• The activity

    • 28. Advising on Investments or Credit

      (1) Advising a person is a specified kind of activity if the advice is —
      (a) 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 Specified Investment (other than a Credit Agreement) or a Profit Sharing Investment Account;
      (ii) exercising any right conferred by such an investment to Buy, Sell, subscribe for or underwrite such an investment; or
      (iii) entering into a Credit Agreement; and
      (b) given to the person in his capacity as
      (i) an investor or potential investor;
      (ii) agent for an investor or a potential investor;
      (iii) Borrower or potential Borrower; or
      (iv) agent for a Borrower or potential Borrower.
      (2) In sub-paragraph (1), "advice" includes a statement, opinion or report —
      (a) where the intention is to influence a person, in making a decision, to select a particular financial product or an interest in a particular investment; or
      (b) which could reasonably be regarded as being intended to have such an influence.