A person who already participates in, owns, holds rights to or interests in, a non-mainstream pooled investment that is being liquidated or wound down or which is undergoing a rights issue. A non-mainstream pooled investment which is intended by the operator or manager to absorb or take over the assets of that non-mainstream pooled investment , or which is being offered by the operator or manager of that non-mainstream pooled investment as an alternative to cash on its liquidation;.
Securities offered by the existing non-mainstream pooled investment as part of a rights issue. An individual 6 who meets the requirements set out in COBS 4. Any non-mainstream pooled investment the firm considers is likely to be suitable for that individual 6 , based on a preliminary assessment of the client's profile and objectives. A person who is eligible to participate or invest in an arrangement constituted under:.
Any non-mainstream pooled investment which is such an arrangement. An eligible employee , that is, a person who is:. A non-mainstream pooled investment , the instrument constituting which:. Any non-mainstream pooled investment , provided that the participation of eligible employees is to facilitate their co-investment:.
A person admitted to membership of the Society of Lloyd's or any person by law entitled or bound to administer his affairs. A scheme in the form of a limited partnership which is established for the sole purpose of underwriting insurance business at Lloyd's. An exempt person other than a person exempted only by section 39 of the Act Exemption of appointed representatives if the financial promotion relates to a regulated activity in respect of which the person is exempt from the general prohibition.
Any non-mainstream pooled investment. An eligible counterparty or a professional client. Any non-mainstream pooled investment in relation to which the client is categorised as a professional client or eligible counterparty.
Any non-mainstream pooled investment the firm considers is likely to be suitable for that client , based on a preliminary assessment of the client's profile and objectives. Any non-mainstream pooled investment , provided the communication meets all of the following requirements:. Any non-mainstream pooled investment , provided the financial promotion is an excluded communication.
A person who is classified as a United States person for tax purposes under United States legislation or who owns a US qualified retirement plan. Any investment company registered and operated in the United States under the Investment Company Act Promotion of non-mainstream pooled investments to a category of person includes any nominee company acting for such a person.
A company is 'connected' with another company if: they are both in the same group ; or one company is entitled, either alone or with another company in the same group , to exercise or control the exercise of a majority of the voting rights attributable to the share capital, which are exercisable in all circumstances at any general meeting of the other company or of its holding company.
A person is connected with a firm if it acts as an introducer or appointed representative for that firm or if it is any other person , regardless of authorisation status, who has a relevant business relationship with the firm. In deciding whether a promotion is permitted under the rules of this section or under section of the Act, firms may use the client categorisation regime that applies to business other than MiFID or equivalent third country business.
This is the case even if the firm will be carrying on a MiFID activity at the same time as or following the promotion. Firms should also be mindful of the appropriateness requirements in COBS 10 and 10A 10 which apply to a wide range of non-advised services. A firm which wishes to rely on exemptions 2 certified high net worth investors , 9 self-certified sophisticated investors or 12 non-recognised UCITS , as provided under COBS 4.
There is no duty to communicate the preliminary assessment of suitability to the client. If the firm does so, it must not do so in a way that amounts to making a personal recommendation unless it complies with the rules in COBS 9 or 9A as applicable 10 on suitability. The requirement for a preliminary assessment of suitability does not extend to a full suitability assessment, unless advice is being offered in relation to the non-mainstream pooled investment being promoted, in which case the requirements in COBS 9 or 9A 10 apply as applicable However, it requires that the firm takes 10 reasonable steps to acquaint itself with the client's profile and objectives in order to ascertain whether the non-mainstream pooled investment under contemplation is likely to be suitable for that client.
The firm should not promote the non-mainstream pooled investment to the client if it does not consider it likely to be suitable for that client following such preliminary assessment. I make this statement so that I can receive promotional communications which are exempt from the restriction on promotion of non-mainstream pooled investments.
The exemption relates to certified high net worth investors and I declare that I qualify as such because at least one of the following applies to me:. Annual income for these purposes does not include money withdrawn from my pension savings except where the withdrawals are used directly for income in retirement.
Net assets for these purposes do not include:. I accept that the investments to which the promotions will relate may expose me to a significant risk of losing all of the money or other property invested. I am aware that it is open to me to seek advice from an authorised person who specialises in advising on non-mainstream pooled investments. A certified sophisticated investor is an individual:. The exemption relates to certified sophisticated investors and I declare that I qualify as such.
I declare that I am a self-certified sophisticated investor for the purposes of the restriction on promotion of non-mainstream pooled investments. I understand that this means:. I can receive promotional communications made by a person who is authorised by the Financial Conduct Authority which relate to investment activity in non-mainstream pooled investments;. I am a member of a network or syndicate of business angels and have been so for at least the last six months prior to the date below;.
I have made more than one investment in an unlisted company in the two years prior to the date below;. I am working, or have worked in the two years prior to the date below, in a professional capacity in the private equity sector, or in the provision of finance for small and medium enterprises;. I am aware that it is open to me seek advice from someone who specialises in advising on non-mainstream pooled investments.
In particular, the firm should take reasonable steps to ascertain that the retail client does, in fact, meet the income and net assets criteria set out in the relevant statement for certified high net worth investors. In addition, the firm should consider whether the promotion of the non-mainstream pooled investment is in the interests of the retail client and whether it is fair to make the promotion to that client on the basis that the client is a certified high net worth investor , having regard to the generally complex nature of non-mainstream pooled investments.
A retail client who meets the criteria for a certified high net worth investor but not for a certified sophisticated investor may be unable to properly understand and evaluate the risks of the non-mainstream pooled investment in question. In particular, the firm should carry out that assessment with due skill, care and diligence, having regard to the generally complex nature of non-mainstream pooled investments and the level of experience, knowledge and expertise the retail client being assessed must possess in order to be fairly and reasonably assessed and certified as a sophisticated investor.
For example, a retail client whose investment experience is limited to mainstream investments such as securities issued by listed companies , life policies or units in regulated collective investment schemes other than qualified investor schemes is generally unlikely to possess the requisite knowledge to adequately understand the risks associated with investing in non-mainstream pooled investments.
In particular, the firm should consider whether the promotion of the non-mainstream pooled investment is in the interests of the client and whether it is fair to make the promotion to that client on the basis of self-certification.
For example, it is unlikely to be appropriate for a firm to make a promotion under any of the self-certified sophisticated investor exemption without first taking reasonable steps to satisfy itself that the investor does in fact have the requisite experience, knowledge or expertise to understand the risks of the non-mainstream pooled investment in question.
A retail client who meets the criteria for a self-certified sophisticated investor but not for a certified sophisticated investor may be unable to properly understand and evaluate the risks of a non-mainstream pooled investment which invests wholly or predominantly in assets other than shares in or debentures of unlisted companies. In particular, the firm should consider whether the promotion of the non-mainstream pooled investment is in the interests of the client and whether it is fair to make the promotion to that client on the basis of a one-off promotion exemption.
The one-off promotion exemptions permit the promotion of investments to clients under certain conditions see PERG 8. Firms should note that, in the FCA's view, promotion of a non-mainstream pooled investment to a retail client who is not a certified high net worth investor , a certified sophisticated investor or a self-certified sophisticated investor is unlikely to be appropriate or in that client's best interests.
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