Promoter of securities offered to the public
Up one levelA person (including a body corporate) who is instrumental in the formulation of a plan or programme pursuant to which securities are offered to the public.
The Securities Act 1978 says that all directors of a promoter company are promoters themselves. Regulation 4 of the new Financial Service Providers (Exemptions) Regulations 2010 however exempts directors of a body corporate promoter from having to register as a financial service provider in their own name in respect of their “participation” in an offer of securities by the company of which they are a director.
A director or officer of the issuer of the securities, or a person acting solely in his or her professional capacity in respect of the offer, is not considered to be a promoter under the Securities Act 1978.
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