xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"

PART IIU.K. SPECIFIED ACTIVITIES

Chapter XIIU.K.Advising on Investments

The activityU.K.

Advising on investmentsU.K.

53.  Advising a person is a specified kind of activity if the advice is—

(a)given to the person in his capacity as an investor or potential investor, or in his capacity as agent for an investor or a potential investor; and

(b)advice on the merits of his doing any of the following (whether as principal or agent)—

(i)buying, selling, subscribing for or underwriting a particular investment which is a security or a [F1relevant investment], or

(ii)exercising any right conferred by such an investment to buy, sell, subscribe for or underwrite such an investment.

Textual Amendments

[F2Advising on regulated mortgage contractsU.K.

53A.—(1) Advising a person is a specified kind of activity if the advice—

(a)is given to the person in his capacity as a borrower or potential borrower; and

(b)is advice on the merits of his doing any of the following—

(i)entering into a particular regulated mortgage contract, or

(ii)varying the terms of a regulated mortgage contract entered into by him after the coming into force of article 61 in such a way as to vary his obligations under that contract.

(2) In this article, “borrower” has the meaning given by article 61(3)(a)(i).]

Textual Amendments

ExclusionsU.K.

Advice given in newspapers etc.U.K.

54.—(1) There is excluded from article 53 [F3and article 53A] the giving of advice in writing or other legible form if the advice is contained in a newspaper, journal, magazine, or other periodical publication, or is given by way of a service comprising regularly updated news or information, if the principal purpose of the publication or service, taken as a whole and including any advertisements or other promotional material contained in it, is neither—

(a)that of giving advice of a kind mentioned in article 53 [F4or (as the case may be) article 53A]; nor

[F5(b)that of leading or enabling persons—

(i)to buy, sell, subscribe for or underwrite securities or [F6relevant investments], or (as the case may be),

(ii)to enter as borrower into regulated mortgage contracts, or vary the terms of regulated mortgage contracts entered into by them as borrower.]

(2) There is also excluded from article 53 [F7and article 53A] the giving of advice in any service consisting of the broadcast or transmission of television or radio programmes, if the principal purpose of the service, taken as a whole and including any advertisements or other promotional material contained in it, is neither of those mentioned in paragraph (1)(a) and (b).

(3) The Authority may, on the application of the proprietor of any such publication or service as is mentioned in paragraph (1) or (2), certify that it is of the nature described in that paragraph, and may revoke any such certificate if it considers that it is no longer justified.

(4) A certificate given under paragraph (3) and not revoked is conclusive evidence of the matters certified.

Textual Amendments

[F8Advice given in the course of administration by authorised personU.K.

54A.  A person who is not an authorised person (“A”) does not carry on an activity of the kind specified by article 53A by reason of—

(a)anything done by an authorised person (“B”) in relation to a regulated mortgage contract which B is administering pursuant to arrangements of the kind mentioned in article 62(a); or

(b)anything A does in connection with the administration of a regulated mortgage contract in circumstances falling within article 62(b).]

Textual Amendments

Other exclusionsU.K.

55.—[F9(1)] Article 53 is also subject to the exclusions in articles 66 (trustees etc.), 67, (profession or non-investment business), 68 (sale of goods and supply of services), 69 (groups and joint enterprises), 70 (sale of body corporate)[F10, 72 (overseas persons)][F11, 72A (information society services), 72B (activities carried on by a provider of relevant goods or services) and 72D (large risks contracts where risk situated outside the EEA)].

[F12(2) Article 53A is also subject to the exclusions in articles 66 (trustees etc.), 67 (profession or non-investment business) and 72A (information society services).]

Textual Amendments