PART II SPECIFIED ACTIVITIES

Chapter XIIAdvising on Investments

Exclusions

Advice given in newspapers etc.54

1

There is excluded from F3articles 53, 53A, 53B F7, 53C F12, 53D F16, 53DA and 53E 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 F4, 53A, 53B F8, 53C F13, 53D F16, 53DA or 53E, as the case may be; nor

F1b

that of leading or enabling persons—

i

to buy, sell, subscribe for or underwrite securities F20, structured deposits, or F2relevant investments, or (as the case may be),

F18ia

to enter into a relevant article 36H agreement (within the meaning of that article) as a lender, to assume the rights of a lender under such an agreement by assignment or operation of law, or to assign rights under such an agreement,

ii

to enter as borrower into regulated mortgage contracts, or vary the terms of regulated mortgage contracts entered into by them as borrowerF5;

iii

to enter as reversion seller or plan provider into regulated home reversion plans, or vary the terms of regulated home reversion plans entered into by them as reversion seller or plan provider,

iv

to enter as home purchaser into regulated home purchase plans, or vary the terms of regulated home purchase plans entered into by them as home purchaserF10;

v

to enter as agreement seller or agreement provider into regulated sale and rent back agreements, or vary the terms of regulated sale and rent back agreements entered into by them as agreement seller or agreement provider;

F17va

to enter as a recipient of credit into a regulated credit agreement the purpose of which is to acquire or retain property rights in land F21in the United Kingdom or in an existing or projected building F21in the United Kingdom,

F14vi

to require the trustee or manager of a pension scheme to take any of the actions referred to in article 53E(1)(c).

2

There is also excluded from F6articles 53, 53A, 53B F9, 53C F15, 53D F16, 53DA and 53E 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).

F192A

Paragraphs (1) and (2) do not apply to advice which is a personal recommendation falling within article 53(1A).

3

F11The FCA 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.