8. If a person having no authority from the person who produced an investment recommendation to do so nevertheless on his own behalf disseminates that recommendation, he must indicate his own identity clearly and prominently in the recommendation or ensure that it is otherwise clearly and prominently indicated to the persons to whom that recommendation is being disseminated.
9.—(1) A person disseminating an investment recommendation produced by a third party who makes a change to the direction of the recommendation (such as the change of a recommendation to “buy” into one to “hold” or to “sell” (or vice versa)), must comply with regulations 4 to 6.
(2) A person disseminating an investment recommendation produced by a third party who does not make a change to the direction of the recommendation but who makes some other substantial alteration, must ensure that the details of that alteration are clearly indicated.
(3) Where the dissemination referred to in paragraph (2) is by a legal person (either itself or through a natural person) that legal person must have a formal written policy so that those receiving the information are directed to where they can have access to–
(a)the identity of the person who produced that recommendation,
(b)the investment recommendation itself, and
(c)any disclosures of the financial interests and conflicts of interest of the person who produced the recommendation which have been made pursuant to regulation 6(1) or in accordance with any rules made by the Financial Services Authority(1).
10. Where an investment recommendation produced by a third party is summarised and the summary is then disseminated, the summary must–
(a)be clear and not misleading,
(b)mention the document in which the investment recommendation appears, and
(c)indicate where any disclosures as to the financial interests and conflicts of interest of the person who produced the investment recommendation which have been disclosed pursuant to regulation 6(1) or in accordance with any rules made by the Financial Services Authority, can be directly and clearly accessed by the public.
11. Where no change is made to the essence of an investment recommendation produced by a third party or where a summary is made of an investment recommendation produced by a third party, the requirements respectively of regulations 9 and 10 need not be complied with as respects news reporting on that recommendation or summary in or through the media.
The Authority has powers to make rules under Part X of the Financial Services and Markets Act 2000.