Section 28 of the Act of 1995 is hereby amended -
(a) by the substitution of the following for subsection (1):
"(1) A product producer may not appoint an investment product intermediary to act on its behalf in the reception or transmission of orders in units or shares in undertakings for collective investments in transferable securities within the meaning of the Regulations of 1989 and any subsequent amendments thereto, units in a unit trust, other collective scheme instruments, shares in a company or bonds which are listed on a stock exchange, prize bonds, tracker bonds or insurance policies, or in acting as a deposit agent or as a deposit broker or any or all of these, and may not pay any commission, fee or other reward to an investment product intermediary, or accept any orders transmitted by, or any insurance placed by, an investment product intermediary on behalf of a client, unless to the best of the product producer's knowledge and belief, having caused reasonable enquiry to be
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