"He did so without taking reasonable steps to ensure that the advertisements were clear, fair and not misleading and despite having reason to doubt that the Spanish firms would deal with UK consumers in an honest and reliable way, " the FSA said.
Of particular interest to hedge fund managers, privately offered funds will be able to conduct offerings using general solicitations or general advertisements under the new amendments, without losing either of the very important exclusions under Sections 3(c)(1) or 3(c)(7) of the Investment Company Act.
But he has said little since April 9th, concentrating on visiting public-works projects without giving speeches, and relying on a barrage of television advertisements.
Last November, it was embroiled in the so-called "ScamVille" controversy, in which critics accused the publishers of allowing in their games misleading advertisements that purported to offer free virtual currency, but subscribed players to services without their knowledge.