April 13, 2003

This paper will deal with the application of:

• section 21 of the Financial Services and Markets Act 2000 (the “FSMA“);
• the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the “Financial Promotion Order“) and amendments thereto; and
• the financial promotion rules in the Conduct of Business Sourcebook (“COBS“).

This paper is intended to give an overview of the main aspects of the above rules and how they apply to online financial promotions.

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