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Review of FSMA to allow HNW clients to self-certify as sophisticated investors

High net worth clients will be able to certify themselves as sophisticated investors in order to sink cash into private equity under changes planned in the review of the Financial Services and Markets Act.

Under the proposals, companies seeking private equity funding will be able to promote opportunities directly to high net worth clients. To do this investors will have to self-certify as sophisticated in order to take regulatory responsibility away from intermediaries.

The new rules will be presented by the Treasury later this month.

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