An Authorised Person must ensure that any information or representation relating to past performance, or any future forecast based on past performance or other assumptions, which is provided to or targeted at Retail Clients:
(a) presents a fair, balanced and up-to-date view of the Specified Investments or Regulated Activities to which the information or representation relates;
(b) identifies, in an easy to understand manner, the source of information from which the past performance is derived and any key facts and assumptions used in that context are drawn;
(c) contains comparable data for each year and at least 5 years' data where available; and
(d) contains a prominent warning that past performance is not necessarily a reliable indicator of future results.