(1) Regulations 18, 19 and 21 do not apply to recommendations produced or disseminated by journalists in the State subject to equivalent appropriate regulation.
(2) Without prejudice to paragraph (1), where a journalist acts in a journalist's professional capacity, the dissemination of information will be assessed, for the purposes of the definition of ''market manipulation", taking into account the code of conduct governing the journalist's profession, unless the journalist derives, directly or indirectly, an advantage or profit from the dissemination of the information concerned.
(3) For the purposes of this Regulation, "equivalent appropriate regulation" means such regulation (including self-regulation) as the Bank considers equivalent to the requirements of Regulations 18, 19 and 21.