(1) Without prejudice to the generality of Regulation 21 but subject to paragraph (4), where a relevant person is an independent analyst, an investment firm, a credit institution any related company, or any other relevant person whose main business is to produce recommendations, the relevant person shall, in any recommendation produced by the relevant person, disclose clearly and prominently the following information on their interests and conflicts of interest -
(a) any major shareholdings that exist between the relevant person or any related company on the one hand and the issuer on the other hand
(b) any other significant financial interests held by the relevant person or any related company in relation to the issuer,
(c) where applicable, a statement that the relevant person or any related company is a market maker or liquidity provider in the financial instruments of the issuer,
(d) where applicable, a statement that the relevant person or any related company has been lead ma