This Practice Note explains the process for the approval by authorised firms of financial promotions under section 21 of Financial Services and Markets Act 2000 (FSMA 2000), the regulatory framework for approving financial promotions and Financial Conduct Authority (FCA) requirements under chapter 4.10 of the FCA’s Conduct of Business sourcebook (COBS 4.10). For information about the financial promotion regime under FSMA 2000, s 21, see Practice Note: The financial promotion regime—essentials. Approval by an authorised person As alluded to above, the financial promotion restriction under FSMA 2000, s 21 does not apply where the content of a communication is approved by an authorised person. Approval must be intended to allow unauthorised persons to transmit financial promotions without breaching the restriction. Although the requirement is that approval relates to the content of communications, approval should relate specifically to that part of a communication which promotes an invitation or inducement as opposed to the whole communication. Historically, there was a disconnect between the financial promotion restriction (FPR) regime and the regulated activities regime under the general prohibition. Unlike