28. Advising on Investments or Credit
Past version: effective from 20/10/2015 - 19/10/2015
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(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.