(1) In article 25(1) (arranging deals in investments), for "contractually based investment", substitute "relevant investment".
(2) In article 28 (arranging transactions to which the arranger is a party), after paragraph (2), insert -
"(3) But the exclusions in paragraphs (1) and (2) do not apply to arrangements made for or with a view to a transaction which relates to a contract of insurance, unless the person making the arrangements either -
(a) is the only policyholder; or
(b) as a result of the transaction, would become the only policyholder.".
(3) In article 29 (arranging deals with or through authorised persons) [Amended by S.I. 2003/1475.], for paragraph (2), substitute -
"(2) But the exclusion in paragraph (1) does not apply if -
(a) the transaction relates, or would relate, to a contract of insurance; or
(b) A receives from any person other than the client any pecuniary reward or other advantage, for which he does not account to the client, arising out of his making the arrange
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