(1) Without prejudice to the generality of Regulation 23, where the relevant person -
(a) is an investment firm or credit institution or a person working for the investment firm or credit institution, as the case may be, under a contract of employment or otherwise, and
(b) disseminates recommendations produced by a third party,
then the relevant person shall ensure that the recommendation includes a clear and prominent disclosure of the name of the competent authority of the investment firm or credit institution as the case may be.
(2) Where the producer of a recommendation referred to in paragraph (1) has not already disseminated the recommendation through a distribution channel, the requirements of Regulation 22 shall be met by the disseminator of the recommendation.
(3) Where an investment firm or credit institution referred to in paragraph (1) has substantially altered a recommendation, Regulations 18 to 22 shall apply with all necessary modifications.