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The Investment Recommendation (Media) Regulations 2005 (revoked)
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- UK Statutory Instruments
- 2005 No. 382
- PART 1
- Regulation 3
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Point in time view as at 12/05/2011. This version of this provision has been superseded.
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3.—(1) These Regulations apply in respect of the production and the dissemination of an investment recommendation which the producer of that recommendation intends to be, or to become, publicly available in or through the media.
(2) Subject to paragraphs (3) and (4), any person whose business or profession is in the media and who, in the conduct of that business, or in the exercise of that profession, either–
(a)produces an investment recommendation, or
(b)disseminates an investment recommendation produced by a third party,
must do so in accordance with Parts 2 and 3; and references to a “person producing an investment recommendation” and to a “person disseminating an investment recommendation produced by a third party” are references respectively to such persons.
(3) These Regulations do not apply to—
(a)a person (being an authorised person within section 31 of the Financial Services and Markets Act 2000 M1) (“the Act”) producing an investment recommendation where such production by him is regulated pursuant to section 22 of the Act; and
(b)a person (being an authorised person within section 31 of the Act) disseminating an investment recommendation produced by a third party where such dissemination is regulated pursuant to section 22 of the Act.
(4) Parts 2 and 3 do not apply to the production and dissemination of an investment recommendation where —
(a)the media in or through which the recommendation appears is subject either to a self- regulatory code or to an appropriate system or procedure with respect to the presentation of investment recommendations and to the disclosure of financial interests and conflicts of interest, and
(b)the publication, programme or regularly updated news or information service in or through which the recommendation appears includes a clear and prominent reference to the relevant code, system or procedure.
(5) In paragraph (4)(a), a “self-regulatory code” means the Code of Practice issued by the Press Complaints Commission, the Producers' Guidelines issued by the British Broadcasting Corporation and any code published by the Office of Communications pursuant to section 324 of the Communications Act 2003 M2.
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