(1) Subject to paragraph (5), a relevant person who disseminates a recommendation produced by a third party shall ensure that the recommendation indicates clearly and prominently the identity of the relevant person.
(2) Subject to paragraph (5), where a recommendation produced by a third party is substantially altered within the disseminated information, the person disseminating the information shall clearly indicate the substantial alteration in detail.
(3) Subject to paragraph (5), where a substantial alteration referred to in paragraph (2) consists of a change of the direction of the recommendation (such as changing a buy recommendation into a hold or sell recommendation or vice versa), the person disseminating the substantial alteration shall comply with the requirements of Regulations 18 to 21 as respects the substantial alteration.
(4) Subject to paragraph (5), a relevant person who disseminates a substantially altered recommendation shall have a formal written policy so tha