21 Restrictions on financial promotion
21 Restrictions on financial promotion

(1)     A person (“A”) must not, in the course of business, communicate an invitation or inducement[—

(a)]     to engage in investment activity[, or

(b)     to engage in claims management activity].

(2)     But subsection (1) does not apply if—

(a)     A is an authorised person; or

(b)     the content of the communication is approved for the purposes of this section by an authorised person.

(3)     In the case of a communication originating outside the United Kingdom, subsection (1) applies only if the communication is capable of having an effect in the United Kingdom.

(4)     The Treasury may by order specify circumstances in which a person is to be regarded for the purposes of subsection (1) as—

(a)     acting in the course of business;

(b)     not acting in the course of business.

(5)     The Treasury may by order specify circumstances (which may include compliance with financial promotion rules) in which subsection (1) does not apply.