Handbook Notice 79

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clearer that communicating or approving a financial promotion that is, or is likely to be, communicated to a corporate finance contact (or venture capital contact) is not MiFID or equivalent third country business. And that, in such circumstances, the “non-MiFID” client categorisations will be relevant so for example, in categorising “elective professional clients”, the “quantitative test” will not need to be satisfied. We are also amending the COBS FAQs that deal with this topic – the link to the ‘Communicating with clients, including financial promotions’ FAQs is: http://www.fsa.gov.uk/pages/Doing/Regulated/newcob/ faqs/comms2.shtml. As a result of these revisions, we expect firms and their advisers will understand better when the Financial Promotion Order exemptions are available to firms communicating with corporate finance or venture capital contacts; • an amendment to COBS 13 Annex 3 2.2R which corrects a drafting error which inadvertently inverted the calculation, leading to inaccurate figures. The new drafting is consistent with our policy intention and the position under COB before November 2007; • an amendment to COBS 14.2.17R which corrects erroneous cross-references to the distant marketing requirements; • the removal of expired transitional provisions in ICOBS; • addition of “and/” to COMP 14.1.6G and “/or” to COMP 14.2.3G in order to be consistent with the Deposit Guarantee Schemes Directive; and • correction of cross-references in the definitions of “connected person” and “consumer”, and in DISP Sch 4.2. 2.4 This instrument also revokes the Collective Investment Schemes Sourcebook (Electronic Communications) Instrument 2008 (FSA 2008/27) which was made by the Board on 22 May 2008. That instrument was intended to come into force on 6 June 2008 subject to various legislative changes having been made by the government. These legislative changes (referred to on the front page of the instrument) have not yet been made. So, to avoid confusion to firms and other stakeholders we have decided to revoke this instrument. The decision to revoke does not represent any change in FSA policy. We intend to re-make the instrument in the same form once the underlying legislative changes have been made. 2.5 The amendments originally made by that instrument, and which are now being revoked are to the following provisions: Definition of “electronic communication” (definition revoked) COLL 4.2.5R COLL 4.4.13R COLL 8.3.4R 2.6 Apart from the change to the definition of “connected person” (which comes into force on 25 July 2008) and the changes to the definition of “distance contract” and to COBS 5.1.-1R and 18.5.2R (which come into force on 6 September 2008), these changes come into force on 6 August 2008. 8 Handbook Notice 79
Glossary Amendment (Biofuels and Biomass) Instrument 2008 (FSA 2008/34) Changes to Glossary: Addition of new definitions of “biofuel”, “biofuel collective investment scheme”, “biofuel investment”, “biomass”, “biomass investment” and “biomass collective investment scheme” Changes to definitions of “energy”, “energy market activity” and “oil market activity” 2.7 Following consultation in Chapter 6 of CP08/7 1 the Board has made the changes listed above to the Glossary. 2.8 These changes, which come into force on 6 August 2008, include certain biofuel and biomass activities within the definition of “oil market activity” and within the definitions of “energy” and “energy market activity”. The amendments are in response to the requirements placed on fuel suppliers by the Biofuel Directive, as implemented in the UK by the Renewable Transport Fuel Obligation Programme. 2.9 Feedback on this consultation is contained in Chapter 4 of this Notice. Disclosure Documents (Amendment) Instrument 2008 (FSA 2008/35) 2.10 For the changes made to the Glossary by this instrument, see paragraphs 2.18 to 2.22 of this Notice. Supervision Manual (Controlled Functions) (Amendment) Instrument 2008 (FSA 2008/37) 2.11 For the changes made to the Glossary by this instrument, see paragraphs 2.28 to 2.29 of this Notice. HIGH LEVEL STANDARDS Senior Management Arrangements, Systems and Controls (SYSC) Handbook Administration (No 10) Instrument 2008 (FSA 2008/33) 2.12 The changes made to SYSC by this instrument are described in paragraphs 2.2 to 2.5 of this Notice. 1 CP08/7 Quarterly consultation (No 16) (April 2008) Financial Services Authority 9
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Handbook Notice 79

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