of paragraph (1)(c), a product advertisement is approved by a committee of the specified financial adviser only if every member of the committee —(a)is satisfied that the product advertisement complies with the requirements mentioned in regulation 22(2)(a) to (f);(b)records the member’s reason for being so satisfied in writing; and(c)gives written approval to the specified financial adviser for the dissemination or publication of the product advertisement, together with that member’s reasons mentioned in sub‑paragraph (b).(5) For the purposes of section 64(2) of the Act, the Authority must, when determining whether a chief executive officer or an executive director of a licensed financial adviser has failed to discharge the duties of his office, have regard to whether the chief executive officer or executive director (as the case may be) has caused the licensed financial adviser to disseminate or publish any product advertisement that has not been approved by the licensed financial adviser in accordance with regulation 22(2)(g).(6) In this regulation —“agent”, in relation to a specified financial adviser, means a person who —(a)may or may not be a member of the senior management of the specified financial adviser; and(b)is unanimously appointed by all the members of the senior management of the specified financial adviser to —(i)determine whether a product advertisement complies with the requirements mentioned in regulation 22(2)(a) to (f); and(ii)approve the dissemination or publication of the product advertisement by the specified financial adviser, or an appointed representative or a provisional representative of the specified financial adviser, as the case may be;“committee”, in relation to a specified financial adviser, means a group of persons that —(a)comprises at least 2 persons, each of whom may or may not be a member of the senior management of the specified financial adviser; and(b)is unanimously appointed by all members of the senior management of the specified financial adviser to —(i)determine whether a product advertisement complies with the requirements mentioned in regulation 22(2)(a) to (f); and(ii)approve the dissemination or publication of the product advertisement by the specified financial adviser, or an appointed representative or a provisional representative of the specified financial adviser, as the case may be;“member of the senior management”, in relation to a specified financial adviser which is an entity, means a person for the time being holding the office of —(a)chief executive officer or an equivalent person of the entity; or(b)executive director or an equivalent person of the entity,and includes a person carrying out the duties of any such office if the office is vacant.

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