Application
3.—(l) These Regulations do not apply to—
(a)the following advertisements issued or caused to be issued by or on behalf of an authorised person or appointed representative, that is to say—
(i)investment advertisements; and
(ii)any other advertisements in respect of investment business, except where any such advertisements relate exclusively to any matter in relation to which the authorised person in question is an exempted person; and
(b)advertisements of a description referred to in section 58(1)9d) of the Financial Services Act 1986(1), except where any such advertisements consist of or any part of the matters referred to in section 58(1)(d)(ii) of that Act as being required or permitted to be published by an approved exchange under Part V of that Act.
(2) In this regulation “appointed representative”, “approved exchange”, “authorised person”, “exempted person”, “investment advertisement” and “investment business” have the same meanings as in the Financial Services Act 1986.