Financial Markets Conduct Act 2013

44 Safe harbour if certificate given

(1)

The purpose of this clause is to provide certainty (subject to clauses 45 to 46) to—

(a)

an offeror (or other relevant person) that a person is a wholesale investor of the kind referred to in clause 3(2); or

(b)

a provider (or other relevant person) that a person is a wholesale investor of the kind referred to in clause 36(b)(i) to (iv).

(2)

A person (A) must be treated as being a wholesale investor as referred to in subclause (1)(a) or (b) (as the case may be) if A—

(a)

certifies in writing that A—

(i)

is a wholesale investor within the meaning of clause 3(2) or 36(b) (as the case may be); and

(ii)

understands the consequences of certifying himself, herself, or itself to be a wholesale investor; and

(b)

states in the certificate—

(i)

the paragraph in clause 3(2) or the subparagraph in clause 36(b) that is claimed to apply to A; and

(ii)

the grounds on which A claims that the paragraph or subparagraph applies; and

(c)

gives a copy of the certificate to the offeror, provider, or other relevant person.

(3)

A certificate under this clause ceases to be effective for the purposes of subclause (2) on the date that is 2 years after the date on which it was given.