(1) An activity of the kind specified by article 53 of the Regulated Activities Order (advising on investments) where the advice in question falls within either paragraph (2), (3) or (5).

(2) Subject to paragraph (4), advice falls within this paragraph in so far as -

(a) it is given to an individual (or his agent) other than where the individual acts -

(i) in connection with the carrying on of a business of any kind by himself or by an undertaking of which he is, or would become as a result of the transaction to which the advice relates, a controller; or

(ii) in his capacity as a trustee of an occupational pension scheme;

(b) it consists of a recommendation to buy or subscribe for a particular security, contractually based investment or structured deposit; and

(c) the transaction to which the advice relates would be made -

(i) with a person acting in the course of carrying on the business of buying, selling, subscribing for or underwriting the security, contractually based investment or structured deposit, whether as principal or agent;

(ii) on an investment exchange or any other market to which that investment is admitted for dealing; or