C1Part V INSIDER DEALING
Interpretation
59“Professional intermediary”.
1
For the purposes of this Part, a “professional intermediary” is a person—
a
who carries on a business consisting of an activity mentioned in subsection (2) and who holds himself out to the public or any section of the public (including a section of the public constituted by persons such as himself) as willing to engage in any such business; or
b
who is employed by a person falling within paragraph (a) to carry out any such activity.
2
The activities referred to in subsection (1) are—
a
acquiring or disposing of securities (whether as principal or agent); or
b
acting as an intermediary between persons taking part in any dealing in securities.
3
A person is not to be treated as carrying on a business consisting of an activity mentioned in subsection (2)—
a
if the activity in question is merely incidental to some other activity not falling within subsection (2); or
b
merely because he occasionally conducts one of those activities.
4
For the purposes of section 52, a person dealing in securities relies on a professional intermediary if and only if a person who is acting as a professional intermediary carries out an activity mentioned in subsection (2) in relation to that dealing.
Pt. V (ss. 52-64) applied (E.W.N.I) (1.12.2001) by 2000 c. 8, s. 402(1)(a); S.I. 2001/3538, art. 2(1)