3.—(1) Subject to paragraph (2) of this regulation, a promoter of, or a participant in, a trading scheme shall not issue, circulate or distribute any advertisement which contains information likely to lead directly or indirectly to persons becoming participants in a trading scheme by any means unless such advertisement
(a)states the name and address of the promoter, or in the case of a scheme promoted by more than one person, the names and addresses of all of the promoters;
(b)describes the goods or services acquired or supplied under the trading scheme; and
(c)contains the words set out in Schedule 1 to these Regulations which must
(i)not appear at the beginning or the end of the advertisement;
(ii)insofar as the advertisement contains any information as to the sources of income for participants from participation in the trading scheme, appear together with such information and be given no less prominence than such information;
(iii)be easily legible or audible; and
(iv)be afforded no less prominence than that given to any other information in the advertisement apart from the heading of the advertisement.
(2) This regulation does not apply to any advertisement which–
(a)forms part of a newspaper or magazine; or
(b)is transmitted by way of a radio or television broadcast.