In this Part, unless the context otherwise requires -
"distribution channels" means a channel through which information is, or is likely to become, publicly available;
"issuer" means an issuer of a financial instrument to which - (a) these Regulations apply pursuant to Regulation 4, and (b) a recommendation relates, directly or indirectly,
"likely to become publicly available information" means information to which a large number of persons have access;
"recommendation" means research or other information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several financial instruments or the issuers of financial instruments, including any opinion as to the present or future value or price of such instruments, intended for distribution channels or for the public;
"related company" means a related company within the meaning of section 140 of the Companies Act 1990;
"relevant person" means a person producing or disseminating recommend