(1) Subject to paragraphs (2), (3) and (4) and Regulation 26, a relevant person shall disclose in any recommendation all relationships and circumstances that may reasonably be expected to impair the objectivity of the recommendation, in particular where the relevant person has -
(a) a significant financial interest in one or more of the financial instruments which are the subject of the recommendation, or
(b) a significant conflict of interest with respect to an issuer to which the recommendation relates.
(2) Where a relevant person is a legal person, paragraph (1) also applies to any person working for, or providing a service to, the relevant person under a contract of employment or otherwise, who was involved in preparing the recommendation.
(3) Where the relevant person is a legal person, the information to be disclosed in accordance with paragraph (1) shall include the following -
(a) any interests or conflicts of interest of the relevant person or of related companies that ar